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The difference between a live auction and an online auction is simply the method in which the auction is brokered. A live auction happens at a certain location -- usually an auction house, stockyard, or estate, while an online auction takes place via the Internet. Live auctions have the advantage of allowing the buyer to examine the goods being sold, helping to prevent fraud. Additionally, live auctions at reputable auction houses are less prone to fraud because the houses screen goods to preserve their reputation.
The disadvantages of live auctions include lack of accessibility, as you must travel to the site of the auction to participate, and expense, as holding a live auction can be costly to the seller. Online auctions, while somewhat more open to fraud, allow people from all over the globe to participate. This helps to lower overall prices for both the buyer and seller.