Which term describes the practice of coaxing bids through fictional competition?

Chandelier bidding refers to a deceptive practice where a seller or an accomplice artificially increases bidding competition by placing fictitious bids. This tactic creates an illusory sense of demand and urgency, potentially influencing real bidders to raise their offers in the belief that there is more competition than actually exists. This kind of manipulation undermines the integrity of the bidding process and can lead to inflated prices for goods or properties. In contrast, the other terms do not accurately describe this type of bidding. Competitive bidding refers to a fair process where legitimate bidders compete against one another without any deception. Provenance solicitation is more related to the history and ownership of an item rather than the bidding process. The Peter Funk strategy, although it sounds like it might relate to auction practices, does not specifically designate the act of fake bidding seen in chandelier bidding. Therefore, chandelier bidding is the term that most accurately encompasses the practice of coaxing bids through such fictional competition.