The 3 Minute Auction and Minute Auction Explained

Am I the only person who doesn't know what a 3 minute
auction is? Looking for fresh content for my site, I
discover that "minute auction," or even a 5, 10 and 30
minute auction is a popular item. Some auction sites may
refer to a minute auction as a "Live Bid." The "minute
auction" or "3 minute auction" actually comes the closest to
duplicating the excitement (and anxiety) of a real auction.
No, it is not the same as an Ebay minute auction.


I will give the example of Bidz.com. Bidz.com uses Flash
technology to constantly update in real-time auction bids
right before your very eyes! The price goes up, up, up and
the time clicks away ... down, down, down!. Add flashing
green highlights for added new bids and red flashing for the
ominous approaching 0 minute and to say the least, it is
quite thrilling.

On the Bidz home page, there is a link that says 3-minute
auctions. This is a separate category all by itself. If
you click that link you are taken to the 3 minute auctions,
usually consisting of jewelry. (Note: See end of article
for "The 3 minute auction - too good to be true?")

A word of caution: It takes a little finesse to bid at
these fast-paced auctions - and I mean FAST! You must be
EXTREMELY CAREFUL when bidding. The highest bid I came
across on my visit was for $1500. My advice would be to
practice on the dollar starting bids. Bids quickly escalate
to $15 and $30. In the words of BidZ:

"If you are bidding on items in the 3 Minute Auctions
category, you will not be notified if you are outbid. These
auctions move very quickly, so you have to monitor your
winning bids very carefully."

Back on the 3 minute auction page of BidZ, what do you see?
From left to right: the product picture, the item number,
title, price, bids, and time left. The "bids" and the "time
left" are where the auction action is at. But just as its
nearing 0 minutes left, it jumps up to more time left - what
gives? According to Bidz.com:

"If the bid is placed during the last minute of an auction,
the auction will be automatically extended for an additional
1 minute from the time of the latest bid. The auction will
close once all bidding has stopped for a period of 1
minute."

OK - I decide I am going to get in on this action.
Registering is free (username must be a combo of numbers and
letters). I have to click on the picture to go to the
listing to actually bid according to Bidz.com directions
below:

1) Simply use the "plus" and "minus" graphic keys to select
the amount you would like to bid. The amount of the next bid
is automatically one dollar more than the current bid.
If you only want to place a one dollar bid, you can just
click the Bid button without any adjustments.

2) Click the bid graphic button to register your bid.
PROBLEM: I click the Bid! button and then find out I have
to register my credit card in order to bid - but they
didn't tell me that when I was registering (even though I
quite expected it).

Another problem I encounter is a sluggish modem. By the
time I reach the listing page and the picture and bid button
loads, the auction can be over (sigh...).

Its not hard to become giddy over the amazing deals of a 3
minute auction...too good to be true? 3 minute auctions
"typically offer expensive items, such as Cartier watches,
Beanie Babies, computers, and cars at prices that are low
enough to dull the scam alarm in most people."

This was taken from an auction fraud article. The same
article reports that the Federal Trade Commission has
identified a scam email that includes "Live 3 minute
auctions" in the subject line. See the details of the 3
minute auction scam at http://www.chiff.com/a/fSCAMauc.htm

For a list of minute-auction websites, refer to: The 3
minute auction list at http://shmyl.com/dpzison

My final words: The 3 minute auction and minute auction are
the epitome of auction entertainment. So pop some popcorn,
invite some friends over, and have yourself some Friday
night auction fun!