What defines a live auction?

A live auction is characterized by its real-time interaction, where bidders participate actively, either in person or through an online platform. This format allows for immediate bidding, interaction between bidders, and the auctioneer's ability to gauge the atmosphere and energy of the room. In a live auction setting, the auctioneer plays a crucial role in guiding the event, fostering competition among bidders, and responding dynamically to the bidding process as it unfolds.

The other options do not capture the essence of a live auction. For instance, options that mention online-only participation or written bids do not accommodate the interactive and immediate nature of live auctions. Live auctions are also not restricted to specific types of items like antiques; they can encompass a broad range of goods, ensuring that the term is used to describe various auction formats as long as they allow for real-time engagement among participants.