auction system

An auction system is a mechanism where items or services are sold to the highest bidder. Participants place increasing bids within a set time frame or until no more bids are made. Commonly used for art, real estate, and collectibles, auctions can be live (in-person) or online. Types include English auctions (bidding goes up) and Dutch auctions (price goes down). Auctioneers facilitate the process, ensuring fair play and transparency. The highest bidder at the end wins the item and pays their bid amount. This competitive environment often helps achieve market value for the items.