An auction scenario typically involves a seller offering an item, such as a painting or antique, to the highest bidder. Participants place bids, and the auctioneer facilitates the process, often using a gavel to signal the end of bidding. The item is sold to the highest bidder once the auction concludes, ensuring a fair market price. In another scenario, online auctions allow bidders to participate remotely. Websites like eBay enable users to place bids over a set period. This format can create competitive bidding environments, where participants may increase their bids in the final moments to secure the item, often leading to higher final sale prices.