auction

noun

process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder

Pronunciation: /ˈɔːkʃən/ / /ˈɔkʃən/ / /ˈɑkʃən/

Etymology: From Latin auctiō (“an increase, auction”), from augere (“to increase”).

A public event where goods or property are sold to the highest bidder.
“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.”
The first stage of a deal, in which players bid to determine the final contract.

Etymology: From Latin auctiō (“an increase, auction”), from augere (“to increase”).