Auction

Definition

Auction refers to a public sale in which goods or properties are sold to the highest bidder. As a verb, it means to sell something in such a way, where bidders compete to offer the highest price, and the item is awarded to the highest bid.

Parts of Speech

• Noun
• Verb

Pronunciation

American English

• IPA Pronunciation: /ˈɔːkʃən/
• Respelling: AWK-shuhn

British English

• IPA Pronunciation: /ˈɔːkʃən/
• Respelling: AWK-shuhn

The pronunciation of "auction" is similar in both American and British English.

Etymology

The word "auction" originates from the Latin "auctio," meaning "an increasing sale," from "augēre," which means "to increase." The term entered English in the 16th century, initially used to describe public sales in which the price was "increased" by competitive bidding.

Derivatives

• Auctioneer (noun)
• Auctioned (verb)
• Auctioning (verb)
• Reauction (verb)
• Auction house (noun)

Synonyms

• Bidding
• Sale
• Public sale

Antonyms

• Purchase
• Retail
• Direct sale

Usage

The term "auction" is widely used in the contexts of commerce, art, property sales, and collectibles. Auctions can be conducted in person, online, or through live broadcasts. The auctioneer, a person appointed to conduct the sale, invites bids from participants, and the item is awarded to the highest bidder. Different auction types include English auctions (ascending bids), Dutch auctions (descending bids), and sealed-bid auctions. Auctions are commonly used for valuable or unique items where competitive bidding can increase their price.

Related Terms

• Auctioneer: The person responsible for conducting an auction.
• Bid: An offer made by a participant in an auction, indicating the price they are willing to pay.
• Lot: A single item or group of items offered at an auction as a unit.

Detailed Definitions

Noun

• A public sale where goods or property are sold to the highest bidder: Refers to an event where items are presented for sale, and individuals make offers to purchase, with the item going to the highest bid.
  • Example: "The painting was sold at an auction for a record price."

Verb

• To sell something by inviting bids: Describes the action of putting an item up for auction, where potential buyers offer competing bids.
  • Example: "They decided to auction off their collection of rare books."