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Understanding Auction Formats

Which auction format is right for you

The majority of auctions on are standard/regular auctions where the format is normal, increasing its price for a single lot of merchandise. There is only a single winner – the highest bidder at the time the auction closes. However, does offer a few other auction types.

FIXED PRICED AUCTIONS: In a fixed priced auction, the seller specifies a price for the lot, and the first buyer to click “Buy Now” and complete the buying process is the winner. No one more outbid the buyer for the specific lot.

SEALED BID AUCTIONS: During a sealed bid sale, each bidder submits an irrevocable bid without knowledge of the bids submitted by other bidders. When the auction closes, all bids are opened simultaneously, and only the highest bid is accepted, as long as it meets the conditions of the sale established by the seller. The winning bidder will be notified immediately thereafter.

MIXED FORMAT AUCTIONS: These auctions are essentially a sealed bid sale, however, they give the buyer a "Buy Now" option. This way, the buyer doesn’t have to wait until the auction closes to learn if they’ve won.

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