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A type of sale in which members of a group of buyers offer ever increasing amounts. The bidder making the last bid (for which no higher bid is subsequently made within a specified time limit: ``going once, going twice, sold'') must then purchase the item in question at this price. Variants of simple bidding are also possible, as in a Vickery Auction.

See also Vickery Auction

© 1996-9 Eric W. Weisstein