English Auction, also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use today.
Participants bid openly against one another, with each subsequent bid higher than the previous bid.
The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid.
Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold.
Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid.
The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders.
The English auction is commonly used for selling goods, most prominently antiques and artwork, but also secondhand goods and real estate.