English Auction
the price for each item or lot is set low initially, and raised incrementally by would-be buyers entering successively higher bids with the sale made to the highest bidder. | ||||
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English auction Definition from Encyclopedia Dictionaries & Glossaries
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English auction
In an English auction (also called an Open-outcry auction), the auctioneer begins the auction with the reserve price (lowest acceptable price) and then takes larger and larger bids from the customers until no one will increase the bid. The item is then sold to the highest bidder.
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