What’s the difference between a Live Auction and a Timed Online Auction?

Live Auction

A live auction is hosted by an auctioneer in real time, typically at the gallery or salesroom of the auctioneer, and is held before an audience of bidders. Bidsquare is a service that allows a bidder to remotely participate in a live gallery auction via the internet. Other bidders might participate -- in person, by phone or through an absentee bid sent in prior to the auction. Bidsquare participants place their bids via a computer, bidding in response to bids placed by others. Your bids are automatically received by a remote clerk, who places your bid in real time. Bidding will continue (usually at defined increments) until competition for the lot end s. If the highest bid offered meets the minimum price designated by the seller as acceptable, the lot is sold. The auctioneer will then move on to the next lot.

Timed Online Only Auctions

A timed online only online auction is automated and takes place solely online. The bidding for each lot is opened at a predetermined level set by the auctioneer, usually at a set time and stays open over an extended period of hours or days. During this period of open bidding, a bidder will be able to see the current high bid on each lot. You may place a higher bid at a defined bidding increment you choose. A bidder’s identity is always kept confidential during the auction.

In a timed only online auction bidders are automatically informed by email if they are the high bidder, or if they have been outbid by another competing bidder. At the end of the defined bidding period, if the highest bid offered meets the minimum price designated by the seller as acceptable, the lot is sold. Bidding on all lots in a timed online only sales begin to close at a specified time, with lots closing at regular intervals until the auction has ended. Some timed auctions allow extended bidding. In such a case, if a bid is placed on a lot within a specified time before closing, the bidding may automatically be extended for a set period of time. Length of extended bidding is set by the auctioneer prior to the opening of the auction.