auction

n. a public event where things are sold to the person who offers the highest price.

n. a public sale of goods or property where prospective buyers make successive bids, with the item being sold to the highest bidder.

“The family decided to sell their old furniture at a local auction.”

“The rare manuscript was sold at a prestigious London auction for three times its estimated value after a fierce bidding war between two collectors.”

n. the part of a card game where players bid to decide the rules for that round.

n. the preliminary stage of a hand in games like bridge, during which players bid to determine the final contract and trump suit.

“During the auction, my partner signaled that she had a strong hand of hearts.”

“The auction concluded with a bold four-spade bid, leaving the opposing pair to reconsider their defensive strategy for the opening lead.”

Technical

v. to sell something at an auction.

v. to sell something by means of an auction; often used with 'off'.

“The city will auction the seized cars next Tuesday morning.”

“The government plans to auction off the remaining spectrum rights to telecommunications companies to help fund the new infrastructure project.”