What Are Timed Auctions?
The live auction format has been around for centuries, but in recent years, the way we bid for items has opened up thanks to technology. One of the most popular auction formats today is the timed auction.
What Is a Timed Auction?
A timed auction is an online auction that takes place over a set period, usually ranging from a few days to a couple of weeks. Unlike traditional live auctions, where you need to be available at a specific time to place your bids, timed auctions let you bid at your convenience. The auction window is open for the entire set period, and you can log in whenever you like to place your bids.
The way it works is simple: items are listed with starting prices, and throughout the auction, you can place your bids whenever you choose. You’ll be able to see how much other people are bidding and track the progress of the auction. When the auction ends, the highest bid wins the item, and the winning bidder is contacted by the auction house.
How Do Timed Auctions Work?
Participating in a timed auction is pretty straightforward;
1) Browse the Items: Once the auction starts, you’ll be able to browse the catalogue of items available in the auction.
2) Register to Bid: To ensure you’re all set to bid in the auction, simply click the Register button located in the top-right corner of the auction page on BidLive. Once you’ve clicked the button, follow the simple steps in the registration process, and you’ll be ready to start bidding in no time.
3) Place Your Bids: If you see something you like, you can place your bid via BidLive once registered. You can do this at any time during the auction period.
4) Track the Auction: You can keep track of the auction’s progress online. It’s easy to see where your bids stand and whether anyone has outbid you.
5) End of the Auction: At the end of the auction, the highest bid for each item wins. The winning bidder will then be notified and shipping for the item will be arranged.
Timed auctions are a relaxed and flexible way to bid, making them a great option whether you're starting a collection or looking to add an epic find to an existing one. Have a browse through our upcoming timed auction schedule via our website.