Definition of auction noun from the Oxford Advanced American Dictionary

 

auction

 noun
noun
NAmE//ˈɔkʃn//
 
[countable, uncountable]
 
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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) $45,000 at auction. an Internet auction site
See the Oxford Advanced Learner's Dictionary entry: auction