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English definition of “auction”

auction

noun [C or U]     /ˈɔːkʃən/ COMMERCE, E-COMMERCE
a public sale in which goods or property are sold to the person who offers the most money : sell sth at auction The painting was sold at auction for €12 million.hold an auction We held a charity auction in aid of the local hospital .be up/come up/go up/be put up for auction One of the prints recently came up for auction in the United States .an internet/online/public auction You can bid for it in an online auction.
→ See also absolute auction, call auction, Dutch auction, open-cry auction, reverse auction, sealed-bid auction, uniform price auction
(Definition of auction noun from the Cambridge Business English Dictionary © Cambridge University Press)
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