Auctioning

Auctioning refers to the process of selling something, such as property, goods, or services, by offering them to the highest bidder. This competitive bidding process is typically conducted publicly and involves participants vying to purchase an item by progressively increasing their offers until no further bids are received. The item is then sold to the highest bidder. Auctions can be live, online, or a hybrid of both, and they are used for a wide variety of transactions, from fine art and antiques to real estate and government surplus.

Auctioning meaning with examples

• The museum's annual fundraising gala included the auctioning of several valuable artworks, drawing a crowd of wealthy collectors hoping to secure a unique piece for their private collections. The anticipation in the room was palpable as the auctioneer described each lot and the bidding began, raising significant funds for the institution's preservation efforts.
• During the garage sale, we decided on auctioning off some of our rare vintage toys and collectibles. We set a minimum bid for each item, allowing the neighborhood kids, as well as some seasoned collectors, to participate. The excitement of the auction brought an extra element of fun and competition to the sale.
• Following the bank's foreclosure, they were responsible for the auctioning of numerous properties. Potential buyers attended the auction and submitted their bids, ultimately deciding the next owner. The prices reflected the market value of the properties. Many people saw this as an opportunity to get a good deal.
• The charity organized a silent auction, auctioning off gift baskets and experiences to raise money for local programs. Bidders wrote their names and offers on sheets of paper beside each item, allowing them to discreetly compete for the prizes. At the end of the event, the highest bid for each item secured the win.