Speculation is an auction and strategy game for 2-6 players, built around property acquisition in a metropolitan area. The object of the game is to amass the greatest wealth through property ownership. Players first compete in an auction to purchase options on the various properties. An option gives a player the right to purchase a property, if they can mameuver the token around the board to their property. Since all players maneuver the same token, each player can try to prevent the other players from exercising their options. A player receives from the bank when he moves the token over one of their own properties, and receives from the other players when they move the token over one of his properties. At the end of the game, the player with the greatest amount of money plus property value is declared the winner.
The game ends when the last option is exercised. Any player may exercise the last option, regardless of who holds the option.