Participation guide
In short, the procedure is as follows:
The House sets the initial starting price and duration of the auction.
What amount will the final bidder pay? This can be set equal to the offer made or equal to the second highest bid (offer made by the very next bidder, who may also be the same person). 'First bidder, second price auction'.
Reserve price is near the minimum value estimate (ie the value below which the work cannot be sold). This value will become known to prospective bidders through the mail that they will receive, ie when somebody bids for a work, a message comes automatically from the system if this particular lot is passed to him.
If not, then you may need to make additional bids, so don’t leave it to the last minute, it is not certain that it will go to the next auction if requested.
In many cases the work (lot) starts from scratch, meaning that there is no reserve price and with the first bid- ie 50€ offer, it will be given, if there are no higher bids.
Direct purchase price The price that someone can directly buy a work, and the auction for that object ends.
This is usually set near the highest price appreciation.
Hiding users. With this option, only the highest bid will be known to all, while users who have bid remain hidden forever. Only the seller knows their identity. This can be activated where bidders do not wish their details to be disclosed.
Automatic extension of the auction. This option is selected usually to avoid cases where some users wait until the end and bid at the last moment (23:59:57) so there is no time for the others to react, a technique internationally known as “snipping”. It is at the discretion of the auctioneer to notify those concerned with this lot. Some complaints were expressed from participants about the outcome of the previous auction, and we are considering them. (Write to us with any comments you have, in the form with your user details).
The auction begins and prospective bidders are bidding. The price of an object in the auction, is increasing continually, and every potential bidder must always make an offer higher than the previous one. (The same person has a right to bid many times for the same lot)
For items with a value ranging from 100€ to 2,000€ each subsequent bid is adjusted or is equivalent to 100€. For items from 2,000€ to 3,000€ each subsequent bid is adjusted or is equivalent to 200€ etc..
The auction ends for the work (lot), when the time set expires (or in case of direct purchase price, when someone makes an offer equal to this value, with no other existing offer already made.
The house may withdraw an object, when there are no bids and probably no interest, and it may replace it with another.
Detailed conditions for participation are stated in the chapter Services (Conditions of auction).
