What is an auction?

An auction is defined as the sale of goods or real estate through a series of offers made by an auctioneer. This process involves open bidding where potential buyers actively compete to purchase an item by placing progressively higher bids. The auctioneer facilitates this dynamic environment, often providing insight into the items being sold and managing the flow of the auction.

The nature of an auction differentiates it from other selling methods, primarily because it relies on competitive bidding rather than fixed prices. This competition can create excitement and potentially drive the final sale price higher than it might be in a traditional fixed-price sale. By focusing on the engagement between the auctioneer and the bidders, an auction not only serves as a sales mechanism but also as an event that engages buyers in the thrill of competition for unique items or valuable properties.