How to set up an auction
When you list an item for sale in an eBay auction, you choose a starting price, and interested buyers place bids. When the auction ends, you sell to the highest bidder.
When choosing an item on eBay, a buyer can adjust the search to see only auction-style listings. The preview of the listing will show the starting price, the number of bids, the shipping cost, and the time left to the end of the auction.
You can choose an auction format and adjust details:
- In the Choose a format and price section of the quick listing form
- In the Selling details section if you use the business tool
- In the Pricing section if you use the new listing tool
Starting bid (or Starting price). To attract buyers and increase competition for your item, consider a low starting bid.
Auction duration. You can choose how long you’d like the listing to show on the site — 1, 3, 5, 7, or 10 days. Auctions can be automatically relisted if the item is unsold.
Offers. Buyers interested in your item can send you offers, which you can accept, counter or decline. Letting buyers make offers can increase your chance of selling. See all offers, or if you want, set up rules for when you'll review or accept offers.
Reserve price. This is the lowest amount you're willing to take for your item. Setting a reserve price ensures your item doesn't sell for less than the amount you're willing to accept. Adding a reserve price to your listing costs extra.
Tip. Alternatively, consider choosing a starting price that's the minimum you'll accept for the item. In some cases, the system may give you some guidance on how to price your item competitively based on how similar items have sold. Learn more about a reserve price.
Scheduled start time. Start immediately or specify the day and time you want your listing to first appear to eBay buyers.
Buy It Now. You can add a Buy It Now price to an auction listing, and buyers can purchase immediately at this price. It will be shown until the first bid is placed.
In most categories, the Buy It Now price must be at least 30% higher than the auction price. In some categories, the Buy It Now option may continue to be available after the first bid for a limited time. See the article on the Buy It Now option for more information.
Auction duration and timings
For auction listings, you can choose a duration from 1 to 10 days, depending on your capabilities and your item features:
- 1-day listings can help you quickly find a buyer for time-sensitive items, like concert tickets or holiday packages.
- For most items, short auctions are suitable, up to 3 days. This time is usually enough to attract participants, but not too long for those who make impulse purchases.
- It is better to put up rare and expensive lots for 10-day auctions in order to maximize audience reach.
Another important aspect of bidding is the day and time of the start and end of the auction. By choosing the right moment, you will maximize the chances of a successful sale:
- Ending of the auctions work best when potential buyers have more free time. In most cases, it’s Sunday evening.
- Consider the difference in time zones if you are targeting buyers from a particular region.
- Pay attention to the seasonal specificity. For example, in the spring and summer, people can withdraw their bets before leaving for the weekend.
- Consider what time would be most appropriate when targeting younger or older audiences, or specific customer groups.
You can schedule listings to start on a day and time you choose, up to 3 weeks in advance, allowing you to create your listings at your convenience and control the time they start and end.
Listing times on eBay.com are shown in Pacific time. Listings end in whole-day increments from the listing’s start time, so if you submit your listing at 1:14 p.m. on Sunday and select a 3-day listing, it will end at exactly 1:14 p.m. on Wednesday. Learn more on listing times on eBay.
When does the auction-style format work well?
Listing in auction-style format lets buyers decide what your item is worth. Choose this format if:
- Your item is unique or hard-to-find and may be in high demand. Biddings can offer you a much better price than a Fixed Price listing format.
- Your item is so rare that you’re unsure of its value. Set an appropriately high starting price and watch the buyers’ reaction.
- You need to sell out your inventory. Set the disposal price as a starting price and get the chance to earn more than you expected.
- You want to attract new buyers to your Store and items. For an auction, choose an interesting lot at a good price to interest buyers in similar items from your inventory.
- You’ve exceeded the limit of free Fixed Price listings, but you still have free auctions. Set the desired amount as a starting price and you will be able to end the auction as soon as the first bid is placed.
eBay started as an internet auctions marketplace and can still be associated foremost with this for many users. Even though now most deals are made in a fixed price format, some buyers keep looking for auction-style listings only — out of habit or out of passion.
Use it to promote your business!
FAQs
As a rough guide; selling through an auction is ideal if you want to market your items to a wide audience. Auctions are suited to items that have a subjective value or are of low commercial value. Private sales are well suited to items with an objective value, or where direct comparison with previous sales can be made.
