Timed auctions have been popular for quite some time in the United States but they are gaining ground in Europe and in Italy as well.
As in traditional auctions, in timed auctiomonitoringns too the price is the result of a negotiation, in which the bidders decide what price they are prepared to pay.
It is easy: an item is put up for auction at a minimum starting price, below which it will not be sold. Bids are increased in increments based on the proportion of the “starting price”, which add up to the starting price.
If bidding on a lot, the person who has made the highest bid wins and gets the item. In addition to a minimum value, the negotiations are also conditional on a listing time, after which the bidding will stop and the auctioning conditions will be considered.
The main difference between a traditional auction and an online auction is in the negotiations, which are virtual; actually, ICT technology and the company’s systems integrated with these new solutions provide access to the auction any time, anywhere, with no limits in time and space.
In addition, bidding is not necessarily done by the bidder, even if, in fact, the bid-monitoring systems work 24 hours a day.
All through the auction, bidders are kept informed about any change in price or any outbid, so they can step in.How can you bid in a timed auction?
Usually, timed auctions are split into two areas:
the free-access sections, which are usually for information only, and the restricted-access areas, where users need to sign in and enter their profiles.
To bid in a timed auction, the bidder must have signed in by entering a user ID and a password, which are assigned by the system.
After entering the access details, the user may have access to any lot and may bid, using the ‘bidding’ feature of the timed system.
However, the bidding software will create automatic emails, or push notices if using an IOS app, to inform the bidders about the state of the auction.
When bidding is over, the winners/buyers receive all the details they need to complete their purchases. Note that a 25% commission will be added by the auction house to the bidding price, according to the Terms and Conditions of Sale, which the bidders (at traditional and timed auctions) must state they have read and approved before they start bidding.