Auction
This is usually a public sale. Individuals (potential purchasers) invariably inspect the assets for sale before deciding on whether, and if so, how much they'd like to bid.
Auctions are held for residential and commercial properties, antiques, cars and even second hand endowment policies.
Following the bidding, the asset is sold to the highest bidder, provided a 'reserve price' set by the seller has been achieved.
The purchaser will be asked to sign a binding contract after bidding successfully, so it's necessary to ensure that any valuations, searches etc. are carried out prior to the sale.
If you're thinking of buying a property or car at auction, be careful. These sales are populated by professionals who know the ropes. You're more likely than they to overpay for an asset!