What are the advantages and disadvantages of English auction?

Answer 1

English auctions, where bidders openly bid against each other, have several advantages, such as promoting transparency and encouraging competitive bidding, which can drive prices up to their market value. Additionally, the live interaction can create excitement and urgency among bidders. However, disadvantages include the potential for emotional bidding, where participants may overbid due to competition, and the risk of collusion among bidders, which can undermine the auction's fairness. Additionally, the process can be time-consuming, especially for high-value items.