What defines a public auction?

A public auction is characterized by its accessibility to a broad audience, allowing anyone to participate in the buying or selling of items. This inclusive nature distinguishes public auctions from private ones, where participation is limited to specific individuals or groups.

In a public auction, the items for sale are made available to the general public, and bidders can openly compete for these items. This open forum fosters a competitive bidding environment, which is a fundamental aspect of the auction process, often leading to higher final sale prices due to the participation of multiple interested buyers.

Many public auctions can occur in person, over the phone, or online, highlighting the flexibility of this auction type. The core principle is the opportunity for anyone to join in, making it a democratic process aimed at maximizing exposure and competitive bidding.