Auction \Auc"tion\, n. [L. auctio an increasing, a public sale,
where the price was called out, and the article to be sold
was adjudged to the last increaser of the price, or the
highest bidder, fr. L. augere, auctum, to increase. See
Augment.]
1. A public sale of property to the highest bidder, esp. by a
person licensed and authorized for the purpose; a vendue.
2. The things sold by auction or put up to auction.
Ask you why Phryne the whole auction buys ? --Pope.
Note: In the United States, the more prevalent expression has
been ``sales at auction,'' that is, by an increase of
bids (Lat. auctione). This latter form is preferable.
Dutch auction, the public offer of property at a price
beyond its value, then gradually lowering the price, till
some one accepts it as purchaser. --P. Cyc.
Source: Webster's Revised Unabridged Dictionary (1913)
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