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Tsar Nicholas II of Russia abdicated his throne and thus made way for the formation of a transitional government for Russia in what is now known as the:
English Auction
A public sale method where bids are openly made and raised until no higher bid is offered, with the highest bidder purchasing the item.
Sealed Auction
An auction format in which all bids are submitted simultaneously in sealed envelopes, and the highest bid wins without bidders knowing the bid amounts of others.
Oral Auction
In this auction type, bidders submit increasing bids until only one bidder remains. The item is awarded to the last remaining bidder.
Oral Auction
An auction conducted by an auctioneer who calls out prices of items for which participants physically present place bids verbally.
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