auction item; lot
Refers to an individual item or lot put up for sale at an auction.
This auction item fetched a higher price than expected.
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).