What is a "sleeper item" in the context of auctions?

A "sleeper item" refers to an item that is typically undervalued at an auction but has the potential to draw higher bids once bidders recognize its true worth. This concept hinges on the idea that the item may not initially appear impressive or may be overlooked by bidders who are focused on more eye-catching items.

As the auction progresses, savvy bidders who have knowledge or expertise may see the potential in the sleeper item, leading to increased interest and higher bids. These items can create excitement in an auction setting, as their final sale price may rise significantly due to competitive bidding. Recognizing these sleeper items can be advantageous for bidders who are able to discern value where others do not.

Other options like the one describing an item that is always highly valued contradict the very notion of a sleeper item, as it implies constant recognition of value, rather than an overlooked potential. Items with no bids or those that must be sold at the start of the auction do not capture the essence of what makes a sleeper item significant in the auction environment.