Definition: A dynamic, single-item auction sale with open and competitive bidding that utilizes an iterative bidding process. The most common type of English auction is the open outcry auction, where the auctioneer places items on the auction block and bidders make verbal offers. Bids increase in increments determined by the auctioneer. However, a reverse auction may also be an English auction if it follows an iterative process where sellers' bids decrease in set increments.
Terms, Definitions, and Concepts: Auction, Real Estate Also known as an open outcry auction or open ascending price auction.
Added: Wed Sep 24 2008
Last Modified: Tue Sep 30 2008