Auctioned

Auctioned refers to the act of selling an item by auction, a method in which potential buyers bid against one another until the highest bid is accepted. In most cases, the sale is concluded when the auctioneer or the platform declares the item sold, and ownership passes to the winning bidder, subject to the stated terms. Items are typically offered in lots with descriptions, starting prices, and bidding rules. If a reserve price is set by the seller, the item will not be sold unless the bid reaches or exceeds that price; if not met, the item may be withdrawn or 'bought in' by the seller.

Bidding proceeds in rounds with increments, and the highest bid at closing wins. There are several auction formats: English auctions (ascending bids), Dutch auctions (descending price until a buyer accepts), sealed-bid auctions (bids are submitted privately), and online auctions which can combine elements. Some auctions use a second-price mechanism (Vickrey) where the winner pays the second-highest bid, while most standard auctions charge the winning bid price.

Auction houses, brokers, or online platforms facilitate auctions, provide appraisals or catalogues, and may collect a buyer's premium or seller's commissions. Contracts are formed when a bid is accepted; terms govern payment, risk transfer, and title transfer. Auctions are widely used for art, antiques, real estate, vehicles, collectibles, and government assets, and have grown with digital platforms enabling remote bidding and real-time online auctions.