Ascending Auction

An Ascending Auction, often called an English auction, is a bidding process where participants openly bid against one another. The auction starts at a low price, and bidders raise their bids until no one is willing to bid higher. The item is sold to the highest bidder when bidding stops. This type of auction encourages competition, as bidders can see others’ bids, prompting them to offer more if they want to win. Ascending auctions are commonly used for items like artworks, antiques, and real estate, allowing sellers to potentially achieve a higher sale price through dynamic bidding.