What does "auction" mean?

Auction: The things sold by auction or put up to auction. Ask you why Phryne the whole auction buys Pope. Note: In the United States, the more prevalent expression has been "sales at auction," that is, by an increase of bids (Lat. auctione). This latter form is preferable. Dutch auction, the public offer of property at a price beyond its value, then gradually lowering the price, till some one accepts it as purchaser. P. Cyc.