absolute auction

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Absolute Auction

An auction in which the highest bidder receives the item for sale. That is, an absolute auction does not have a specified price below which the current owner will refuse to sell. See also: Reserve price.

absolute auction

A sale will be to the highest bidder, regardless of the amount bid. Common wisdom among auctioneers is that a property advertised as being sold at absolute auction will attract more bidders and higher bidding prices than one advertised with even a low minimum acceptable bid,or reserve price.
References in periodicals archive ?
The material goods are marked for sale Friday and Saturday, June 8-9, as part of a string of absolute auctions to convert assets to cash and repay lenders and other creditors more than $4.
This is why larger farms are being sold at absolute auctions and cut into acreage tracts.
Then contact Realtors and absolute auction companies for listings of small farms.
Alliance had already held two absolute auctions with Daye, confirming the appeal to a seller of this kind of sale where the property is sold to the highest bidder, regardless of the amount of the bid.
Alliance found that absolute auctions brought out the most enthusiastic and unreserved bidders, producing the best overall dollar results, as properties were sold with no further negotiations to the highest bidder.
7 million worth of premier properties sold during five absolute auctions in June.
Farms are being subdivided into tracts on a large scale in Tennessee, and the majority of this land is sold at absolute auctions.
We are excited to present the second in our series of live, televised absolute auctions on the heels of our first successful event on June 20th," said Auction Network General Manager Fontana Fitzwilson.
Absolute auctions usually generate the most interest and are very exciting, especially in a seller's market.
Absolute auctions differ greatly from online auctions that incorporate reserves and starting bids.
By using an absolute auction, the seller knows the home will be sold on a predetermined day, avoiding the hassles of inconvenient and disappointing showings and open houses.