English auction
An English auction is a type of auction where bidders openly bid against one another, with each bid being higher than the last. The auctioneer starts with a minimum price, and participants raise their bids until no one is willing to bid higher. The item is sold to the highest bidder at the end of the auction.
This format is commonly used for selling various items, including art, antiques, and real estate. English auctions are popular because they create a competitive atmosphere, often resulting in higher final sale prices. The process is transparent, allowing all bidders to see each other's bids.