What is a maximum bid ?
The maximum bid feature allows you to set the maximum amount you would be prepared to make and allows the system to bid on your behalf as further bids come in from other bidders.
It will always seek to win the item at the lowest possible amount but will continue to bid up to your maximum limit without you having to return to the site.
If you place a bid, and another bidder has placed a higher maximum bid, then you will note that you will be instantly outbid. You will then be able to choose if you wish to bid again or not.
If you place a maximum bid and another bidder places a bid equal to your maximum bid, then your bid will take precedence as it was made first. They will need to bid again to become the leading bidder.
What is a reserve price ?
A reserve price is the minimum bid the seller will accept to sell the lot in question.
If a reserve price is set, and a lot closes with a bid below that reserve price, then the item will not be sold.
We host entire auctions with no reserve, meaning the bidding can start as low as £1 and the lot will be sold to the highest bidder no matter what the final bid is.We also host auctions which do have reserves.
How do I know if an item has a reserve price or not ?
Where an auction or a lot is listed with no reserve it will say so in the title, and in the lot description. In the bid entry box there will be no reference as to whether a reserve has been met or not.
Where an item is listed with a reserve, you will see a note at the top of the bid entry box which states either “Reserve not met” or “Reserve met” as shown below.
What happens if I am the leading bidder but the reserve is not met ?
You will not be invoiced for a lot in this case if the lot closes with you as the leading bidder.
If the lot is still active, you can elect to bid again as many times as you wish to see if you are able to meet the reserve within your budget.
Please note, once the reserve is met, you will be invoiced for the item and legally contracted to complete the transaction so once you’ve reached the most you are willing to pay, (taking account of the additional fees as described here) (link to what will I end up paying in Orders FAQ section) it’s a good time to stop bidding even if you haven’t met the reserve.
If you are the leading bidder when the lot closes, but have not met the reserve, we may contact you to discuss a potential purchase at a negotiated price.
Please note: Only the leading bidder will be contacted in this case.
In the event that a seller wishes to accept your bid at an amount lower than their original reserve, we will always contact you to confirm you are happy to proceed before lowering the reserve to meet your current bid.
When do most people place their bids ?
We run most of our auctions for a minimum of 14 days. You are able to place bids from the moment the auction is published, right up until the last second.
Each lot within an auction catalogue will have its own end time, usually somewhere between 10 seconds and 1 minute after the preceding lot.
Each lot’s end time will be clearly visible in the bid information box.
Most of the bidding tends to occur in the final 24-48hrs of an auction and there is likely to be a flurry on bidding activity in the final 1-2hrs, right down to the last 10 minutes.
What happens if I bid with 10 mins or less to go ?
Any bids placed inside the final 10 minutes of a lot will reset the clock to 10 minutes, effectively delaying the end time for that lot.
This prevents ‘sniping’ which allows people to use software to place a winning bid at the last possible moment. Re-setting the clock in this way allows all interested parties a fair chance to bid again and ensures the lot goes to the rightful winner.
It replicates the feel of a traditional ‘in-the-room’ auction and is the only way to maintain the integrity of the auction process for both buyers and sellers.
Does this mean the lot might go on forever ?
Technically yes, lots can continue for an extended time, as they would in a traditional auction where you could attend and raise your paddle! It adds to the excitement and staying power is part of what it might take to get your hands on something special.
In practice though, most lots will come to a natural conclusion within a reasonable time-frame.
How will I know if I have been outbid ?
Don’t worry, you’ll get an email notification to your registered bidding account email address when you are outbid on a lot. Keep an eye on your inbox to stay ahead of the competition.
We also send out reminders in the latter stages of an auction so you don’t miss out on the action.
Using the maximum bid feature is a sensible way to go if you aren’t around when the lots you want are going to close!
How will I know if I’ve won ?
You can now log in to our all-new portal and navigate to your ‘Buy’ homepage. Here you will see at a glance your most recently won lots and your winning bid.
Within an hour of the auction (usually much less) you will be able to view, download and pay your invoice from your recent invoices section. Click here for further information on Orders & Payments.
Can I retract my bid ?
We strive to provide our bidders with all the information they need to make an informed decision about bidding and their budget.
We provide ample opportunity for bidders to raise enquiries, do further research, view lots and ask questions.
For these reasons we are unable to retract bids placed. It is unfair to other bidders and to sellers to do this.
Please think carefully about your decision to bid and the amount you are prepared to bid. Respecting the auction process helps us maintain a fair and vibrant marketplace for all our users to enjoy safely.
What if I’ve made a genuine mistake ?
There are circumstances where a genuine mistake is made and in those events our experienced, customer focussed team will be able to support you.
For example, it will be obvious to us if you have accidentally typed an extra 0 onto your bid and bid £1000 instead of £100.
If you have bid on the incorrect lot in error, and you were wanting to bid on an alternative lot, then our team will support you in making the correct bid before retracting the bid made in error.
