Etymology
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auction (n.)

"public sale in which each bidder offers more than the previous bid," 1590s, from Latin auctionem (nominative auctio) "a sale by increasing bids, public sale," noun of action from past-participle stem of augere "to increase," from PIE root *aug- (1) "to increase." In northern England and Scotland, called a roup. In the U.S., something is sold at auction; in England, by auction.

auction (v.)

"sell by auction," by 1723 (implied in auctioned), from auction (n.). Since early 19c., commonly with off (adv.). Related: Auctioning.

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Definitions of auction
1
auction (n.)
a variety of bridge in which tricks made in excess of the contract are scored toward game; now generally superseded by contract bridge;
Synonyms: auction bridge
auction (n.)
the public sale of something to the highest bidder;
Synonyms: auction sale / vendue
2
auction (v.)
sell at an auction;
Synonyms: auction off / auctioneer
From wordnet.princeton.edu