Auction: meaning, definitions and examples

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auction

 

[หˆษ”หkสƒ(ษ™)n ]

Definitions

Context #1 | Noun

buying and selling

An auction is a public sale where goods or property are sold to the highest bidder.

Synonyms

bidding, market, sale.

Examples of usage

  • The painting was sold at an auction for a record price.
  • She won the bid at the auction and bought a rare antique vase.
Context #2 | Noun

event

An auction is also an event where items are sold by being offered up for bid.

Synonyms

bidding, event, sale.

Examples of usage

  • They attended the charity auction to support a good cause.
  • The auction of vintage cars attracted many collectors.
Context #3 | Verb

selling

To auction means to sell something by putting it up for bid in an auction.

Synonyms

bid, offer, sell.

Examples of usage

  • They decided to auction off their collection of rare stamps.
  • The house was auctioned to the highest bidder.

Interesting Facts

Historical Origins

  • The word 'auction' comes from the Latin word 'auctio', which means 'a growth' or 'an increase', highlighting rising bids.
  • Ancient Romans conducted auctions for property and slaves, establishing early forms of bidding practices.
  • The first recorded auction took place in ancient Greece, showing that this practice has deep historical roots.

Economics

  • Auctions can create a competitive atmosphere, potentially fetching higher prices than regular sales.
  • Different types of auctions, like English and Dutch, affect how the bidding proceeds and prices are set.
  • Internet auctions, such as those on platforms like eBay, have transformed traditional bidding into a global digital experience.

Pop Culture

  • Some famous art pieces, like Van Gogh's paintings, have sold at auctions for millions, highlighting their cultural significance.
  • Television shows often feature auction scenes, where characters bid on items to add drama or humor.
  • Reality TV has popularized charity auctions, where celebrities bid on experiences to raise money for good causes.

Psychology

  • Bidders often exhibit emotional behavior during auctions, as the desire to win can lead to overbidding.
  • The 'winner's curse' occurs when a bidder pays more than an item's true value, illustrating the psychological impacts of competition.
  • Studies show that group dynamics in bidding can influence individual decision-making, highlighting social psychology at play.

Technology

  • Online auctions have become increasingly popular, allowing people from anywhere in the world to bid on items remotely.
  • Artificial intelligence is being used to optimize bidding strategies, making online auctions more efficient.
  • Blockchain technology is being explored in auctions to increase transparency and trust in the bidding process.

Translations

Translations of the word "auction" in other languages:

๐Ÿ‡ต๐Ÿ‡น leilรฃo

๐Ÿ‡ฎ๐Ÿ‡ณ เคจเฅ€เคฒเคพเคฎเฅ€

๐Ÿ‡ฉ๐Ÿ‡ช Auktion

๐Ÿ‡ฎ๐Ÿ‡ฉ lelang

๐Ÿ‡บ๐Ÿ‡ฆ ะฐัƒะบั†ั–ะพะฝ

๐Ÿ‡ต๐Ÿ‡ฑ aukcja

๐Ÿ‡ฏ๐Ÿ‡ต ใ‚ชใƒผใ‚ฏใ‚ทใƒงใƒณ

๐Ÿ‡ซ๐Ÿ‡ท enchรจre

๐Ÿ‡ช๐Ÿ‡ธ subasta

๐Ÿ‡น๐Ÿ‡ท mรผzayede

๐Ÿ‡ฐ๐Ÿ‡ท ๊ฒฝ๋งค

๐Ÿ‡ธ๐Ÿ‡ฆ ู…ุฒุงุฏ

๐Ÿ‡จ๐Ÿ‡ฟ aukce

๐Ÿ‡ธ๐Ÿ‡ฐ aukcia

๐Ÿ‡จ๐Ÿ‡ณ ๆ‹ๅ–

๐Ÿ‡ธ๐Ÿ‡ฎ draลพba

๐Ÿ‡ฎ๐Ÿ‡ธ uppboรฐ

๐Ÿ‡ฐ๐Ÿ‡ฟ ะฐัƒะบั†ะธะพะฝ

๐Ÿ‡ฌ๐Ÿ‡ช แƒแƒฃแƒฅแƒชแƒ˜แƒแƒœแƒ˜

๐Ÿ‡ฆ๐Ÿ‡ฟ hษ™rrac

๐Ÿ‡ฒ๐Ÿ‡ฝ subasta

Word Frequency Rank

At #7,085 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.