Wariness after colt's moved nearer centre in public sale (7)

I believe the answer is:

auction

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'public sale' is the definition.
(sale of items to the public)

I cannot understand how the remainder of the clue works.

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(Other definitions for auction that I've seen before include "Public sale with lots" , "Public bidding sale" , "Public sale by bid" , "Competitive sale" , "Public sale - type of bridge" .)

I've seen this clue in The Independent.

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