auction

Pronunciation: /ˈɔːkʃən/

The English word “auction” has 3 meanings listed here.

noun

A public event where goods or property are sold to the highest bidder.
The first stage of a deal, in which players bid to determine the final contract.

From Latin auctiō (“an increase, auction”), from augere (“to increase”).

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Definitions are from Wiktionary, extracted by Kaikki.org, and are available under the CC BY-SA 4.0 licence.