Old auction item brought up for praise (5)
I believe the answer is:
extol
'praise' is the definition.
(extolling is a kind of praising)
'old auction item brought up' is the wordplay.
'old' becomes 'ex' (prefix meaning former or onetime).
'auction item' becomes 'lot' (a lot is an item for sale at auction).
'brought up' is a reversal indicator (in a down clue, letters go up).
'lot' reversed gives 'tol'.
'ex'+'tol'='EXTOL'
'for' acts as a link.
(Other definitions for extol that I've seen before include "'Praise, glorify (5)'" , "Exalt" , "Cry up" , "Praise enthusiastically" , "Lavishly praise" .)