Download Auction Clip Art An auction is a process of buying and selling goods or services by offering them, accepting offers and then selling the item to the highest bidder. The open auction of upward prices is probably the most popular form of auction today. Participants were openly opposed, each new offer is higher than the previous offer. An auctioneer can announce the prizes, bidders can make their offer (or request a representative to call for an offer on their behalf), or bids can be sent electronically with the highest current published offer. publicly In a Dutch auction, the auctioneer begins with a high sale price for a certain amount of similar items; the price is reduced until a participant is willing to accept the auctioneer’s price for a certain amount of the goods in the lot or until the seller’s reserve price is reached. While auctions are most often associated with the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for goods, cattle, radio spectrum and used cars. In economic theory, an auction can refer to any trading mechanism or set of trading rules.