This may continue for up to two hours after the scheduled close time of the last lot in the auction.Ī reserve is the minimum price that an auctioneer will sell their item for. If a bid is received within five minutes of the closing time for a lot then bidding is extened on that lot for another five minutes. The first lot of the auction starts closing at the nominated time, each subsequant lot then closes one minute later, this allows bidders the opportunity to bid on all lots in an auction.
Whoever has the highest bid, subject to any reserves, when the time runs out wins the item. These auctions allow you to place bids until the scheduled end time for a particular item. Timed auctions are internet-only auctions that run for a set duration of time and are available for absentee bidding only.
