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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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