Which of the following is NOT a requirement for an auction to be an absolute auction?

An absolute auction is characterized by the seller's commitment to sell the item to the highest bidder without reserve, meaning there are no minimum bids that must be met. This structure typically emphasizes transparency and trust in the auction process. Among the criteria for an auction to be considered absolute, the requirement that the auction must be open to the public is not inherently necessary. While most absolute auctions are indeed open to the public to encourage participation and competition, this is not a defining characteristic of an absolute auction itself.

The other criteria, such as clear intent to transfer ownership, are essential because they ensure that the seller is committed to finalizing the sale to the highest bidder. Additionally, binding commitments from lien holders are often necessary to ensure that there are no outstanding claims on the property that could interfere with the sale. Current payment of taxes may also be a requirement to guarantee that the auction item is not encumbered by tax liabilities. Hence, the public access aspect, while often a practical need, does not directly influence the classification of an auction as absolute.