auction

American  

[awk-shuhn] / ˈɔk ʃən /

noun

1. Also called public sale.  a publicly held sale at which property or goods are sold to the highest bidder.

2. Cards.

   1. auction bridge.

   2. (in bridge or certain other games) the competitive bidding to fix a contract that a player or players undertake to fulfill.

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verb (used with object)

1. to sell by auction (often followed byoff ).

   He auctioned off his furniture.

auction British  

/ ˈɔːkʃən /

noun

1. a public sale of goods or property, esp one in which prospective purchasers bid against each other until the highest price is reached Compare Dutch auction

2. the competitive calls made in bridge and other games before play begins, undertaking to win a given number of tricks if a certain suit is trumps

3. See auction bridge

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verb

1. to sell by auction

Other Word Forms

• auctionable adjective
• auctionary adjective
• proauction adjective
• unauctioned adjective

Etymology

Origin of auction

1585–95; < Latin auctiōn- (stem of auctiō ) an increase, especially in the bidding at a sale, equivalent to auct ( us ) increased, past participle of augēre ( aug- increase + -tus past participle suffix) + -iōn- -ion

Example Sentences

In the years after the financial crisis, Wall Street firms, private-equity managers and other institutional investors bought tens of thousands of single-family homes, often in bulk at foreclosure auctions.

From The Wall Street Journal

The forced auction was a lengthy process that pitted Amber Energy against one other contender, Gold Reserves Ltd., a creditor of Venezuela that had its gold- and copper-mining assets expropriated.

From MarketWatch

A U.S. judge eventually forced an auction of Citgo so the proceeds could flow to creditors of the Venezuelan government.

From MarketWatch

Paramount found itself on the auction block two years ago, in part, because of the weight of its struggling cable channels, including Nickelodeon, Comedy Central and MTV.

From Los Angeles Times

Mr Kimura, who has been dubbed the Tuna King, is known to bid high for bluefin tuna at new year's auctions.

From BBC

Related Words

• sell-off