Stamp auctions are events where collectors and enthusiasts buy and sell stamps. These auctions can take place in person or online, allowing participants to bid on various philatelic items. Each stamp is usually accompanied by a description, including its condition and rarity, which helps bidders determine its value. During a stamp auction, interested buyers place bids on the items they want. The auctioneer manages the process, announcing bids and encouraging competition among bidders. Once the bidding ends, the highest bidder wins the item and is responsible for payment. Stamp auctions are a popular way to acquire rare and valuable collectibles.