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All-pay auction / American auction

The all-pay auction or American auction as it is known in Germany is a form of auction that is not legally permitted in Germany. In this sort of auction the object bid for is acquired by the last to have paid a previously set bid sum. The advantage: an object may be acquired at less expense. Disadvantage: all sums paid are lost, even if the bidder does not acquire the object. The American or all-pay auction form is particularly popular at events benefiting charities.

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