noun
Formal or legal term for auction; in everyday conversation, オークション is more common.
競争売買で絵画が高額で落札された。
The painting was sold for a high price at auction.
Common loanword for auction in everyday contexts; 競争売買 is a more formal, legalistic term.
Compound of 競争 (competition) and 売買 (buying and selling), literally 'competitive buying and selling'.