Auction Meaning
/ˈɔːkʃən/Definition, CEFR level B2, pronunciation, examples, and quiz.
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Definition
nounA public event where goods or property are sold to the highest bidder.
nounThe first stage of a deal, in which players bid to determine the final contract.
Sentence Examples
We will be willing to make a deal with you after the auction.
I obtained the painting at an auction.
Farmers defaulting on loans had to auction off their land.
Synonyms & Antonyms
Synonyms:
Antonyms:
None
CEFR Practice Quiz
The rare painting will be sold at an ____ next week to the highest bidder.
CEFR Practice Quiz (Alternate)
The rare painting was sold for a high price at the city ____.
Word Origin & History
From Latin auctiō (“an increase, auction”), from augere (“to increase”).
Literary Quotations & Historical Citations
"Auctions come in a wide variety. In a “Dutch auction”, often used to sell flowers and fruit, prices start high and gradually drop until a bidder is willing to pay up. A “Japanese auction” is a bit like poker: bids rise with each round and anyone who wants to win must bid every time. Vendors using auctions rid themselves of the headache of choosing prices and instead just pick the rules bidders must follow."
— 2014 July 12, “Competition, hammered”, in The Economist, volume 412, number 8895:
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CEFR Practice Quiz
The rare painting will be sold at an ____ next week to the highest bidder.
CEFR Practice Quiz (Alternate)
The rare painting was sold for a high price at the city ____.