When figuring out how long an auction lasts, there are many factors that must be taken into consideration. Some of those factors include online versus in-person, how many lots are being auctioned, the competitiveness of the buyers, what is being sold, the terms of the auction, etc. All of these factors determine the length of the auction, and we would like to share why that is, as well as how to speed up the process.
The typical length of every auction is going to be different depending on the type of items being auctioned off. When selling real estate, an auction can last anywhere from ten minutes to an hour. Benefit auctions or fundraising events tend to take longer than commercial auctions because the auctioneer is providing entertainment and the charity wants to describe the items in detail because the buyers are usually less experienced. In a typical live auction, an auctioneer will sell a lot in twenty seconds to two minutes.
Speeding the Auction Up
There are many ways to speed up an auction. A common way is to rely on the auctioneer. Skilled auctioneers will change the amount of the bid to speed up the bidding process. Auctioneers can also decrease the window for bidding which creates urgency among the buyers. More ways to speed up an auction include having experienced buyers, items of a well-known value, or items that are inexpensive.
Online auctions tend to last for multiple days, however, there are advantages to them. A live auction allows buyers to see the items up close and discuss them with the seller, whereas an online auction does not take individual buyers as long to bid on specific items. They do not have to wait around for the item they want to bid on to start being auctioned off. Buyers will not have to miss work for an online auction like they might for live auctions.
The duration of a live auction is affected by many factors that can sometimes be out of the auctioneer's control. They will do whatever they can to speed up the process, but it is important to work with a skilled auctioneer. They will do their best to raise the most amount of money in a specific time. If you have any questions, please feel free to visit our website or contact us!