Which of the following best describes an 'absolute auction'?

An absolute auction is characterized by the requirement that all items must be sold regardless of the final bid price. This means that there is no reserve price; the auctioneer cannot refuse to sell the items based on the bids received. Therefore, the auction is often seen as a commitment to sell, which can create a sense of urgency among bidders since they understand that they will have the opportunity to purchase the items without any price limitations.

In contrast, other types of auctions may have conditions such as the ability to withdraw items before the sale or include reserve prices that allow the seller to retain ownership if the bids do not meet their expectations. For instance, a seller may withdraw items before an auction takes place, indicating a lack of commitment to sell all items. Bids starting at a predetermined price or being sold at the highest bid only does not define an absolute auction since those characteristics can exist in various auction formats. The essence of an absolute auction is its unconditional commitment to sell, making option B the most accurate description.