Absolute Auction

Sell now. No matter what. No minimum or reserve price. Absolutely. If you nod in just the right way, holding your paddle at 32 degrees to the right (sort of like the White House these days), then you've bought it. It's over. The auction is absolutely completed. Think: eBay, or live auction events where you mumble that the auctioneer next time really needs to go decaf. The opposite? A lender confirmation auction. In that setting, usually large, expensive items are being sold...and even after the excited bidder bids the final "sold to the American," a bank or other lender/creditor has to then approve the notion that the bidder has the credit to be able to pay up.