noun
auction item; lot
Refers to an individual item or lot put up for sale at an auction.
この競売品は予想以上の値がついた。
This auction item fetched a higher price than expected.
次の競売品はアンティークの花瓶です。
The next lot is an antique vase.
出品 refers to the act of putting an item up for sale or exhibition, or the item itself in a broader sense; 競売品 specifically means an auction item.
Compound of 競売 (auction) + 品 (item).