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auction
Auction (noun) – Meaning, Examples & Etymology
IPA:
What does auction mean?
A public event or process where goods, services, or properties are sold to the highest bidder.
"The auction house was filled with enthusiastic buyers and sellers."
Detailed Meaning of Auction
It is a competitive and transparent method of determining the value of an item or asset. Typically, an auction involves an auctioneer who facilitates the proceedings by announcing the items available for sale, accepting bids from participants, and declaring the highest bid as the winner. Bidders actively engage in the auction by offering increasing amounts of money for the desired item, and the bidding continues until no higher bids are made. Auctions can take place in various settings, including physical locations such as auction houses or online platforms, and they can involve a wide range of items such as art, antiques, real estate, vehicles, or even intangible assets like domain names. The auction process is known for its competitive nature, allowing buyers to determine the market value of items through their bidding activity, while sellers have the opportunity to achieve the best possible price for their offerings.
Example Sentences for Auction
1. The rare painting sold for a record-breaking price at the auction.
2. Bidders eagerly raised their paddles to participate in the lively auction.
3. The estate auction featured a wide range of antique furniture and collectibles.
4. The online auction attracted bidders from around the world.
5. The auctioneer skillfully managed the fast-paced bidding process.
6. The auction catalog provided detailed information about each item up for sale.
Origin and Etymology of Auction
The noun 'auction' has a fascinating etymology that harkens back to the Latin word 'auctio,' which meant 'an increasing' or 'a public sale.' 'Auctio' itself is derived from 'augere,' which means 'to increase' or 'to augment.' In the context of a public sale, 'auctio' referred to the process of increasing the price of an item by competitive bidding. As Latin influence spread to Old French, 'auctio' evolved into 'auction,' retaining its sense of a public sale where prices increase through competitive bidding. This term entered Middle English, and over time, it became the modern English word 'auction.' The etymology of 'auction' reflects the core principle of this process: the competitive increase in price until the highest bidder emerges, emphasizing the idea of augmenting the value of the item through bidding.
Quiz Question - Test Your Understanding
Find the correct meaning of the noun auction:
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More Usage Examples of Auction
1. A charity auction was held to raise funds for a local nonprofit organization.
2. The vintage car went under the hammer at a classic car auction.
3. The art auction showcased works from renowned artists.
4. The auction ended with a suspenseful final bid that determined the winner.
5. An auction was organized to sell off the unclaimed items from a lost and found department.
6. The rare painting will be up for auction next week.
7. The auction house is famous for selling valuable art.
8. Bidders gathered for the charity auction.
9. The vintage car fetched a high price at the auction.
10. He won the antique clock at the silent auction.
11. The online auction attracted international buyers.
12. The estate auction included valuable jewelry.
13. The auctioneer started the bidding at a low price.
14. The auction brought in record-breaking bids.
15. She placed a winning bid at the art auction.
16. Auctions can be thrilling for collectors.
17. The auction featured a collection of rare books.
18. They attended the livestock auction at the fair.
19. The auction of the historic house was a major event.
20. The government held a surplus equipment auction.
21. The auctioneer's rapid chant echoed through the hall.
22. The auction catalog listed hundreds of items.
23. They won the vintage watch at the estate auction.
24. The charity auction raised funds for a good cause.
25. The online auction platform is user-friendly.
Synonyms and Related Words for Auction
Related Vocabulary Practice
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✔ Add 3,700 must-know words to your vocabulary.
✔ All-in-one dictionary, thesaurus, & workbook.
✔ 147 categorized lessons, 428 practical activities, 632 pages.
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