auction process

An auction is a public sale where items are sold to the highest bidder. The process begins with an item being presented, followed by potential buyers placing bids, which are monetary offers to purchase the item. Bidding continues for a set period, with each participant raising their bid until no one is willing to offer more. The highest bid at the end wins, and the bidder is required to pay that amount to acquire the item. Auctions can be conducted in person, online, or through sealed bids, and are often used for art, collectibles, real estate, and more.