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English definition of “auction”

auction

noun [C or U] uk   /ˈɔːk.ʃən/ us    /ˈɑːk-/
C1 a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each thing, until the thing is sold to the person who will pay most: a furniture auction They're holding an auction of jewellery on Thursday. The painting will be sold at (UK also by) auction next week. The house and its contents are being put up for auction.

auction

verb [T] uk   /ˈɔːk.ʃən/ us    /ˈɑːk-/
to sell something in a public auction: The stamps will be auctioned tomorrow. The family is auctioning (off) its art collection.
(Definition of auction from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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