licitation

from The Collaborative International Dictionary of English v.0.48

Licitation \Lic`i*ta"tion\ (l[i^]s`[i^]*t[=a]"sh[u^]n), n. [L.
   licitatio, fr. licitari, liceri, to bid, offer a price.]
   The act of offering for sale to the highest bidder. [R.]
   [1913 Webster]

from Bouvier's Law Dictionary, Revised 6th Ed (1856)

LICITATION. A sale at auction; a sale to the highest bidder.