Auction

An auction is a public sale in which goods or property are sold to the highest bidder. During an auction, potential buyers place competitive bids on items, and the item is sold to the individual who offers the highest price. Auctions can be conducted in various settings, including traditional in-person events, online platforms, or through sealed bids. The process is often overseen by an auctioneer, who facilitates the bidding process by announcing the items, setting the terms of the auction, and encouraging participants to make bids. Auctions can be used for a wide range of items, including antiques, art, real estate, and collectibles, and are commonly employed as a method of selling items that may have uncertain market values.