Term: Sealed bid auction

This method of auction is not regarded as auction in the truest sense as it does not allow for bidding against other buyers. Buyers submit their bids simultaneously via a written bid which is then placed in a sealed envelope. The bids are not opened until a predetermined place and time where the bids are opened at the same time and the highest bidder is usually declared the winner. All bids are confidential in such an auction.

See also: