An auction can end on a per lot basis where once the auction ends everybody who has bid on the item can bid again until there is no more bidding for a period of 10 or 15 minutes I which case the lot ends and you're the winner of the lot. Birmingham closed this way.
As opposed to the same 10-15 minute format but every lot is open to bid to previous bidders until every lot in the auction no longer has any bidding action.
For example: you and I are bidding on lot one after bidding ends, you have the high bid on that lot for 10 minutes without me raising the bid, you win that specific lot. With the every lot format you have to wait until two other guys bidding on lot 15 also stop bidding.
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