Auction

Definitions

1. A public event where goods or property are sold to the highest bidder.
2. The first stage of a deal, in which players bid to determine the final contract.

Equivalents

Examples

“Auctions come⟳ in a wide variety. In a “Dutch auction”, often used to sell⟳ flowers and fruit, prices start⟳ high and gradually drop until a bidder is willing to pay⟳ up. A “Japanese auction” is a bit like⟳ poker: bids rise⟳ with each round and anyone who wants to win⟳ must bid every time. Vendors using auctions rid⟳ themselves of the headache of choosing prices and instead just pick⟳ the rules bidders must follow⟳.”

CEFR level