An auction is a process for buying and selling items in which interested buyers (bidders) compete by making increasing dollar offers (placing bids) for the items, until no further bids are placed and the items are sold to the person who made the previous bid (the highest bidder or auction ‘winner’).
Auctions are run by auctioneers – professionals responsible for providing information about the auction and its items, as well as tracking bids and auction winners.
Items up for auction are organized into lots. A lot may be a single item, or a set of related items to be sold collectively as one unit.
An auction is a simple but effective way of selling items to the buyer who is willing to pay the most for them.
Auctions are popular for buying and selling items that have historic or collectible value.
Live auctions are physical auctions that take place onsite at a specified location, with or without an onsite audience.
Auction Network’s online platform allows you to participate in live auctions in real-time, bidding against competing bidders that may be either onsite or online.
A real life auctioneer operates these auctions, and makes sure that communication to all bidders is clear and consistent. You can even ask questions about individual items, lots, or the auction itself.
Live video and audio of the auction is made available to all online bidders, providing an immersive experience for you to enjoy the excitement of the auction from wherever you’re most comfortable.
Sometimes live auctions are held without any onsite audience – all auction participation is done online. This is known as a live virtual auction.
In live auctions, bids can be placed in a few different ways: over the phone, online, or on-site (non-virtual only).
Timed auctions are held over a pre-determined period of time. Bids can be placed between the start and date and time, and the highest bid at the end of the auction period wins the lot.
However, to prevent ‘sniping’, any bidding done in the closing minutes of an auction will result in an extension of the bidding time. This ensures that the person willing to place the highest bid always wins the lot.
By default, items close for bidding at the same time, or one-by-one in equally spaced intervals as decided by the auctioneer.