Auction is a spot trading method in which an auction house specializing in auction accepts the entrustment of the owner, shows the items to be auctioned to the buyer at a specified time and place in accordance with certain articles of association and rules, bids openly, and finally the auctioneer sells the items to the buyer with the highest bid.
Auction must have more than two buyers, auction must have a changing price, and auction must have an open competition. All auctions are held by different buyers competing for the same auction item in public. If all buyers are not interested in any auction item, then the auction will lose any meaning.