How many hours do auctions last?
But how long do auctions actually last? Auctions for individual properties usually last between 60 seconds and 7 minutes. There’s no set time for them. If an auction offers 50 separate lots, the entire event can last between 3-6 hours. If a bid is placed within 5 minutes of the closing time of a lot the closing time will be extended with 5 minutes. This process will repeat itself with any bid within the last 5 minutes of the new closing time. It does not matter when the bid is placed within those 5 minutes.The 15 minute rule is when a auction is ending the auction time is extended 15 more minutes from the last bit.
How long does a live auction take?
In a traditional live auction setting, excluding real estate, auctioneers typically take 20 seconds to 2 minutes to sell lots. Items might be sold more quickly if: The bidders are professional buyers. The relative value of the items is well known and established. What is the ideal length of an Online Auction? We see successful Auctions of all lengths, but our standard suggestion is between 10 days and two weeks. It really depends on your preference. We’d recommend starting the bidding low and leaving enough time to get the word out.