English auction

An English auction is a competitive bidding process where item prices start low and increase as participants openly bid higher. Bidders call out their offers until no one is willing to raise further, and the highest bidder wins, paying their bid amount. It’s commonly used in art, antiques, and real estate sales, providing transparency as everyone can see each bid. The process encourages bidders to reveal their maximum willingness to pay, often resulting in the seller achieving the highest possible price for the item.