Timed v. Live Auctions ⏱

Timed v. Live Auctions ⏱

A LIVE auction is run by an auctioneer who sets the pace of the sale. Live online auctions are often accompanied by video that simulcasts the auctioneer accepting bids, so you can follow the pace (and excitement) of the sale right from your living room. As a general rule of thumb, auctions usually move at a pace of approximately 60 lots per hour, but that can vary dramatically depending on how competitive the bidding becomes on a particular lot. At the time your lot hits the auction block, bidders compete against each other in real-time until the bidding slows. Ultimately, the lot is sold to the highest bidder.

In contrast, a TIMED auction is an automated sale that runs for a specified window of time, usually somewhere from seven to 21 days. During that time, users may leave bids on a lot. When bidding on the Invaluable marketplace, you are automatically notified when you have been outbid on an item, which gives you the opportunity to resubmit a higher bid (if you’re willing to bid more). When the timed auction is over, the item is sold to the highest bidder.

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