Definition from Wiktionary, the free dictionary
- (UK, US) enPR: ôk'shən, IPA(key): /ˈɔːkʃən/
- Rhymes: -ɔːkʃən
- (Australia) enPR: ŏk'shən, IPA(key): /ˈɒkʃən/
- Rhymes: -ɒkʃən
auction (plural auctions)
- A public event where goods or property are sold to the highest bidder.
2014 July 12, “Competition, hammered”, The Economist, volume 412, number 8895:
- Auctions come in a wide variety. In a “Dutch auction”, often used to sell flowers and fruit, prices start high and gradually drop until a bidder is willing to pay up. A “Japanese auction” is a bit like poker: bids rise with each round and anyone who wants to win must bid every time. Vendors using auctions rid themselves of the headache of choosing prices and instead just pick the rules bidders must follow.
Derived terms from auction
public sales event
- To sell at an auction.
to sell at an auction