Live vs. Online Auctions: Which is Right for You? (2024)

FAQs

Which is better, online auction or live auction? ›

If you seek the thrill of a live atmosphere and value in-person interactions, live auctions might be your preference. On the other hand, if convenience, global access, and flexible timing are essential, online auctions offer a compelling alternative.

No Human Interaction

One of the biggest limitations when running an online auction is that you can't physically attend to accept bids and handle payments. This means you must rely on automated processes or third-party services to ensure a smooth auction experience for your donors.

Auction sites can be a great way to fundraise and sell items online. However, there are some things to be careful of when selling merchandise on an auction site. Some sites are more reputable and have been around for longer; they tend to be safer than newer or less well-known sites.

Established in 1744, Sotheby's is the world's largest, most trusted and dynamic marketplace for art and luxury.

Absolute Auctions typically get the most bidding. For the seller, the risk associated with an Absolute Auction is greater than the other types of auctions, but so is the potential reward.

Antiques, fine artwork, and classic jewelry see the best returns at an auction most of the time.

The Risks of Online Auction Sites

Whether you're buying or selling, here are some potential issues you may encounter: Identity theft. Lack of payment. Lack of delivery of goods.

When you place a bid on an online auction item, you enter into a legally binding contract to purchase the item from the seller if you are the winning bidder. You are the winning bidder if your bid is the highest bid at Auction Close and your bid is accepted by the seller.

All we can do in this regard is to urge you to place your bids early.” “There are inherent risks in sniping. If you wait too long to bid, the auction could close before your bid is processed. If your maximum doesn't beat the current high bidder, you won't have a second chance to up the ante.

What should you check before buying from an online auction site? ›

Know the warranty terms and conditions before you bid. Check the seller's feedback ratings (if applicable) and look to see if the seller has any policies different from the auction site as a whole (acceptable payment methods, warranties, etc.). Make sure you know how to contact the seller in case there is a problem.

Legitimate auction sites prioritize user safety, provide secure payment options, and have clear terms and conditions. They also have a solid reputation, backed by positive customer reviews and professional affiliations. Understanding these factors is crucial in distinguishing legit auction sites from potential scams.

Small collectibles have big value

We've found that the smaller the items, the more the public is often willing to pay for them. That includes dishes and jewelry. Even costume jewelry does very well at auction and estate sales. Here are some other examples of items that move at a sale of estate property.

eBay's Tips for Winning Auctions says, "Bide your time. You stand a greater chance of getting the item by placing your highest bid in the closing seconds."

One of the main benefits of online auctions is the convenience. Buyers can browse and bid on items from the comfort of their own homes, without having to attend a physical auction. This is particularly useful for people who live in remote areas or have busy schedules.

Traditional auctions are usually attended by a smaller group of people, which can limit the number of bids and, as a result, the final price. With online auctions, bidders from all over the world can participate, and the auction house can reach a much larger audience.

An auctioneer conducts and monitors a live online auction. The auction proceeds item by item or lot by lot with no specified time frame. This format sometimes allows for an audience to be present both in person and remotely. Some live auctions allow a prospective buyer to place an early bid before the auction begins.