auction: Meaning and Definition of

auc•tion

1. a publicly held sale at which property or goods are sold to the highest bidder.
1. Seeauction bridge.
2. (in bridge or certain other games) the competitive bidding to fix a contract that a player or players undertake to fulfill.

1. to sell by auction (often fol. by off&hasp;): He auctioned off his furniture.