Auctions

An auction is a publicly held sale of goods or property in which potential buyers place competitive bids, typically increasing in value until the item is sold to the highest bidder. The process is governed by specific rules regarding the bidding and sale, and it can occur in various formats, including live auctions conducted in person, online auctions on digital platforms, or sealed-bid auctions where bids are submitted privately. Auctions are used for a wide range of items, from artwork and antiques to real estate and automobiles. The auctioneer, responsible for facilitating the auction, announces the items for sale, manages the bidding process, and declares the winner. The auction method is characterized by its ability to determine the market value of an item through direct buyer competition.