The problem with a hard close
On a platform that stops dead at a fixed time, the winning move is to bid in the last second — not because you value the lot most, but because nobody has time to respond. Bidders who would have paid more never get the chance, the seller receives less, and the people who actually wanted the lot learn not to come back.
How the extension works
A bid inside the final few minutes pushes the end time out by the same few minutes, and it keeps doing so for as long as bids keep arriving. The auction ends when bidding stops, which is how a live auction has always worked — the auctioneer does not drop the hammer while hands are still up.
What it changes for you
It makes sniping pointless, which is the aim. Bid your maximum when you are ready, knowing you will not be shut out by the clock. If somebody beats it, they valued it more than you did, and the number you wrote down before the auction is still the right number.
From the auction floor
See how this works on a real lot.
Every listing carries its inspection report, its full specification and its bid history. Read one before you decide what it is worth to you.