Traditional auctions are sales events where bidding occurs in real time, either live or through a catalog. Goods are presented one at a time, and participants bid against each other, typically increasing the bid in specified increments. The auctioneer facilitates the process, announcing the items and managing the bids. Once bidding concludes, the highest bidder wins the item and is legally required to complete the purchase. These auctions can take place in physical locations or online. Key players include the auctioneer, sellers, bidders, and sometimes a buyer's premium is added to the winning bid to cover costs.