Definition: An auction event where some or all of the items are offered "absolute", which
means that they will be sold to the highest bidder with no limitations or
minimum price (known as a reserve or reserve price). Once a bidder in an
auction without reserve has offered the highest bid, the seller becomes contractually
obligated to sell the item to that bidder. An auction without reserve is also known
as an absolute auction.
Terms, Definitions, and Concepts: Auction, Real Estate