Sealed-bid auction

It sounds like this is an auction of sorts, not sealed bids. Sealed bids only happen when several parties have reached full ask and instead of going back and forth with different buyers, you ask for best and final.

Well, yes, it is an auction of sorts. But it is conducted with sealed bids. It wasn't called an auction, but the sale this month of the late Bruce Wassterstein's apartment on Fifth Avenue was conducted by sealed bids. William Zeckendorf was the winner.

I should have added that the promotional material calls it an auction. If that's what they want to call it, hey, so be it.