godan verb (-su), transitive verb
successfully bid for; buy at auction; outbid
Used when someone wins an item at auction by placing the highest bid. Sense 2 (knock down) is essentially the same action from the auctioneer's perspective, but in modern Japanese it's typically the bidder's action.
彼はその絵を競り落とした。
He successfully bid for the painting.
オークションで骨董品を競り落とす。
I buy antiques at auction.