Full Glossary
Auction Formats

Timed Auction

An online auction where bidding opens and closes at predetermined times, without a live auctioneer calling the sale. Each lot has a scheduled closing time, often with automatic extensions (soft close) if bids are placed in the final minutes to prevent sniping.

How It Works in Practice

Timed auctions are the most common format for online estate auctions because they require no live auctioneer presence during the bidding period. Bidders can participate on their own schedule over days rather than committing to a specific date and time. For auctioneers, the trade-off is lower per-lot excitement compared to live bidding, but broader participation. Staggered closings (lots closing every 30–60 seconds) combined with auto-extend features (2–5 minute extensions on last-minute bids) maximize final prices.

Frequently Asked Questions

How long should a timed auction run?
Most estate timed auctions run 7–14 days, with lot closing spread across an evening (typically 6:00–9:00 PM local time). Shorter runs (3–5 days) work for time-sensitive liquidations. The closing schedule matters more than the total run time — stagger lot closings every 30–60 seconds so bidders can focus on each lot as it closes rather than scrambling across simultaneous closes.
What is auto-extend in timed auctions?
Auto-extend (soft close) adds time to a lot's closing when a bid is placed in the final minutes — typically a 2–5 minute extension per new bid. This prevents sniping (last-second bids that other bidders can't respond to) and ensures all interested bidders have a fair chance to compete. Most platforms including HiBid offer configurable auto-extend settings. Hard closes (no extensions) tend to suppress final prices.

Related Terms

Online AuctionSimulcast AuctionAuction Platform

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