In a Timed Auction, each lot has an individual auction closing time, with lots in an auction generally closing two minutes apart. Any bid placed within the last 5 minutes of a lot’s closing time will extend the lot’s period of bidding by up to 5 minutes to allow time for counter bids. These extensions will continue indefinitely until there is no more bidding activity on the lot for a period of 5 minutes.
The extension of one lot’s closing time does not affect other lots’ closing times therefore it is possible that lots will close out of numerical lot order.
The Successful Bid in any Auction will be the first highest bid as registered by the system that equals or exceeds the reserve price at the point of a lot’s auction end time.
Bidders can submit bids incrementally as indicated beneath the bid box on the bidding screen.
Bids should be entered as whole numbers with no currency symbol or punctuation.
Click on [Place Bid] to submit.
Bidders can also submit a maximum bid. This bid is similar to an absentee bid, is strictly confidential and can only be viewed on the public UI by the bidder.
A maximum bid allows the bidder to place a bid for the maximum level that they are willing to bid to and the system will then bid on their behalf up to their maximum amount.
The bid will always be at the lowest possible level subject to the reserve price and any other bids placed on the lot. If no other bids are placed on a lot then the final bid will be no more than the reserve price for that lot. If other bids are placed on the lot the bid will only be one increment higher than the highest other bid, up to their maximum.
If there are two or more equal bids submitted on a lot then the bid submitted first will take precedence.
A bidder can increase their maximum bid at any time without any possibility of bidding against themselves.
On placing the bid, a confirmation message appears, confirming the bid level and agreement to the auctioneer's Terms and Conditions. It also advises that once placed, the bid is binding and cannot be cancelled.
