Calcutta auction

The Calcutta auction is a unique bidding process typically used in various contexts, such as fundraising, sports events, and even real estate. Its name originates from the city of Kolkata (formerly Calcutta) in India. In a Calcutta auction, participants bid on a particular item or lot, but the twist is that the highest bidder wins the right to "own" that item, and then they typically have a chance to profit from it, often sharing the proceeds with others involved in the auction.