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English definition of “absolute auction”

absolute auction

noun [C]    
COMMERCE an auction (= type of sale ) where something is sold to the person who offers the most money , and does not have a reserve price (= minimum sale price ): Although the seller was disappointed by the bid , he had no choice but to sell since the vehicle was sold in an absolute auction .
(Definition of absolute auction noun from the Cambridge Business English Dictionary © Cambridge University Press)
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