Public Auction

A public auction is a process where items, property, or services are sold to the highest bidder in an open setting. Participants openly bid against one another, often in a competitive atmosphere, until a predetermined time limit or a reserve price is reached. Auctions can be held in person or online, and they typically involve an auctioneer who facilitates the process. Common items sold at public auctions include art, antiques, real estate, and vehicles. The highest bid at the end of the auction wins, and the highest bidder becomes responsible for purchasing the item.