1. 'Auction'.

An auction is a manner of selling property by bids, usually to the highest bidder by public competition1. The prices which the public is asked to pay are the highest which those who bid can be tempted to offer by the skill and tact of the auctioneer under the excitement of open competition2 (although it should be noted that there are also auctions, for example postal auctions, where the lot goes to the highest bidder but the element of open competition is lacking in that bidders are unaware of rival bids