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What is an absolute auction?

(last updated on 8/4/2009)

An Absolute Auction is an auction in which the item is sold to the highest bidder, regardless of the amount of the bid. An absolute auction will have no reserve price set, and the starting bid will be between $0.01 and $1.00. Some may refer to this as a "penny auction", 1 cent or 1¢ auction.