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Which word describes a system in which buyers compete to purchase works of art by offering increasingly higher bids?

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An auction is a system in which buyers compete to purchase works of art by offering increasingly higher bids. Live and online bidding are also options for auctions. Bidders are aware of each other's bids in an open auction, such as a livestock auction.

All bidders are aware of the submitted bids in an open format. The buyers are unaware of competing bids in a closed format. Live and online platforms are both options for conducting auctions. In an open auction, the highest bidder receives the asset or service in question, while in a closed auction, the highest bidder typically does.

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