How are goods classified in an auction if they cannot be withdrawn?

In the context of auctions, when goods are classified as offered without reserve, it means that these items cannot be withdrawn from the auction once bidding has begun. This classification indicates that the auctioneer is committed to selling the item to the highest bidder, irrespective of the final bid amount. This approach typically encourages more competitive bidding, as potential buyers know that they can acquire the item regardless of its perceived value.

In auctions with goods offered without reserve, the seller forfeits the right to retract the item and must follow through with the sale once bidding commences. This guarantees a level of certainty for bidders, as they can be assured that the goods will be sold if there is any bid placed.

The phrasing of the other options highlights different scenarios. For instance, goods offered with reserve will have a minimum price that must be met for the items to be sold, while unsold goods indicate items that did not receive any bids or failed to meet the reserve requirement. Goods on hold would typically refer to items that are not currently available for bidding for various reasons.