Creatives can list their work for auction on Rare Things. Sellers set a public reserve price which, when met, kicks off a 24-hour timed auction.
The first bid must be at least the reserve price. When the reserve price is met by the first bid, the auction is started and the timer starts a 24-hour countdown to the end of the auction.
Bids placed during an active auction cannot be canceled. When a bidder places a bid, an authorization is placed on their payment method but is not charged. If a bidder is outbid, the authorization is removed.
If a bid is placed within the last 15 minutes of an auction, the auction time is extended by 15 minutes. The highest bid at the end of the auction wins the auction. The payment method authorization is only charged once a bidder wins the auction with the highest bid.