Description
Auctions are listed in a reserve auction format.
Once the reserve price has been met, a 24-hour countdown for the auction begins.
If a bid is placed within the last 5 minutes of an auction, the countdown will reset back to 5 minutes. Time extensions can go on indefinitely until no other bids are placed within the last 5 minutes of an auction.
The addition of 5-minute extensions give each buyer enough time to place a bid, and for the artwork to find its true market value.
