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Is There A Timeframe For Online Auctions?

Monday, June 29th, 2020
the advantages of online auctions and how they work

Online auctions have become extremely popular across the world. These events offer everything from old collectibles to heavy equipment to used books and more. Similar to traditional auctions, online auctions can be fun and help you save money on your purchases. If you have never participated in one of these events, you may wonder how long they can take.

Timed auctions

These are the events that most people think about when hearing of online auctions. They run for a specific amount of time, like one day or a week. During the time they are open, bidders can watch the items they are interested in and bid at any time of day.

Many people like timed online auctions because they can bid slowly or because they can bid high early and potentially scare off other bidders. These events give you more time to consider what you are going for unless there is a bidding war. You can also set up email notifications to find out if you are the highest bidder or not.

Online live auctions

These are a great option for those who enjoy live auctions but cannot attend one in-person. Just like traditional live auctions, the auctioneer will open lots up for bidding and take the bids. Once they have determined that the highest price has been reached, they will close the lot down.

There are a few options for bidders at online live auctions. Depending upon what the auctioneer or website allows, you may be able to place proxy or advanced bids. Active bidding will take place and end at a set time.

90-second auctions

As the name implies, this type of online auction lasts for only 90 seconds. Typically, auction websites are able to move large amounts of items at lower prices using this method. 90-second auctions provide a great deal of entertainment as well as ways to save money. They offer instant gratification too. Some require a small fee on each bid, while others let people bid for free.

Tips for being successful at online auctions

The idea of attending an auction online may be exciting and daunting at the same time. Although they are similar to in-person auctions, there are different things you can do to get the items you want at a great price.

  1. Preview the items beforehand. You should be able to see a catalog of items that will be up for bid. Take your time looking through these.
  2. Get to know the website that is holding the auction. You will need to be familiar with the rules and terms of service of the site.
  3. Set a budget. This is especially important for online auctions that are only open for a short time. There will likely be many bidders interested in the items you like, so don’t let them get you to overpay.
  4. Consider bidding at the start and end of the auction. If you bid high, chances are you won’t have much competition. Waiting till the end is known as auction sniping. It isn’t a much-respected method, but it can help you get the items you want.

Are you interested in learning more about online auctions?

Whether you are looking to purchase antiques at auction or want to sell your used farm equipment, High Plains Auctioneers can help. We host a variety of in-person and online auctions throughout the year. Give us a call at (806) 244-6776 or Contact Us by email for more information. You can also check out our Upcoming Auctions to see what we will have available.