The English ascending auction is an auction which begins
with the auctioneer soliciting a first bid. Bidders then call
out bids. Any new bid is admissible only if it is higher than
the standing bid. The auction ends when the auctioneer is unable
to call forth a new higher bid, and the item is given to the highest
bidder at a price equal to his bid.
International Trade: Balance on Goods and Services Trade