Type of forward auction
, in which usually a single item is offered for sale
. Bidding starts with a low price, and is raised incrementally as progressively higher bids are solicited, until either the auction
is closed or no higher bids are received. Often the seller
sets a reserve price
below which the item is not sold and the auction is aborted. Perhaps the most common form
of auction, it allows a seller to secure
the highest price for an item.