Meaning of auction

auc•tion

Pronunciation: (ôk'shun), [key]
— n.
  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.
—v.t.
  1. to sell by auction (often fol. by off&hasp;): He auctioned off his furniture.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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