1Auction means the sale of goods or real estate by means of exchange between an auctioneer and members of the audience; the exchanges consisting of a series of invitations for offers made by the auctioneer, offers made by members of the audience, and the acceptance by the auctioneer of the highest or most favorable offer. Use of written bids, media technology or mails in any part of the promotions, bidding, acceptance or any other part of a transaction shall not exclude such transaction from being classified as an auction.
