/ ˈɔːkʃn; ˈɒk-; NAmE ˈɔːk-/ noun , verb
■ noun
[ C , U ] a public event at which things are sold to the person who offers the most money for them :
an auction of paintings
The house is up for auction (= will be sold at an auction ) .
A classic Rolls Royce fetched (= was sold for) £25 000 at auction .
an Internet auction site
■ verb
[ vn ] [ usually passive ] to sell sth at an auction :
The costumes from the movie are to be auctioned for charity.
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PHRASAL VERBS
- auction sth off
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WORD ORIGIN
late 16th cent.: from Latin auctio(n-) increase, auction, from the verb augere to increase.