What is an auction ?

An auction is the sale of any goods, property, wares and items to the highest bidder. At an auction, everyone bids by accepting bids at the first price. The highest bidder becomes the owner of the auctioned item.

The literal meaning of the word in Latin is "auction". In addition, other meanings known in Latin are "increase" and "increase". Briefly known as auction, bidding has been conducted in different countries and in different ways throughout the centuries.