A Forward Auction is a type of auction where sellers offer goods or services, and buyers place bids to purchase them. The auction typically starts with a minimum price, and participants compete by submitting higher bids until the auction ends. The highest bidder wins the item and pays the final bid amount. In a forward auction, the seller benefits from the competitive bidding process, which can drive the price up. This format is commonly used for items like art, real estate, or vehicles, allowing sellers to maximize their returns while buyers have the opportunity to acquire desired items.