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The phrase "auctioned for a fraction" is correct and usable in written English.
It can be used when discussing the sale of an item at an auction for a price that is significantly lower than its perceived value.
Example: "The rare painting was auctioned for a fraction of its estimated worth, surprising many collectors in attendance."
Alternatives: "sold for a small amount" or "auctioned at a low price".
Exact(1)
The unit was auctioned for a fraction of its estimated value to a previously unheard-of company, and later resold to Rosneft, a company owned by the state.
Similar(59)
And so, the legacy assets of the defunct Soviet state were auctioned off for a fraction of their intrinsic value and transferred to a handful of banks controlled by men who came to be known as "the oligarchs".
The sites auction new items, often for a fraction of their retail price, and bidders pay up to £1.50 for each bid.
In 1983 the pistols were auctioned for the first time from the Dresser estate at the Drouot in Paris, for $37,715, a fraction of the price expected next month.
It was auctioned for 28,000 renminbi, or $4,100, per square meter, or $380 per square foot, the highest price ever paid in the city and just a fraction below the area's average house price.
His slaves, furniture and farm equipment were auctioned off, and Monticello had to be sold "for a fraction of what it had cost".
Dozens of items from the town house — fireplace mantels, marble columns, even a circular staircase — were auctioned off by a Connecticut gallery in 2009 for a fraction of their presale estimates, with the proceeds going to a charity.
While contemporary art often attracts staggering prices at auction, exquisite portraits by well-known painters will usually go for a fraction of those prices.
The loans could not be repaid, so Berezovsky ensured that Abramovich ended up with Sibneft for a fraction of its value after rigged auctions in 1995 and 1997.
God's Love purchased the property in 1993 at a city auction for $570,000, paying a fraction of its market value, which was assessed at about $1.2 million.
Those can be purchased for a fraction of the cost.
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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