As purchased - a phase used to exonerate the vendor of any moral or legal responsibility with regard to the item he is selling.
Auctioneers use similar terms, As found, With all faults.
Bought by the auctioneer on behalf of the vendor, as the price bid was not considered sufficient. Normally not reaching the reserve agreed by the seller and auctioneer. A piece of furniture in which the wood is more valuable to use as a made-up piece than in its original form. Originally a term to describe a fine piece that only a connoisseur would appreciate, often now debased, normally overpriced, and usually totally undesirable. A defensive expression used by the owner of an item for which he has paid over the current trade value, implying that it will in time prove a good buy or Come Right.