Live auctions have long been known as a great way to get below-market prices on a wide range of goods, from real estate to fine jewelry. However, one significant disadvantage of live auctions was the location—bidders had to be present at a certain spot in order to take part. For potential bidders who weren’t close by, that meant missed opportunities. However, live online auctions are now bringing the format of a live auction to the internet, bringing the auction to bidders in the convenience and comfort of their own homes.
How does it work? For most online auction sites, you will need to create an account in order to take part in an auction. You can also use your account to observe an auction in progress, if you’d like to familiarize yourself with how it works before you dive in. In most cases, such as at AuctionKing.com, creating an account is free. Prior to the start of the auction, you can familiarize yourself with the lots up for bid by browsing the site, and place absentee bids on any item of interest. An absentee bid allows you to specify the maximum amount you would be willing to pay for the lot of your choice, which is a great way to participate in an auction if you anticipate you won’t be able to bid in real time for either part or all of the live-auction period.
During the live auction, your account will give you access to an online bidding console that lets you follow along with the progress of the auction in real time. AuctionKing.com’s site also includes a live auctioneer conducting the auction, who you can watch via streaming. Our chat module allows you to interact with the auctioneer in real time, so you can get instant answers to any questions you might have about items up for bid. This allows participants to place bids on items with the confidence that they have all the information they need to bid wisely. The auctioneer proceeds through the auction lot by lot, as they would in an in-person auction.
At the close of the auction, the highest bidder on each item is responsible for purchasing that item. The exception is if the item had a reserve (a set minimum price that the seller will not below). For an online auction, keep in mind you will also be responsible for shipping fees for getting the item(s) you won at auction to your location. For AuctionKing.com, shipping is a low flat fee of $14.99 in the U.S. and $63.95 for international shipments.
A live online auction offers the personal interactive experience of an in-person auction combined with the convenience of online shopping. At AuctionKing.com, anyone can get a great deal on high-end jewelry, luxury watches, collectibles and fine art. Sign up, check out our fabulous assortment of goods, and start bidding!