When the start date and time of your timed auction is reached the auction will open to all approved registered bidders.
They will be able to bid on lots in the catalogue by leaving a maximum bid. The maximum bid is not the price they will always pay as this is for the bidder to set the maximum amount they are willing to pay for this lot. Once another bidder places a higher maximum bid then the first bidder will be informed they are no longer leading and they have the option of increasing their initial maximum bid to a higher value to take the lead, if they wish to do so. All initial maximum bids must match or exceed the opening price, and lots will only be classed as sold if the reserve (if the lot has one) is met.
On the portal you can view each individual lot to see what the current leading bid is, how much time is left before the lot is closed and also how many bids have been placed on this lot.
In the toolbox you can view the current status of an auction in more detail. If you go to Lots on the left menu and then change the view by selecting Results from the Current View dropdown box in the top right corner. You will see all lots in the auction listed, along with their reserve, end time, lot status, end time status, paddle number, winning bidder and hammer price.
During the auction each lot will have a lot status of Selling or Not Selling. A lot will have a status of Selling if the reserve has been met, or if there is no reserve and there are bids on this lot, and the auction has not closed. A lot will have a status of Not Selling if there are no bids on this lot, or if the reserve has not been met, and the auction has not closed.
Each lot has an End Time Status, which shows whether a lot is Active or Closed. If a lot is Active then bids can be placed on this lot. If a lot is Closed then bids cannot be placed, unless the end time is changed for this lot.
Closing a Timed Auction
Once the last lot has ended you can go into the toolbox and close the auction, which will trigger the results to be calculated and displayed in the toolbox. The auction is closed by scoping to the auction, clicking on Auction Details on the left menu and then clicking on the Close Auction button; all the lots will be closed and their statuses will be either Sold or Not Sold. A lot is Sold if the reserve has been met, or if there is no reserve there are bids on the lot, and the auction has closed. A lot is Not Sold if the reserve has not been met, or there are no bids on this lot, and the auction has closed.
It is possible to view winning bidders from within the Toolbox after the auction is closed. Click on Bidders on the left menu, and then change the Current View dropdown box to Winners. All winning bidders will be displayed with their information, along with how much deposit we hold from them, the number of lots they have won at this auction, the total hammer price of the lots they have won and also where the proforma for what the bidder has won can be previewed.
Buy It Now
A ‘Buy It Now’ price can be set on lots, giving the bidder the option to place the final bid and close bidding immediately. The functionality is automatically enabled when a value is added to the Buy It Now field on a lot; this can be added manually via the lot edit window or as part of an import file.
Buy It Now prices cannot be less than a lot’s reserve or opening price. Conventional bidding will always be available on timed lots and the Buy It Now option will disappear once the current bid reaches the value of the Buy It Now price (minus one bidding increment).
Once a lot has been bought via Buy It Now the end time will expire and it will automatically close. Winners' notifications can be sent immediately for lots purchased this way.