Tune into Area chat to hear the auctioneer announce the lots and take bids.
You can bid by using /Say chat.
It varies! Lots are valuable and it's hard to tell how much they'll go for. Sometimes there is a minimum starting bid which will be announced when the lot comes up.
Some guilds take up to 2 days to deliver on lots while others can deliver immediately.
Reach out to ProphetPK via Xbox, Discord, or BandApp for more info!