An auction is a method of buying and selling goods and services through a system of bidding. Traditional auctions are on-site events overseen by officials called auctioneers in which prospective buyers compete using increasing bids for items. The highest bid offered becomes the winning bid—the price at which the item sells. The earliest auctions took place in ancient times. After dwindling interest in auctions for many centuries, the practice revived in the 1600s and grew in popularity into... więcej
Salem Press Encyclopedia, 2021. 2p.