Absolute Auctions:
Type of auction where the highest bidder acquires the item being auctioned (irrespective of the bid amount), and where the item does not have a reserve price below which it will not be sold.
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An absolute auction is a type of auction where the sale is awarded to the highest bidder. Absolute auctions do not have a reserve price which sets a minimum required bid for the item to be sold. … One type of absolute auction relates to foreclosed properties, where the winning bid acquires the foreclosed property.
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