The term 'AUCTION Set' is composed of two words: 'LOT' and 'AUCTION'. LOT is a three-letter word meaning a large quantity or number of things collected together. An AUCTION is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. AUCTION sets are collections of items that are sold together in an AUCTION. They can include anything from antiques to cars to art.