Month: November 2016

How Does a Live Online Auction Work?

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 a Live Online Auction Work? | Auction King

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!

The Difference Between a Live Online Auction and a Timed Online Auction

Online auctions have become an increasingly common option for people shopping online. However, not all online auctions are the same. Many of the commonly known websites such as eBay are what’s known as “timed” online auctions. Live online auctions are rarer, and offer a completely different bidding experience. Not sure about the difference? Here are some key points to know:

The Difference Between a Live Online Auction and a Timed Online Auction | Auction King

 

A timed online auction is automated. It’s set up to run a certain period of time, regardless of how frequent or sparse the bidding is, and the entire process is run by a computer. A live online auction, by contrast, is monitored and conducted by an auctioneer. The auction proceeds lot by lot, with the bidding for each lot closed when competition ends. With a timed auction, the competition ends when the preset time is up.

Live online auctions, such as the one at AuctionKing.com, can offer the chance to watch the auctioneer in auction via streaming. Auction King also includes a chat module that allows auction participants to relay questions to the auctioneer in real time, getting their queries answered on the spot.

As a focused event, a live online auction brings together serious bidders in a shorter defined time period. While you can place an absentee bid ahead of time if you expect to miss part or all of the live event, bidding in real time gives you the opportunity to focus on the lots you want and know immediately if your bid has been countered.

Timed auctions, on the other hand, practically invite bidders to “snipe” the auction. In this tactic, a bidder sits out the auction until the last possible moment and then places a competing bid so late that other bidders do not have time to try to outbid them. It’s a frustrating experience to be outbid at the last second for an item you’ve been monitoring for days. Some people even use sniping software or services, and while some websites take steps to discourage or prevent this, other major auction sites do not.

Timed auctions may also set a reserve price, which is the minimum price the seller is willing to accept for an item. If the amount of this reserve is hidden, it is possible that you can end up with the highest bid at the end of an auction but still not get the item you bid on, as the seller is not required to sell if the reserve is not met. In a live online auction, you’re less likely to encounter these hidden reserves. When that gavel goes down and the auctioneer declares “sold!”, you’ll know that you’re the winner.

AuctionKing.com offers a fully interactive personal auction experience providing bidders great opportunities to purchase a wide variety of goods at below-market prices. Register for a free account and come see the difference for yourself.