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) ｣25000 at auction.
verb [VN] [usuallypassive] to sell sth at an auction:
The costumes from the movie are to be auctioned for charity.
PHRASALVERBS
auction sth<->off to sell sth at an auction, especially sth that is no longer needed or wanted:
The Army is auctioning off a lot of surplus equipment.
