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Auctions allow items to be sold to the highest bidder. Participants bid on the item until the highest bid is reached within a set timeframe. The highest bidder wins and pays the bid amount.
Types of auctions include English (ascending bid), Dutch (descending bid), sealed-bid (highest bid wins), and Vickrey (sealed-bid, second-highest bid wins). Additionally, there are reverse (lowest bid wins) and silent (secret bids) auctions, catering to various selling dynamics and bidder preferences.
Anyone meeting auction requirements, typically 18 years or older, can participate. Registration may be necessary, depending on the auction platform. Ensure compliance with specific auction rules and regulations.