An auction is a public sale where items are sold to the highest bidder. People can bid on various items, such as antiques, art, or even real estate. The auctioneer, who is the person leading the auction, calls out the bids and keeps track of the highest offer. This process creates excitement as bidders compete to win the item they desire. There are different types of auctions, including English auctions, where the price increases with each bid, and Dutch auctions, where the price starts high and decreases until someone accepts it. Auctions can be held in person or online, making them accessible to many people.