What is the term for an auction that takes place without reserve?

An auction without reserve is best described as an absolute auction. In this type of auction, the property is sold to the highest bidder regardless of the bid amount, meaning there is no minimum price that must be met. This creates a sense of urgency and competition among bidders, as they know that the item will be sold regardless of how low the bids might go.

The other terms in this context refer to different auction structures. For instance, a minimum bid auction requires that bidding starts at a defined minimum price, which does not allow for the same level of openness as an absolute auction. A closed auction involves bids that are submitted privately, rather than in an open format, which would not align with the characteristics of an absolute auction. Finally, a sealed bid auction requires participants to submit their bids in sealed envelopes, adding another layer of privacy to the transaction that contrasts with the public and open nature of an absolute auction.