Bidding Overview
When the auction is open, you can place bids in line with the pre-determined bid increment levels using the bid increase (+) and bid decrease (–) buttons provided.
Every time you place a bid you will be asked to confirm your bid before submitting it, and you will be clearly shown on the screen whether your bid was successful.
A full list of all bids placed is displayed in the bid history table.
Bidding Options
You are not restricted to placing a bid at the minimum bid amount, but can instead place a higher bid in one of two ways: by placing a maximum (proxy) bid or by placing an instant bid.
NB: Whichever bidding method you choose, you can be assured that you will be notified via email if and when you are outbid, so that you can opt to increase your bid if you so choose.
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Maximum Bids Explained
When placing a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.
If the maximum bid is below the reserve price
- The system will place an immediate bid at your maximum bid amount. When placing a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.
If the maximum bid is at or above the reserve price
- The system will automatically increase your bid to be at the reserve, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount).
NB: If you place a maximum bid, it’s existence in the system will only be disclosed if and when it is used to automatically outbid another bidder. However, the ceiling of your maximum bid will never be revealed to the auctioneer, vendor or any other bidder.
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Instant Bids Explained
This enables you to place an immediate bid for your chosen amount (in line with the pre-determined bid increments).
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Bidding Example
- The current bid on a lot is €90,000. The reserve price has been set at €100,000 (not disclosed).
- Tom wants to bid. The minimum bid amount is €91,000 but Tom decides to place a maximum bid of €97,000. This is below the reserve price, so the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at €97,000.
- Jane logs on to bid. The minimum bid amount is €98,000 but Jane places a maximum bid of €105,000. The system automatically increases Jane's bid to meet the reserve and she is now the highest bidder at €100,000, however her maximum bid of €105,000 remains "in the system" and will be used to automatically outbid other bidders if required.
- Tom is notified that he has been outbid. The minimum bid amount is now €101,000 but Tom decides to place an instant bid for €102,000.
- The system uses Jane’s maximum bid to automatically outbid Tom, so the current bid is now €103,000 (with Jane).
- If no further bids are placed Jane would win the lot for €103,000.
- If, however, Tom decided to place another bid for €105,000 (either as a maximum or instant bid), the bidding would jump to €105,000 and the bid would be with Jane as she bid that amount first.
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Timing and Bid Extensions
The online auction will close as per the advertised 'Auction End Date'. However, if a bid is placed within the final 60 seconds. The auction will be extended by an additional 60 seconds – known as the 'bidding extension window'.
If a bid is made in the 'bidding extension window', the clock will immediately reset to 60 seconds again, and the auction will only finish when an entire 60 second bidding extension window passes without any further bids being placed, i.e. 60 seconds of 'bidding silence'.
NB: Do not leave placing your bid to the last few seconds as you risk your bid not being received by the server in time, and you could lose the lot to another bidder.
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