English auction

An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. The auctioneer opens the auction by announcing a suggested opening bid, a starting price, or a reserve for the item on sale.

Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone bids.
The auctioneer usually determines the minimum increment of bids, often making them larger as bidding reaches higher levels.
The highest bidder at any given moment is considered to have the standing bid, which can only be displaced by a higher bid from a competing buyer.

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Source: Wikipedia · Image: Wikimedia Commons · Public domain

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