What is going once going twice sold?

"Going once, going twice, sold!" is a phrase commonly heard at auctions. It is used by the auctioneer to indicate that the item being auctioned has been sold to the highest bidder. The phrase is a form of bidding encouragement and gives other bidders a final chance to increase their bid before the item is sold. Once the auctioneer has said "sold," the bidding is closed, and the winning bidder is expected to pay for the item and take possession of it. The phrase is often used in movies and TV shows to create a dramatic atmosphere during auctions.