The difference between Vickery auction (second price sealed auction) and first price sealed auction is that the highest bidder wins Vickery auction but only needs to pay the second highest bid, while the highest bidder wins first price sealed auction but only needs to pay the highest bid.
Vickery auction was used for stamp auction as early as 1893, so it is also called stamp collector auction.
This auction method was first put forward by Professor William Vickrey, winner of the Nobel Prize in Economics in 196 1 year. Vickery's paper discusses a single and indivisible lot being auctioned. In this case, "Vickery auction" and "second price sealed auction" have the same meaning and can be used interchangeably. Therefore, Vickery auction is also called the second price sealed auction.