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What is a Typical Length for an Auction?

Wednesday, November 3rd, 2021
auction gavel

It is difficult to pinpoint the exact time an auction will last as it will depend on the number of lots being sold. There are also different conditions and terms with different auctions that can slow the process, or speed it up.

With a traditional or typical live auction, except for real estate, an auctioneer will take approximately twenty seconds to two minutes to sell lots. The lots will sell faster if the bidders are professional buyers, the items are reasonably priced, or the value of the items is known and established. If these conditions are not present at the auction, it will of course take much longer.

How Long Can Real Estate Auctions Take?

An auction selling real estate can take from ten minutes or up to an hour. Real estate auctions are much more complex, and some auctions can include multiple tracts or parcels of land that can be either offered in combination or as individual sales. If it is a ‘multi-part auction, it could last several hours to finish.

Can an Auctioneer Speed Up an Auction?

During a true auction, every bidder is given at least a second chance to bid. If there are a lot of bidders, the number of bids allowed will definitely slow down the auction. If the auction is being run by a skilled auctioneer, they will be able to change the amount of the next bid to help speed up the bidding process.

Auctioneers online and with live auctions can also slow down the amount of time for bidders to place their bids. When the time is slowed down, it increases the urgency of the bids, as well as speeds up the process.

Does How Fast an Auctioneer Talks Make a Difference in How Long an Auction Will Last?

The image of an auctioneer is often depicted as someone wearing a cowboy hat and talking incredibly fast. The reality, however, is auctioneers can look quite different but they all come in equally effective packages. The typical auctioneer who sells cattle, ranch equipment, farm equipment, livestock, or items associated with construction or agriculture will most likely have on a cowboy hat and talk quite rapidly.

If you attend an auction selling real estate, you may notice the auctioneer is wearing a three-piece suit and displaying a much slower chant. There are also art auctions where the auctioneer is dressed in traditional business garments and the chant is more conversational.

The style of chant used is meant to fit the customer and client for which the auction is being done for. Ranch or farm auctions often have a large number of items being sold, and a faster chant is necessary to keep the action moving. Most attendees at these types of auctions are professional bidders and appreciate the speed at which items are handled. At art auctions, the chant is much slower and the auctioneer may even take several minutes just to describe each piece, providing bidders with history and the essence of each particular work.

So in essence, how fast an auctioneer talks, or how slow they talk depends on the type of auction. A slow-speaking auctioneer at a ranch or farm auction will more than likely meet with failure, just as a fast-paced auctioneer at an art auction would. The pace at which an auctioneer talks is dependant on what they are auctioning.

How Long Can a Benefit Auction Last?

Fundraising or benefit auctions are gala events. The time it takes to complete a benefit auction is typically longer than a commercial auction. The time factor includes whether or not the auctioneer will entertain the crowd, as well as what the non-profit’s goals are in explaining each item coming up for bids. With benefit auctions, the attendees are often unfamiliar with auctions as far as how the bidding process works.

While the benefit auction may be a different setting, an experienced auctioneer will be able to move the auction along and increase the amount of money raised within a given time frame.

Timed Auctions Have a Defined Amount of Time They Can Last

There are auctions, known as timed auctions that are only allowed to last a specific amount of time. A timed auction will run for a specified amount of time, such as a set number of hours or weeks. During this time active bidders continue to place bids. A timed auction tends to attract bidders who will either jump in early and bid high to scare off other bidders, or some bidders wait until the final moments, then hope to jump in and land the item at a low price.

In Conclusion

You have to understand the format of the auction you are entering and participating in to know how long you can expect the auction to last. If you are someone who loves excitement and the feel of a genuine auction, you should learn the schedule of High Plains Auctioneers and join them at their next event.

Where to Learn More About Auctions and How Long They Last

High Plains Auctioneers run real estate and other types of auctions fast and efficiently. They take the worry out of having to sell your property or other items and know-how to attract the bigger crowds so you have more bidders at your auction. Contact one of our specialists at (806) 244-6776 if you need more information on how to schedule an auction or learn where our next event will be held.