Players take turns as the Auctioneer, and the Auctioneer can also be bid on Auctions. The Auctioneer conducts the five simultaneous auctions by counting down from 10 to 1, then saying "Gone!" The pace of this countdown can be as fast or slow as the Auctioneer wants, but it must be consistent throughout the countdown. Therefore, the total time of each auction will range from about ten seconds to, oh, as fast as the Auctioneer can say, "10, 9, 8, 7, 6, 5, 4, 3, 2, 1, Gone!" Whether the auction is fast or "slow", all players bid simultaneously on all auctions to win the items currently available.
In case the real-time, 10-second (or thereabouts) countdown isn't frantic enough, players in Going, Going, GONE! bid in the five simultaneous auctions by dropping their Bucks – which are actually wooden cubes – into five plastic, transparent auction cups in the center of the table. One or two item cards lie next to each auction cup, and when the Auctioneer says "Gone!", he drops an auction paddle on top of the cups to close the Auction, then looks inside each cup to see who's placed the most Bucks inside; this player wins the associated item cards.
Going, Going, GONE! lasts seven rounds, all played in the above manner. In the end, the player with the most Bucks wins!