Help me with Bidding
Bidding can be complicated, understanding how it all works is essential for devising the best bidding strategy for you. Your bid is an offer, which if accepted binds you in contract to purchase that lot. There are a few important terms you will need to know.
Bidding Increments: The bid increment is the amount by which a bid will be raised each time the current bid is outbid. It is predetermined based on the current bid, it varies from auctioneer to auctions... read more
Buyer’s Premium: This is an administration fee or commission payable by you to the auction house. It is a percentage of the bid amount and can vary from auctioneer to auctioneer, auction to auction, even lot to lot, so please make yourself aware of the buyer’s premium rate and factor it into your bidding.
Current bid: is the amount at which a lot will be sold if there is no further bidding. It is equal to one bid increment more than the 2nd highest bid. Ie ABC Bids $50 and then XYZ bids $100, the current bid will be $55.
Estimated Selling Time: the estimated selling time on each lot is calculated from the advertised starting time for an auction, plus 30 seconds per lot. This will be adjusted during an auction based on the speed and progress of the auction.
Going, Going, Gone Time: The bidding on a lot will not close until all interested bidders have stopped bidding for a full 15 seconds... read more
Outbid Notices: This is an email notification that you have been outbid. Outbid notices will not be sent once an auction becomes live or when you place a bid that is automatically outbid by a pre-existing higher bid.
Proxy or Auto Bidding: You are permitted to enter a maximum bid on any lot. The auction system will bid on your behalf up to but not exceeding your maximum bid. The system will attempt to purchase the lot as cheaply as possible, subject to other bidding. You maximum bid is kept confidential, other bidders cannot see what your maximum bid is.
Winning Bid: Who wins the bidding on any lot is determined by a simple set of rules. The highest bidder wall always win, but what happens where there are 2 identical bids... read more
Multiple Lots: Some auctions offer multiple identical items for sale. These auctions can have many winners... read more