Auction Glossary

End time

This is the time at which an auction finishes. Different types of auction have different ideal time requirements. English auctions should ideally be conducted for a fairly extended period of time, in order to result in a price that is close to the lot’s full market value. One of the greatest attractions of Dutch auctions, meanwhile, is their relatively short running time. However, this does mean the lot’s final price may be significantly lower than the item’s true market value.

Some auctions have a fixed predetermined end time, while others simply end when no participants wish to place any further bids. If participants are allowed only one bid each, the auction ends when all bidders have submitted their bids. Candle auctions end when a candle’s flame expires (or at a time randomly chosen by a computer).