Auction off

[Kai]

a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each thing, until the thing is sold to the person who will pay most:

[Michiko]

to sell something in a public auction:

[DennisSt]

sell at an auction

[Miltensl]

To auction off means to sell an item or property to the highest bidder in a public competitive bidding process called an auction. The item is typically given to the person who offers the most money during the specified time period.