What is a “dynamic” or “soft” auction closing?

What is a “dynamic” or “soft” auction closing?

In a live auction, the auctioneer decides when the bidding ends on each item, but usually only when the bidders stop competing with each other.  With “timed” or “static” on-line auctions, the auction loses this element. When the timer runs out, the bidding ends. Period. Even if someone else is still ready to bid.

This isn’t what auctioneers had in mind when on-line auctions were introduced. Many auctioneers, including us, use a “soft close”, or a “dynamic ending”, to help make the on-line auction experience more similar to a live auction. With the soft close, each on-line item has a scheduled ending time. As the item approaches the scheduled end time, the clock starts to tick down.

But, like in a live auction, if someone bids in the last few moments before an auction closes, the system extends the bidding to give others a chance to have their bid registered.  Some items will extend multiple times, just like in a live auction where the bidders are “duking it out”.   This gives you the chance to bid as much as you want without being “sniped” out outbid because the clock went out.

For the seller, it means everyone who wants to bid gets a fair chance. This leads to true market value.

We’ll adjust the amount of time items extend, and the amount of time between item closings based on the number and type of assets we are selling.

If you have questions, please call us. We’re here to help. (719) 667-1000, or (866) 290-2243.