noun \ˈk-shən\

: a public sale at which things are sold to the people who offer to pay the most

Full Definition of AUCTION

:  a sale of property to the highest bidder
:  the act or process of bidding in some card games

Examples of AUCTION

  1. She bought the desk at an auction.
  2. He made several bids at the auction.

Origin of AUCTION

Latin auction-, auctio, from augēre to increase — more at eke
First Known Use: 1595



: to sell (something) at an auction


Full Definition of AUCTION

transitive verb
:  to sell at auction <auctioned off his library>

Examples of AUCTION

  1. They auctioned a similar desk last year.
  2. The house was auctioned last week.

First Known Use of AUCTION

circa 1798


noun    (Concise Encyclopedia)

Buying and selling of property through open public bidding. Typically, potential purchasers make a succession of increasing bids or offers until the highest (and final) bid is accepted by the auctioneer. At a so-called Dutch auction, by contrast, the seller offers property at successively lower prices until one of his offers is accepted or until the price drops so low as to force the withdrawal of the offered property. Prospective buyers are usually allowed to examine auction items beforehand, and sellers may set a minimum price below which the property will not be sold. Auctions are important in the agricultural markets of many countries, permitting the rapid sale of perishable goods. Other items often sold at auction include artwork and antiques, secondhand goods, and farms and buildings repossessed by banks or the government. Auctions can be structured in many ways (e.g., bids submitted in person, via telephone, or over the Internet). Auction selling is also employed on stock and commodity exchanges.


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