English auction

The English auction (also known as an open ascending first-price auction) is by far the most common type of auction. The majority of auctions, both online and off-line, are English auctions. In this type of auction, bidders openly vie to outbid each other. The auction finishes either at a set time, or when no participants are willing to bid any further. The bidder who has placed the highest bid – at the time the auction finishes – wins the lot and pays the amount of their final bid.