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.
Maximum (Proxy) Bids
You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two or more users place identical bids, the bid that was placed first takes precedence.
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Reserve Prices
Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for). When you submit a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.
If your maximum bid is below the reserve price
- The system will place an immediate bid at your maximum bid amount.
If your 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).
- If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via email so you can place another bid.
NB: Your maximum bid is kept completely confidential – it's presence or amount are not disclosed to the auctioneer, vendor or any other bidder.
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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.
- Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for £100,000.
- If, however, Tom then places a maximum bid of £105,000, the bidding would jump to £105,000 and the bid would be with Jane as she bid that amount first.
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