Longman Dictionary of Contemporary English homepage

Date: 1500-1600
Language: Latin
Origin: auctio 'increase', from augere ( AUGMENT); because the money offered increases

auction

1 noun
     
auc‧tion1 [uncountable and countable]
a public meeting where land, buildings, paintings etc are sold to the person who offers the most money for them
at auction
The house was sold at auction.
put something up for auction (=try to sell something at an auction)
This week 14 of his paintings were put up for auction.
auction house (=a company that arranges auctions)

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