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I am looking for a specific word that can be used in the following situation:

You are in a auction, and want to buy it, so you "place" a price.

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I think you are referring to bid: (from TFD)

  • (often foll by: for or against) to offer (an amount) in attempting to buy something, esp in competition with others as at an auction

  • to make an offer to pay or accept a specified price: decided not to bid on the roll-top desk.

Bidding: ( from Wikipedia)

  • is an offer (often competitive) of setting a price one is willing to pay for something or a demand that something be done.A price offer is called a bid. The term may be used in context of auctions, stock exchange, card games, or real estate. Bidding is used by various economic niche for determining the demand and hence the value of the article or property. Internet is one of the most favourite platforms for providing bidding facilities, it is the most natural way of determining the price of a commodity in a free market economy.
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    I couldn't remember this, honestly! I want to kiss the wall with my forehead repeatedly. – MikhailTal Nov 22 '14 at 21:35
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"bid" is the word you're looking for.

  • "bid" (noun) - offer of a price, especially at an auction.

  • "bid" (verb) ps. bade or bid, pp. bid·den - to offer to pay (a particular amount of money) for something that is being sold : to make a bid at an auction. Merriam-Webster

Origin - Old English bēodan 'to offer, command', of Germanic origin; related to Dutch bieden and German bieten. Oxford English Dictionary

In an auction an item is offered up for bid, the auctioner takes the bids, and then sells the item to the highest bidder.

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