In today’s technology-driven climate, buyers across the globe are accustomed to having goods delivered straight to their door at a click of a button- and the auction world is no different! Live-streamed auctions allow bidders to buy items without attending the saleroom, but have you considered the advantages of a timed online auction?
What are Timed Auctions?
Understandably, the fast-paced nature of attending a traditional auction can be a daunting experience for anyone who’s not done it before. A timed auction is a great way to bid, and ultimately win, items you’re interested in from the comfort of your own home, on a timeframe that suits you.
Timed auctions are conducted solely online, there is no auctioneer standing at the rostrum! The format runs for a defined period of time, typically a few days or weeks. This allows bidders to register in their own time, and place their maximum bid on items of interest with confidence.
As the auction progresses, bidders have the opportunity to raise their maximum bid amount, receiving notifications if they have been outbid. The winner is determined by who has the highest bid on the date that the auction closes.
What are the Benefits of Timed Auctions?
A huge advantage of bidding in a timed auction is that there’s no pressure. According to a survey conducted by the ATG, over 27% of people stated that they preferred live auctions due to not having the stress of a fast-paced buying experience.
For a first-time auction buyer, the thought of raising a paddle and committing to a high-value purchase can be enough to put them off attending. With timed auctions, there is a much longer time limit, allowing buyers to really consider their purchase before committing to buy.
Another advantage of timed auctions is the flexibility to bid. Buying at a traditional auction has to happen at the time it is being held, which can sometimes be inconvenient with work commitments and pre-arranged plans. Knowing that a timed auction still has a week left to run- prospective buyers can carry on with their day-to-day tasks, checking in on their bid progress whenever it suits them.
Overall, timed auctions offer convenience to buyers, meaning they can confidently place bids from wherever they are in the world (providing the internet connection is good!) They have more control over their purchases and can get to grips with a new way of buying in a timeframe that suits them.
Timed Auctions – The Benefit to Sellers
Not only do timed auctions benefit buyers, but they also offer vendors a quick and easy way to sell their items by auction. Typically, traditional auctions run on a monthly basis, meaning if you miss the deadline to consign, you could be waiting a while to see the item sell. With timed auctions, the turnaround is quicker as there is less admin needed. Quicker turnaround = the funds arrive in your account quicker!
Upcoming Timed Auctions at Plymouth Auction Rooms
Here at Plymouth Auction Rooms, we are no strangers to the online world and regularly live-stream our auctions to global audiences. We are excited to now offer timed auctions for global bidders, starting with the Specialist Swarovski Timed Auction on Wednesday 2nd August. To consign your items to this auction, please call the saleroom on 01752 254740 or click here to send us some images. Alternatively, if you’d like to be reminded of this upcoming auction, please click here to register for an email alert.