What is is auction?

An auction is a public sale where goods or items are sold to the highest bidder. The auction process involves putting the item up for sale, setting a starting price, and then accepting bids until a final bid is made and the item is sold to the highest bidder. Auctions can be conducted in-person or online and can range from small-scale events to large-scale auctions of expensive items such as artwork or real estate. The auction process helps determine the true market value of an item and can be beneficial for both buyers and sellers. Auctions are often used in estate sales, government sales, and specialized markets such as antique and rare collectibles.