ASTA

“Auction”

An auction is a public sale in which goods or property are sold to the highest bidder. It is a process used to determine the highest price that a buyer is willing to pay for an item, and can take place in a variety of settings such as online or in-person. The seller typically determines a minimum or reserve price for the item, and bids are incrementally raised until no higher bids are received. The auctioneer oversees the process and awards the item to the highest bidder at the end of the auction. Auctions are often used to sell rare or unique items, or for liquidating large quantities of assets quickly. They can also provide a fun and competitive environment for buyers and sellers alike.