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An auction is a method by which goods or services can be sold and bought. In an auction, the price of an item is not fixed in advance. People wanting to buy the item say how much they are willing to pay for it. This is called their bid. In each round, the bids are evaluated. If certain criteria are met, the auction is stopped and one bidder will buy the item at the specified price. Alternatively, the auction can continue for another round. If certain conditions are met, the auction will stop, and the item will not be sold. There are different kinds of auctions, with different rules.
Auctions usually happen within a given timeframe. When the time expires, the bid that best matches will win, or the item will not be sold.
There are companies that specialize in doing auctions. These companies will charge fees for doing the auction; they may also get a commission that depends on the price the item is sold at.
Auctions can be done online, or they can be done offline. Sometimes, bids are placed by telephone, or over the internet.