What is a "go up for auction" term referring to?

The term "go up for auction" refers specifically to the moment when an item is presented by the auctioneer for potential bidding. This is typically when the auctioneer brings the item to the podium and officially starts the bidding process for it. The phrase captures the idea that the item is now available for auction, signaling to bidders that they can now place their bids.

Bidding begins after the auctioneer calls attention to the item, indicating that it is "up for auction." This term does not relate to the starting price, the final sale price, or a bidder's limit, as those aspects are part of the bidding process but do not encapsulate the action of presenting an item for bidding. Understanding this term is critical for anyone involved in auctions, as it denotes the transition from preparation to active bidding.