Luxury Real Estate

Luxury Auction Seeks ‘Absolute’ Market Value 

A five-bedroom, seven-bath luxury estate 25 minutes from Manhattan is set to hit the auction block on November 17 — with no minimum bid required. This set-up, called an “absolute” auction, is meant to set the market value determined by a competitive bidding process. It eliminates minimum bids and reserves, meaning in theory the market could set the value at as little as $1, if only one lucky bidder shows.