The “Live auctions” are software generated, real-time, online auctions. These auctions are the digital version of those held in an auction room. They are set in advance with a specific starting date and time. Like any other classic auction, once the highest bidder remains the last bidder for over 3 counts, he/she wins the item.
The “Timed auctions” are automated and takes place solely online. The bidding for each lot, also known as increment is predetermined and corresponds normally to 10% of the estimate of the item. The timed auction is set for a period of 14 days. In Timed auctions, bidders are automatically informed by email when another competing bidder has outbid others. On the 14th day the lot is sold to the last highest bidder no matter what the bid is since there is no reserve.