Crossword Genius

Small auction item in assigned position (4)

Ross

I believe the answer is:

slot

'assigned position' is the definition.
(a slot is a position or place for something)

'small auction item' is the wordplay.
'small' becomes 's' (abbreviation - e.g. clothes size).
'auction item' becomes 'lot' (a lot is an item for sale at auction).
's'+'lot'='SLOT'

'in' is the link.

(Other definitions for slot that I've seen before include "Space for coin or programme" , "Fit into puzzle" , "Scheduled time - hierarchical position" , "Long narrow slit" , "Long narrow aperture" .)

I've seen this clue in The Times.
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