Auction

/ˈɔːkʃən/

Meaning & Definition

noun

A public sale in which goods or property are sold to the highest bidder.

The painting was sold at auction for a record price.

A event where an auction takes place.

She attended the charity auction to support the local animal shelter.

The process of bidding on items in a competitive manner.

He eagerly participated in the auction, hoping to win the vintage car.

verb

To sell something in an auction.

They decided to auction the antique furniture to reach a wider audience.

To offer something for sale at an auction.

The rare coin was auctioned off to collectors from around the world.

From Latin 'auctio', meaning 'increase, auction'.

silent auction

A type of auction where bids are submitted secretly.

online auction

An auction conducted over the Internet.

auction house

A company that facilitates the auction process.

bid

An offer made by a buyer in an auction.

bidder

A person who makes a bid at an auction.

reserve price

The minimum price that a seller will accept at an auction.

Going once, going twice

They shouted 'Going once, going twice!' before closing the sale.

Auction off

I’m going to auction off my old collectibles.