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A candle auction, or auction by the candle, is a variation on the typical English auction that became popular in the 17th and 18th centuries. [1] In a candle auction, the end of the auction is signaled by the expiration of a candle flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid.
A candle auction is a variation in which the end of the auction is signaled by the expiration of a candle flame. This was intended to ensure that no one could know exactly when the auction would end and make a last-second bid.
In some parts of England during the 17th and 18th centuries, auctions by candle began to be used for the sale of goods and leaseholds. [12] In a candle auction, the end of the auction was signaled by the expiration of a candle flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid.
The London Tea Auction was a candle auction of tea, that ran regularly for over 300 years from 1679 until its closure on 29 June 1998. The auction made London the centre for tea's international trade.
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Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.
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