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English definition of “auction”

auction

noun [C/U]  /ˈɔk·ʃən/ us  
a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each item, until there are no higher bids and it is sold for the most money offered: [C] an auction of early American furniture [U] bulls sold at auction
auction
verb [T]  /ˈɔk·ʃən/ us  
The artwork is being auctioned to benefit UNICEF.
(Definition of auction from the Cambridge Academic Content Dictionary © Cambridge University Press)
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