The Collaborative International Dictionary of English v.0.48:

Licitation \Lic`i*ta"tion\ (l[i^]s`[i^]*t[=a]"sh[u^]n), n. [L.
   licitatio, fr. licitari, liceri, to bid, offer a price.]
   The act of offering for sale to the highest bidder. [R.]
   [1913 Webster]