Learning what may be auctioned (9)
I believe the answer is:
education
'learning' is the definition.
(education is a kind of learning)
'may be auctioned' is the wordplay.
'may be' indicates an anagram.
'auctioned' anagrammed gives 'EDUCATION'.
'what' acts as a link.
(Other definitions for education that I've seen before include "New Labour mantra, when repeated" , "A tonic due (anag.)" , "an answer to all clues, initially" , "Theory and practice of teaching" , "Culture" .)