Wright Auction

A Wright Auction refers to an auction style named after economist A. Thomas Wright, primarily used for selling goods or assets, including art. In this method, bidders submit sealed bids without knowing others' offers. The highest bid wins, but the winner pays either their bid or a specified price, promoting fair competition. This approach encourages honest bidding because participants can’t see what others are offering. Wright Auctions are often used in contexts where transparency and maximizing value are essential, ensuring that sellers receive the best possible price for their items while providing bidders with a level playing field.