An auction is a process in which goods or services are sold to the highest bidder.
The auction process starts with the seller presenting an item or items for sale to a group of potential buyers. The buyers then bid on the items, with the highest bid winning the auction. Auctions can take place in various formats, including live auctions, online auctions, and silent auctions. Live auctions are conducted in person and are usually the most traditional form of auction. Online auctions allow buyers to participate from anywhere in the world using the internet. Silent auctions are similar to live auctions, but the bids are written down rather than announced aloud. In a typical auction, the auctioneer will start the bidding at a minimum price and will then raise the price incrementally until there are no more bids. The winning bidder must pay the final bid price, along with any associated fees such as shipping or taxes.