What is typically required from bidders in an absolute auction?

In an absolute auction, the property is sold to the highest bidder regardless of the final bid amount. This makes absolute auctions particularly appealing because there is no minimum bid or reserve price, which means all interested parties can freely participate without needing to make a prior commitment to bid at a specific price. This attracts a wider range of bidders who may appreciate the opportunity to acquire an item without the constraints usually associated with traditional auction formats.

The flexibility of not having a prior commitment allows bidders to enter the auction with an open mind, giving them the freedom to assess the ongoing bidding dynamics and decide whether to place a bid as the auction unfolds.