Our Five Auction Formats Explained
Auction Terminology Glossary
Our Auctions Make Buying & Selling Easy, Interesting and Fun.
(Default minimum bid of $0.25 applies to all auctions, except Fixed Price Auctions.)
Classic Auction
  • Seller has the choice to list their auction with or without entering a minimum bid amount or an equal or higher reserve price. The item is sold to the high bidder meeting or exceeding the seller's established item sale price at end of auction duration.
  • Bidder will place a proxy bid. Acceptable bids meet or exceed the seller's minimum bid amount. Winning bid meets or exceeds the seller's reserve price.
Absolute Auction
  • Seller lists their auction without entering a minimum bid amount or reserve price. This means the item is absolutely going to sell to the high bidder at end of auction duration.
  • Bidder will place a proxy bid.
Sealed Bid Auction
  • Seller has the choice to list their auction with or without entering an optional reserve price.
  • Bidder places a sealed bid, the amount will not be displayed. The item is sold to the high bidder placing the winning sealed bid meeting or exceeding the seller's optional reserve price. Sealed Bid auctions display the current number of bids received. The winning sealed bid amount is displayed at end of auction duration.
Fixed Price Auction
  • Excellent for instantly buying or selling single or multiple items. No need to wait for the end of auction. Since the seller has already established the price, all you need to do is enter how many you want. Remaining item quantity is then displayed, reducing with each bid.
  • Seller lists from 1 to 1,000 identical items in one auction, entering a fixed bid amount for each. The items are sold instantly to one or more winning bidders.
  • Bidder is an instant auction winner by entering their desired item quantity. Fixed Price Auctions display the Fixed Price for each item and quantity remaining. Auction ends once item quantity is depleted, or at end of auction duration.
Dutch Auction
  • Seller lists two or more identical items in one auction, entering a minimum bid amount. The items are sold to one or more successful bidders at end of auction duration.
  • Bidder meets or exceeds the sellers minimum bid amount, also entering their desired item quantity. The high successful bidder is reserved their desired item quantity at end of auction duration. Remaining item quantities are passed down in order of bid amounts. All successful bidders pay the same final item price as determined by the low successful bidder. Bidding ties are decided by the earlier bid taking precedence.
Dutch Auction Examples
Example A

Item Item Quantity Minimum Bid
Beach Radio 10 $10 each

During auction Auction results
Bidder 1- bid on 10 radios $10 each Bidder 1- buys 0 radios
Bidder 2- bid on 6 radios @ $11 each Bidder 2- buys 6 radios for $11 each
Bidder 3- bid on 4 radios @ $12 each Bidder 3- buys 4 radios for $11 each

Results Explained
As the high successful bidder, bidder 3 won all of their desired quantity of 4 radios. As the low successful bidder, bidder 2 set the final item price for all successful bidders and won 6 of their desired quantity of 10 radios. Bidder 1 bought none because bidders 2 and 3 gained precedence with higher bids, leaving no remaining item quantity.
Example B

Item Item Quantity Minimum Bid
Pocket Tool 20 $5 each

During auction Auction results
Bidder 1- bid on all 20 tools @ $5 each Bidder 1- buys 5 tools for $5 each
Bidder 2- bid on 5 tools @ $6 each Bidder 2- buys 5 tools for $5 each
Bidder 3- bid on 10 tools @ $7 each Bidder 3- buys 10 tools for $5 each

Results Explained
As the high successful bidder, bidder 3 won their desired quantity of 10 tools. Bidder 2 won their desired quantity of 5 tools by being a successful bidder. Because there was a remaining quantity, bidder 1 won the quantity that remained of 5 and set the final item price for all.
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