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

The main difference between a live auction and timed auction is that a live auction occurs in real time where a timed only online auction is automated for a given amount of time and takes place solely online.

Live Auctions

A live auction is hosted by an auctioneer in real time, on location at the saleroom of an auctioneer before a live audience of bidders. Bidsquare allows any bidder to remotely participate in a live auction by proxy via the internet. In this setting other bidders are also participating in person, over the phone, or via absentee bid sent prior to the auction event. Bidsquare bidders place their bids via phone or computer, and can bid in real time response to active bidding activity. The bids placed through Bidsquare are automatically received by a remote clerk which enters the live bid. The bidding continues, typically at defined increments, until competition no longer persists. If the highest offered bid meets the acceptable minimum price designated by the seller, the lot is sold. Then the auctioneer will move on to the next lot, and the process repeats for each item in the auction catalog.

Timed Online Only Auctions

Timed online only auctions are online auctions automated for a given amount of time.
The bidding for each lot in the event opens at a predetermined time set by the auctioneer and endures over a period of hours or days. This period is used for open bidding, and those participating will see the most current highest bid on each lot. Bidders can enter higher bids at the predetermined bidding increment. The identity of the bidder is kept confidential during the auction. During a timed online only auction bidders will be automatically informed via email if they are the highest bidder, or if they have been outbid by a competitor. At the end of the defined auction period, if the highest offered bid meets the acceptable minimum price designated by the seller, the lot is sold.

Bidding opportunities on lots in a timed online only sale will begin to close at a specified time, where the lots close at regular intervals until the auction has ended. Some timed auctions will permit an extended bidding period. In this case, if a bid is not placed on a lot within the specified time before closing, the bidding may be automatically extended for a set period of time. Length of the extended bidding period is also predetermined by the auctioneer prior to the event’s start.