What is a Timed Auction?
All of the auctions on our site have a live bidding component where lots are sold sequentially and people can bid in real-time in competition with other bidders. In a Timed Auction, this process is done automatically, only allowing bids from LiveAuctioneers bidders.
- At the auction's designated start time, the system will open lot #1 - execute any bids, sell the lot, and move on to lot #2, progressing at approx. 100 lots per hour until all the lots have been passed or sold.
- Lots are kept open based off of bidding interest - if there is no interest, a lot will be open for about 15 seconds before moving to the next lot. During the bidding experience, bidders will have no inclination that this is a timed sale unless they have actively searched for such an auction.
- When there are no more bids happening, there is a 7 second wait before "Fair warning" is issued - then another 7 second wait before the lot is either passed or sold to the highest bid.
- IF there are no bids on a lot, the wait time is 15 seconds of inactivity before "fair warning" - then 7 seconds wait then the lot is passed.
- Do I need to do anything to get my sale to start?
- A Timed Sale will start automatically at the designated start time, there is no need to start anything or monitor anything.
- Should I list Reserve Prices?
- Reserve Prices are a great idea for a Timed Sale, since everything is automated.
- Are Reserve Prices necessary?
- If you want to ensure a lot does not sell below a certain amount, a reserve price would be a great idea. Since the Timed Auction is an automated process, lots will sell at whatever hammer price was accepted last. By including a reserve price, this ensures a specific lot does not sell below the last accepted bid.