Definition of Absolute auction:
An absolute auction is a type of auction in which the sale is awarded to the highest bidder. Absolute auctions do not have a reserve price, which sets a minimum required bid for the item to be sold.
An auction with no reserve price or other stipulations.
There are many different types of auctions. A sealed bid auction, for example, is an auction in which people submit secret bids, while in a Dutch auction, the auctioneer starts at a high price and decreases it until somebody agrees to buy the item for that price.
Type of auction where the highest bidder acquires the item being auctioned (irrespective of the bid amount), and where the item does not have a reserve price below which it will not be sold.
How to use Absolute auction in a sentence?
- A well-advertised absolute auction will usually bring in a large number of bidders.
- Absolute auctions are a popular type of auction, especially for those looking to make a cash sale quickly and without complications.
- Farm equipment and machinery are the kind of items that are often sold at an absolute auction. .
Meaning of Absolute auction & Absolute auction Definition