Auction

Auction is a public sale of goods or properties in which they are sold to the persons making highest bid.

In securities market, when a seller is not in a position to deliver the securities he has sold, the buyer sends in his applications for buying-in, so that the securities can be bought from the market and delivered to him. This process by which the securities are procured on behalf of the defaulter is known as Auction.

In game of bridge, auction is the part of the play in which players make bid to decide the hand to be played in the game.