What type of auction involves selling items to the highest bidder without reserve?

An absolute auction is characterized by the absence of a reserve price, meaning there is no minimum bid that must be met for the item to be sold. This type of auction allows for the items to be sold to the highest bidder without any conditions attached. If there is a bid, the item will go to that bidder, regardless of the amount. This format creates an exciting and competitive atmosphere, as bidders know they are competing for the item without the worry of a hidden minimum price that might be set in reserve auctions.

In contrast, reserve auctions include a minimum price that must be reached before the item can be sold, which can lead to items not selling if bidding does not reach that threshold. Silent and live auctions refer more to the method of presenting and conducting the auction rather than the terms of sale related to pricing. Thus, absolute auctions specifically denote the condition of selling to the highest bidder without reserve, making it the right choice for this question.