An auction in which the item up for sale is sold to the highest qualified bidder with no limiting conditions or minimum preset price. Typically, the opening price is $1. Also known as an auction without reserve.
An auction at which the merchandise or property is to be sold to the highest bidder without regards to the price received. At an absolute auction, the seller is not allowed to bid, either personally or through a representative, on their own merchandise. The exception to this is a forced sale. Also known as an auction without reserve.