Definition of auction

The word "auction" originated in the Middle English language during the 15th century. It arrived in England through the Old French word "auction" or "augçioun," which itself was borrowed from the Latin "adventus," meaning "arrival" or "an arrival." In medieval times, an "auction" was known as a "cour서" or "coursere" in French, denoting a galloping horse prepared for sale or a horse race. This term was most commonly found in land and chattel sales including goods, cattle, and horses. The mechanism for auctioning these goods was referred to as "commonsale" or "commondaung" in Old French. In Latin, this process was known as "subham" or "subactio," essentially referring to "bidding under a fixed price" or "under management." In the late 16th century, the English began to use the term "public vending," replacing the earlier Middle English term "courser." This description was used to designate the process of openly offering items for sale to multiple potential buyers. Over time, the noun "auction" split into two forms: the older "auct(i)on" implying a variety of items being sold at once and the newer "auktion" typically referring to an auction of a single item. The term "auctioneer" was introduced during the 18th century to denote a professional who presided over auctions and managed the sales process. Nowadays, the term "auction" is widely used in various parts of the world, generally intending a public sale of goods or services to the highest bidder.