our Real-Time Auctions
Not as many people know what real-time auctions are (compared to, for example, the traditional club actions) but real-time auctions are a well-established auction form that is growing in popularity every year.
Almost like a club auction – only online
The main difference between a club auction and a real-time auction is that the real-time auction is online. This means that the auction reaches many more bidders than if you had been forced to be there. In this way, there is a greater chance that the auction estate will be sold at a higher price, as the auction reaches many more bidders and thus receives more bids.
A real-time auction also does not have a natural person as an auctioneer, but instead relies entirely on a computer. This means, among other things, that more items can be auctioned at the same time.
The time is extended for each bid
The items are always sold five at a time and five new items will not arrive for auction until the previous five are sold. The real-time auction has a start time but no end time, theoretically the bidding can last forever. But that only applies as long as someone is still bidding, because the bidding time is extended as long as someone makes a bid.
The bidding time ticks steadily downwards during the auction and is extended when someone makes a bid. If the bidding time is 20 seconds or less, the time starts again in 20 seconds, but if the bidding time is 20 seconds or more, the time starts again in 40 seconds.
When the watch finally lands at 0, either the highest bidder wins or the auctioneer buys back the item.