AUCTION Meaning and
Definition
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Auction refers to a process of buying and selling goods or services by offering them up for bid, and allowing potential buyers to compete through incremental offers until the highest bidder is determined. It is an age-old method of commerce that allows sellers to maximize the value of their items, while buyers have the opportunity to acquire items at a perceived market value or possibly at a price lower than what they would typically pay.
Typically, an auction begins with the seller announcing the item or service to be auctioned. Interested buyers then submit their bids, either in person, in writing, or electronically, to compete with others. The bidding process may involve a set minimum increment to gradually raise the price until only one bidder remains. Auctions can also be held with a set end time, during which potential buyers place their bids in competition. The highest bidder at the end of the auction is declared the winner and expected to complete the transaction by purchasing the item or service at the price they committed.
Auctions can be conducted in various settings, such as physical auction houses, online platforms, or through private arrangements. They are frequently used for the sale of unique or valuable items, including artwork, antiques, collectibles, real estate, automobiles, and more. Additionally, auctions can sometimes serve as platforms for fundraising or charitable events, where the proceeds from the auctioned items go towards a specific cause or organization. Overall, auctions offer an efficient and transparent method for facilitating the exchange of goods and services through competitive bidding.
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A public sale of any description of property to the highest bidder.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for AUCTION *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for AUCTION
Etymology of AUCTION
The word "auction" has its roots in the Latin word "auctio", which means "increasing" or "augmentation". From Latin, it was adopted into Middle English as "auctioun" in the 16th century, referring to a public sale of goods or property where the price is increased by bids. The term evolved over time to become "auction" as we know it today.
Idioms with the word AUCTION
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Dutch auction
A "Dutch auction" refers to a method of selling goods or assets in which the price starts high and gradually decreases until a buyer is willing to accept the current price. It can also refer to a stock offering in which the price is determined through competitive bidding and the highest bidders are allocated shares at the determined price. The idiom is commonly used to describe any situation where the price or value of something is decreasing over time.
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auction sth off
The idiom "auction something off" means to sell something at an auction, where potential buyers bid on the item, and the highest bidder receives the item in exchange for their bid amount.
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up for auction
The idiom "up for auction" refers to an item or property that is being offered for sale through a public bidding process. It indicates that the item is being made available to the highest bidder, with interested parties submitting their competitive bids to secure the purchase.
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auction off
The idiom "auction off" is defined as the act of selling an item or property to the highest bidder in a public auction. It signifies the process of putting something up for sale through bidding, usually in a competitive and public setting, to determine the highest offer and sell to that bidder.
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put up at auction
The idiom "put up at auction" refers to the action of selling something, usually an item or property, to the highest bidder through a public bidding process. It implies the act of offering something for sale to the general public, allowing interested individuals to compete and bid on the item until the highest price is reached.
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auction something off
The idiom "auction something off" refers to the act of selling something to the highest bidder in a public or competitive bidding process. It involves presenting an item or items for sale, allowing interested buyers to place bids, and eventually selling the item to the highest bidder.
Similar spelling words for AUCTION
Conjugate verb Auction
CONDITIONAL PERFECT
I
would have auctioned
you
would have auctioned
he/she/it
would have auctioned
we
would have auctioned
they
would have auctioned
I
would have auction
you
would have auction
he/she/it
would have auction
we
would have auction
they
would have auction
CONDITIONAL PERFECT PROGRESSIVE
I
would have been auctioning
you
would have been auctioning
he/she/it
would have been auctioning
we
would have been auctioning
they
would have been auctioning
CONDITIONAL PRESENT
I
would auction
you
would auction
he/she/it
would auction
we
would auction
they
would auction
CONDITIONAL PRESENT PROGRESSIVE
I
would be auctioning
you
would be auctioning
he/she/it
would be auctioning
we
would be auctioning
they
would be auctioning
FUTURE
I
will auction
you
will auction
he/she/it
will auction
we
will auction
they
will auction
FUTURE CONTINUOUS
I
will be auctioning
you
will be auctioning
he/she/it
will be auctioning
we
will be auctioning
they
will be auctioning
FUTURE PERFECT
I
will have auctioned
you
will have auctioned
he/she/it
will have auctioned
we
will have auctioned
they
will have auctioned
FUTURE PERFECT CONTINUOUS
I
will have been auctioning
you
will have been auctioning
he/she/it
will have been auctioning
we
will have been auctioning
they
will have been auctioning
IMPERATIVE
you
auction
we
let´s auction
to auction
PAST CONTINUOUS
I
was auctioning
you
were auctioning
he/she/it
was auctioning
we
were auctioning
they
were auctioning
PAST PARTICIPLE
auctioned
PAST PERFECT
I
had auctioned
you
had auctioned
he/she/it
had auctioned
we
had auctioned
they
had auctioned
PAST PERFECT CONTINUOUS
I
had been auctioning
you
had been auctioning
he/she/it
had been auctioning
we
had been auctioning
they
had been auctioning
PRESENT
I
auction
you
auction
he/she/it
auctions
we
auction
they
auction
PRESENT CONTINUOUS
I
am auctioning
you
are auctioning
he/she/it
is auctioning
we
are auctioning
they
are auctioning
PRESENT PARTICIPLE
auctioning
PRESENT PERFECT
I
have auctioned
you
have auctioned
he/she/it
has auctioned
we
have auctioned
they
have auctioned
PRESENT PERFECT CONTINUOUS
I
have been auctioning
you
have been auctioning
he/she/it
has been auctioning
we
have been auctioning
they
have been auctioning
PRESENT SUBJUNCTIVE
he/she/it
auction
SIMPLE PAST
I
auctioned
you
auctioned
he/she/it
auctioned
we
auctioned
they
auctioned
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