auction
n. countable B2 Upper Intermediate Oxford US //ˈɑkʃən// UK //ˈɔːkʃən// auc·tion
n. a public sale where items are sold to the person who offers the most money. You can bid on things like art, houses, or old furniture.
n. a public sale in which goods or property are sold to the highest bidder. Often involves a competitive bidding process managed by an agent or auctioneer.
I bought this old clock at an auction.
The local gallery is holding an auction to raise money for the new children's art program.
While some collectors prefer private sales, others enjoy the competitive atmosphere of a live auction where rare items can reach prices far beyond their initial estimates.
From Latin auctiō (“an increase, auction”), from augere (“to increase”).
Usage
Often used with the prepositions 'at' or 'by' ('sold at auction', 'sold by auction').