What is a 'timed auction'?

A timed auction is defined as an auction where bidding takes place over a designated period of time. This format allows bidders to place their bids within a specific timeframe, which can range from a few minutes to several days. The auction concludes when the predetermined time expires, at which point the highest bid is typically accepted as the winning bid. This type of auction is beneficial for bidders who may not be able to attend a live event and allows for greater flexibility in bidding.

In contrast, the other options describe auction formats or practices that do not align with the concept of a timed auction. Exclusive in-person auctions, for example, limit participation to physical attendees, while price negotiation post-bidding contradicts the nature of timed auctions, which relies on the competitive nature of bids submitted during the auction's timeline. Additionally, a scenario where only one bidder can participate does not create an auction dynamic, as auctions inherently require multiple bidders to establish competition and drive the price.