absolute auction meaning

[Business]
noun [C] (AmE)

(Commerce )

an auction in which there is no fixed price that must be reached before the item can be sold, so that sth is simply sold to the person who offers the most money

Examples

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1. Some auctioneers also have absolute auctions with minimum starting bids.
2. All are foreclosures by Bankers Trust of California being sold at absolute auction.
3. It costs $ 50 to get in to tonight's absolute auction.
4. Once an absolute auction begins, the property must be sold to the highest bidder.
5. The absolute auction sales started in Texas, and they are catching on around the country.