Lot for auction terribly expensive, for starters (4)
I believe the answer is:
fate
'lot' is the definition.
('fate' can be a synonym of 'lot')
'for auction terribly expensive for starters' is the wordplay.
'for starters' says to take the initial letters.
The first letters of 'for auction terribly expensive' is 'FATE'.
(Other definitions for fate that I've seen before include "Fortune" , "Lot -- doom" , "Final issue" , "What must be" , "Lady luck" .)