Auction
/ˈɔːkʃən/
Definitions
- (n.) A public sale in which goods or property are sold to the highest bidder.
The antique vase was sold at auction for a record price.
- (v.) To sell property or goods by offering them up for bid, typically to the highest bidder.
They auctioned the painting to raise funds for charity.
Forms
- auctions
- auctioned
- auctioning
Related terms
See also
Commentary
In legal contexts, auction terms should clearly define bidding procedures and reserve prices to prevent disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.