What can legally happen at an absolute auction concerning bids?

In the context of an absolute auction, the defining characteristic is that all items are sold to the highest bidder without any minimum bid or reserve. This means that at an absolute auction, once bidding begins, the expectation is that the item will be sold to the highest bidder, regardless of the bid amount.

Therefore, while the selection process and the establishment of the auction's terms might allow for an item to be withheld or withdrawn before bidding starts, once the auction is underway, bidders anticipate that each item will be sold to the highest bidder present. This distinguishes absolute auctions from auctions with reserve prices or other conditions, where items may not sell if the bid does not meet a predetermined minimum.

The notion of withdrawing items if no bid is received within a reasonable time does not align with the absolute auction framework; it suggests a flexibility in the auction process that is not present when it is strictly categorized as absolute. The correct understanding is that in an absolute auction, all items are intended to be sold without such allowances for withdrawal, reinforcing the commitment to 'absolute' principles.