noun
Refers to a public sale in which goods or property are sold to the highest bidder. Used in both physical and online contexts.
彼はオークションで古い時計を落札した。
He won an old watch at an auction.
ネットオークションで本を買った。
I bought a book at an online auction.
競売 is a more formal or legal term for auction, often used in official contexts, while オークション is the common everyday loanword.
Borrowed from English 'auction'.