auction meaning: definition, etymology and quotations

auction

noun

UK /ˈɔːkʃən/ · US /ˈɔkʃən/

Etymology From Latin auctiō (“an increase, auction”), from augere (“to increase”).

A public event where goods or property are sold to the highest bidder.

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.2014 July 12, “Competition, hammered”, in The Economist, volume 412, number 8895:

Bridge, Games The first stage of a deal, in which players bid to determine the final contract.

Derived terms: 31 terms
auctionable, auction block, auction bridge, auction call, auctioneer, auctioneeress, auctioner, auction-goer, auctiongoer, auction house, auctionlike, auction pitch, auction theory, candle auction, cyberauction, dollar auction, Dutch auction, e-auction, jam auction, knockout auction, midauction, nonauction, penny auction, postauction, preauction, reauction, re-auction, silent auction, slave auction, Vickrey auction, volatility auction
Related terms: augment

verb

Etymology From Latin auctiō (“an increase, auction”), from augere (“to increase”).

To sell at an auction.