What does the phrase "going once, going twice, sold!" signify in an auction?

The phrase "going once, going twice, sold!" is a traditional expression used by auctioneers to indicate the final moments of bidding for an item. When the auctioneer calls out "going once," it signals that the auction is approaching its conclusion, and that there is still an opportunity for bidders to increase their bids. The subsequent "going twice" reiterates that time is running out, encouraging any last-minute bids. Finally, the term "sold!" indicates that the item has been officially sold to the highest bidder. This sequence serves as a clear and distinct reminder to all participants that the auction for that particular item is about to close, thereby marking the end of the bidding process in a dramatic and engaging way. This phrase consolidates the auctioneer's authority and adds excitement to the auction environment.