Auctioning Definition

An auction is a sale in which goods or services are offered for sale to the public, usually by competitive bidding. The word ‘auction’ is derived from the Latin augeō, meaning ‘I increase’ or ‘I augment’.

Auctions are held in a variety of settings, including online, in person, and on the phone. In general, auctions are open to the public and anyone can participate. Some auctions, however, may be private, with only certain people invited to participate.