Auction glossaryLive Auction: What It Is and How Bidding Works
A live auction is a sale where an auctioneer calls for bids in real time and sells lots one at a time, in a room, on a farm or streamed online. Bidders raise a paddle or click to bid, and each lot sells the moment the auctioneer says sold, often within a minute or two.
How does a live auction work?
You register for a paddle number, then the auctioneer works through the lots in order. They open each lot, call the asking bid and take bids from the floor, the phone and sometimes online. When bidding stops, they say sold and record the hammer price against the winning paddle.
What are the pros and cons of a live auction?
For bidders, the format cuts both ways.
- Pro: you can see the items and watch the competition.
- Pro: lots sell fast, so the whole sale is over in hours.
- Con: you have to be there, or online, when your lot comes up.
- Con: bids happen in seconds, which makes overspending easy.
Is Auktia a live auction?
Auktia runs timed auctions: each item has a clock, you can bid any time before it closes, and extended bidding (a soft close) keeps the ending fair. Compare the formats in timed vs live auctions.
Questions people ask
What is a simulcast auction?
A live auction streamed online at the same time, so remote bidders can bid against the room as the lots are called.
How do I avoid overbidding at a live auction?
Write down your top price for each lot before it starts, including premium and tax, and stop there.