When you first dive into the world of auctions, you will quickly find that there are several different types that you will run across. Here are a few that you will see:
Absolute auction—this means that that highest bid wins no matter what the price is. This is one the most common types of auction that you will run across.
Silent auction—with this type of auction, bids are written on a piece of paper. After a certain amount of time, the highest listed bidder on the piece of paper will win the item for sale. More often than not, this type of auction is used to raise money for charity.
Minimum bid auction— with this type of auction, the lowest acceptable price for the item up for sale has been predetermined by the seller. The predetermined price will be where the bidding starts for that item.
This is a tiny look at the different varieties of auctions that you can run across. What types have you seen?