auction
noun
a publicly held sale at which property or goods are sold to the highest bidder.
Used to describe an action that began in the past, has continued continuously, and is still in progress.
Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.
Sotheby’s and Christie’s have been auctioning drawings for more than 200 years and somehow this remains one of the few “connoisseurial” collecting areas that has survived the vagaries of 21st-century art-buying fashion.
From New York Times ● Jul. 20, 2014