How to auction in Monopoly: Can you explain the process of conducting auctions in Monopoly and how it impacts gameplay?

In Monopoly, auctions are held when a player decides not to buy a property they land on. The property is then auctioned off to the highest bidder among the players. This can impact gameplay by allowing players to acquire properties at lower prices than the original cost, making it a strategic way to expand their property portfolio and gain an advantage in the game.