What does “Hard Close” mean?

A hard close is an auction that ends at a fixed time, however many bids come in near the end. Whoever is the highest bidder when the clock runs out wins.

Hard-close auctions reward timing. Bidders often place their bid in the final seconds, known as sniping, so others have no chance to respond, which can mean a watch sells for less than the most interested buyer would have paid. Sellers may get a lower result as a result, and bidders who prefer to set a maximum and walk away can lose out to a last-second bid. A maximum or proxy bid, where offered, lets you set a ceiling in advance, but it can still be beaten at the last moment. Many online auctions use a soft close instead for these reasons. If you bid in a hard-close auction, check the end time carefully, including the time zone.

Example: 'Hard close at 8 pm Eastern, no extensions.'