[ad. L. auctiōn-em ‘increase,’ n. of action f. augēre to increase, already in L. use for ‘a sale by increase of bids.’ (Not in Fr.)]
† 1. The action of increasing; increase, growth.
1692. Ray, Disc., II. iv. (1732), 124. The Actions of Nutrition, Auction and Generation.
1696. Phillips, Auction, in Physic, Nourishment whereby more is restor’d than was lost.
2. A public sale in which each bidder offers an increase upon the price offered by the preceding, the article put up being sold to the highest bidder. Called in Scotl. and north of Engl. a roup.
(‘To sell or put up at auction’ is a common const. in U.S.; in England goods are ‘sold by auction,’ ‘put up to auction.’)
1595. Warner, Plantus’ Menæch., V. vii. (R.). The auction of Menæchmus … when will be sold Slaves, household goods, [etc.].
1678. Phillips (App.), Auction, a making a publick Sale, and selling of Goods by an Outcry.
1692. Sir C. Lyttelton, in Hatton Corr. (1878), II. 169. Many auctions … of ye best collections [of pictures].
1758. Johnson, Idler, No. 5, ¶ 6. Ladies, who must run to sales and auctions without an attendant.
1860. Motley, Netherl., I. i. 14. His carpets … were disposed of at auction.
1876. Rogers, Pol. Econ., xiii. 21. These … were put up from time to time to auction.
fig. 1849. Macaulay, Hist. Eng., II. 216. Then followed an auction … On one side the king, on the other the Church, began to bid eagerly against each other.
3. A public sale of somewhat similar character.
(It has been the custom in some places to set up an inch of lighted candle, the last bidder before the wick falls becoming purchaser of the property. In a Dutch auction, property is offered at a price beyond its value, the price being gradually lowered till some one accepts it as purchaser.)
1673. Marvell, Reh. Transp., II. 234. As in an Auction, to be sold by Inch of Candle.
1728. Young, Love of Fame, iv. (1757), 115. The writing tribe, who shameless auctions hold of praise, by inch of candle to be sold.
1881. Daily News, 29 Dec., 6/4. The captain sells the fish by auction, putting the highest price on the basketful to be sold, and gradually lowering it till some one closes with his offer.
† 4. The property put up to auction. Obs.
1732. Pope, Mor. Ess., iii. 119. Ask you why Phryne the whole auction buys? Phryne foresees a general excise.
5. attrib., as in auction-house, -mart, -pulpit.
1682. Lond. Gaz., No. 1716/4. There is daily attendance given at the Auction-house.
1810. Bentham, Packing (1821), 121. The magnificent edifice, now erecting … under the name of the Auction Mart.
