An auction is a public sale of property, in which the property is sold to the highest bidder. Auctions are typically used to sell real estate, but can also be used to sell personal property, such as automobiles, jewelry, and art.
Auctions are held by auctioneers, who are licensed by the state of Virginia. Auctioneers must adhere to strict regulations regarding advertising, bidding procedures, and the payment of commissions.
The most common type of auction in Virginia is the English auction, also known as an open-outcry auction. In this type of auction, bids are made orally in person by the participants. The bidding starts at a predetermined minimum bid price, and then increments until only one bidder remains. This bidder wins the auction and pays the final bid price.