Timed Auction Closing Logic

Here :books: you will learn about the timed auction logic in Mojito API.

General Terms

Term

Meaning

Lot

An individual object or group of objects that are offered for sale at auction as a single unit.

Auction

A public sale in which lots are sold to the highest bidder.

Closing state

The time period where the auction is closing.

Timed Auction Closing Logic

Lots will begin to close at 1-minute intervals starting at the closing time.

Example 1: No bid during the closing state

  • Example: Closing time of auction is 10:00 am
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am

Example 2: Bid(s) placed during the closing state

  • Example: Closing time of auction is 10:00 am
    • Lot 1 begins closing at 10:00 am and is scheduled to close at 10:01 am.
    • A bid is placed at 10:00:20
    • Lot 1 closing state is extended until 10:02:20
    • Another bid is placed on lot 1 at 10:01:30
    • Lot 1 closing state is extended until 10:03:30
    • This logic will continue until 12:01:20.

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Key Notes:

  1. If there is a bid placed while the lot is in Closing State, the closing time will extend two minutes for up to two hours.
  2. Lots do not need to be closed for another lot to begin closing. For example, lot 1 can be extended for an hour due to a bidding war, but lots 2 will begin closing at its scheduled time.

Timed Auction Closing Logic for Withdrawn and Unwithdrawn Lots

This section will explain various auction logic when the lot is withdrawn and unwithdrawn.

Example 1: Lot is withdrawn before the auction begins closing

  • Example: Closing time of auction is 10:00 am
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am
    • Lot 2 is withdrawn before the auction begins closing
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 3 will begin closing at 10:01 am and close at 10:02 am
    • Lot 4 will begin closing at 10:02 am and close at 10:03 am

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Info:

If a lot is withdrawn before the auction begins closing, closing times will adjust for all subsequent lots to account for the withdrawn lot.

Example 2: The withdrawn lot is unwithdrawn before the auction begins closing

  • Example: Closing time of auction is 10:00 am
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am
    • Lot 2 is withdrawn before the auction begins closing
      • Repeat logic of above example
    • Lot 2 is unwithdrawn withdrawn before the auction begins closing
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am

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Info:

If a lot is un-withdrawn before the auction begins closing, closing times will adjust for all subsequent lots to account for the un-withdrawn lot.

Example 3: Lot is withdrawn while the auction is closing

  • Example: Closing time of auction is 10:00 am
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am
    • Lot 2 is withdrawn while the auction is closing
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am
    • Lot 4 will begin closing at 10:03 am and close at 10:04 am

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Info:

If a lot is withdrawn while the auction is closing, closing times will NOT adjust for all subsequent lots

Example 4: The withdrawn lot is unwithdrawn while the auction is closing

  • Example: Closing time of auction is 10:00 am
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:02 am and close at 10:03 am
    • Lot 2 is withdrawn before the auction begins closing
    • Lot 2 is unwithdrawn withdrawn while the auction begins closing
    • Lot 1 will begin closing at 10:00 am and close at 10:01 am
    • Lot 2 will begin closing at 10:01 am and close at 10:02 am
    • Lot 3 will begin closing at 10:01 am and close at 10:02 am
    • Lot 4 will begin closing at 10:02 am and close at 10:03 am

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Info:

If a lot is unwithdrawn while the auction is closing, closing times will NOT adjust for the unwithdrawn lot or subsequent lots

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