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auction

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

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About auction

An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.

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Facts from Wikidata (CC0). Image by Portable Antiquities Scheme from London, England via Wikimedia Commons (CC BY 2.0).