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The phrase "auction it off" is correct and usable in written English.
You can use it when referring to the act of selling something through an auction process.
Example: "After cleaning out the attic, we decided to auction it off to the highest bidder."
Alternatives: "sell it at auction" or "put it up for auction."
Exact(45)
This fire sale was not enough for one creditor, Merrill Lynch, which seized collateral and threatened to auction it off to cover its losses.Bear persuaded Merrill to stay its hand by agreeing to negotiate a rescue with a consortium of banks.
Its owners planned to dismantle it and auction it off, horse by horse — the merry-go-round version of the glue factory.
Maybe auction it off.
He chose to auction it off.
Could they auction it off on eBay?
My recommendation to the deputy mayor was to auction it off, and I suspect he may soon heed my advice.
Similar(15)
By that time, its value as a work of American art exceeded its utility, so the company auctioned it off and had an "antique replica" built to take its place, he said.
Pharrell Williams' giant Grammys hat might be famous enough to get its own agent, but the musician is auctioning it off for a better cause.
The district attorney confiscated the vehicle, and the town auctioned it off for twenty thousand dollars.
He took off his coat and shirt, slipped on a jersey and auctioned it off.
Since he no longer needed his old sedan, he auctioned it off for $4,200.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com