What is the best strategy to win at auction? ›
Auction Winning Tips - June 2024
- Consider opening the bidding : a strategic move (Optional) ...
- Don't get swept up : bidding in smaller increments. ...
- Project confidence : The Power of rapid bidding. ...
- resist the "knockout bid" Trap. ...
- plan out your bids discreetly : Avoid Last-minute Panic. ...
- Read the room.
You're liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction). If you can't pay the deposit, you may face legal consequences. The auction house and seller can demand that you pay the amount specified in your contract.
What happens if you don't sell at auction? ›
In our experience, if your property doesn't sell at Auction, it's usually not long before it does. You may have some conditional interested parties – that's buyers who want to put up an offer with conditions attached i.e. subject to finance etc.
What sells well at auctions? ›
Otherwise, the following is a primer on which types of items typically sell well at auctions.
- Precious Gemstones And Jewelry. ...
- Antique and Luxury Watches. ...
- Fine Art. ...
- Ceramics, Pottery, and Sculptures. ...
- Sports Memorabilia. ...
- Toys & Comic Books.
Faster sale: Auctions create a sense of urgency, often leading to a quick sale within a set timeframe. Potential for higher price: Competitive bidding can drive the price higher than you might achieve in a traditional sale.
Is it better to bid early or late in an auction? ›
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.
How do I make sure I win an auction? ›
You stand a greater chance of getting the item by placing your highest bid in the closing seconds. If an auction listing has a reserve price, bid up to that amount as early as possible, so other bidders aren't attracted by the low starting price. Try bidding an uneven amount.
What is the most effective auction? ›
The absolute sale is the purest, and in many cases, the most successful form of an auction in terms of getting the highest price for personal property and real estate. With this type of sale, the asset is sold regardless of price.
What should you not do at an auction? ›
Avoid talking loudly or disrupting the bidding process. If you need to leave the room, do so quietly and without disturbing others. Don't bid on items you're not interested in: It can be tempting to bid on multiple items just for the thrill of the auction, but this can quickly lead to overspending and regret.
If no one bids on a house at an auction, it is considered "unsold" or "passed in." The property will remain with the seller, and they may choose to relist it at a later date, negotiate with potential buyers after the auction, or make adjustments to the property or the auction conditions to attract more interest.
Can you back out of an auction after winning? ›
This agreement clarifies that bids can not be retracted, and that if they are the winning bidders, they must accept and pay for that item. However, from time to time there are extenuating circ*mstances that keep a bidder from honoring this agreement.
Can seller cancel auction after I won? ›
One cannot always tell from the sold or completed item history, if the seller's items being relisted was because they cancelled an auction, or their buyer(s) did not pay, that too happens. A seller cancelling a won auction is not legal by ebay rules or by law.
What happens if you win an auction but don't pay? ›
If you don't pay, 96 hours from the end of the auction the seller can cancel the transaction citing buyer didn't pay. You will get an unpaid item strike placed against your account.
Do you get your money back if you lose an auction? ›
If you do not win the auction, the bank will refund your transaction. If you don't receive the refund from your bank, please contact them. Typically it happens relatively quickly (two days) but depending on your bank it may take as many as 45 days in some cases.
Do auctions take a percentage? ›
All of the buyer's premium is retained by the auction house and is not shared with the item's seller. Major auction houses have levied the buyer's premium for several decades, particularly in fine art auctions, with percentages in the region of 10–30%.
Are auctions a good idea? ›
The Benefits of Buying and Selling at Auction
Because there are multiple sellers at an auction, there will be a large selection of items and often unique ones that you wouldn't be able to find elsewhere. This alone can make purchasing items from an auction worth it. Another benefit of auctions is the prices.
What is the most expensive thing to sell at auction? ›
Here, we'll take a look at some of the most expensive items ever sold at auction.
- Leonardo da Vinci's Salvator Mundi – $450.3 million. ...
- Pablo Picasso's Les Femmes d'Alger – $179.4 million. ...
- Amedeo Modigliani's Reclining Nude – $170.4 million. ...
- Paul Cézanne's The Card Players – $250 million.
