An auction is a public sale in which goods or property are sold to the highest bidder. The auction process typically involves an auctioneer who accepts bids from potential buyers, with the bidding starting at a minimum price and increasing in increments as more bidders compete to buy the item. The auction continues until the highest bid is made and the auctioneer declares the item sold to the winning bidder. Auctions can be conducted in-person, online, or through a combination of both methods. They are commonly used to sell items such as antiques, art, real estate, and other valuable goods.
An estate sale is a type of auction that is held to sell off the possessions of a deceased person or the items from an estate. Online estate sales and in-person estate sales are similar in that they both involve the sale of items from an estate, but there are some key differences between the two:
Overall, the primary difference between online estate sales and in-person estate sales is the method of sale, with online estate sales being conducted entirely online and in-person estate sales being conducted in person at a physical location.
You should know that there's really no difference, except that instead of us setting the price, bidders set the price through the course of the auction. Instead of having to go to the house, you get to buy from the comfort of your own home. All of our auctions allow for proxy or max bids. This means you can put in the most you're willing to pay and you don't have to sit through the auction constantly checking on your item. Simply put in what you feel comfortable paying and check back to see if you won. However, some of the most fun with the online auctions is being on at the end and bidding. The vast, vast majority of action takes place towards the end of the auction.
There are several benefits of online auctions, including:
Overall, online auctions offer many benefits for buyers and sellers, including increased convenience, accessibility, and transparency, as well as lower costs and a wider selection of items for sale.
Most bidding in an online auction typically takes place towards the end of the auction, particularly in the last few minutes or seconds. This is because many buyers tend to wait until the end of the auction to place their bids, in order to avoid driving up the price too early in the auction.
In online auctions, the end of the auction is often referred to as the "closing period" or "closing minutes". During this period, the bidding may become more intense as buyers compete to place the winning bid before the auction closes. Some online auction platforms also have a "sniper protection" feature that extends the auction time if a bid is placed in the final moments of the auction, to allow other bidders a fair chance to respond.
It's worth noting that the timing of bidding in online auctions can vary depending on the specific auction and the items being sold. Some auctions may have more active bidding earlier on in the auction, particularly for items that are in high demand. However, in general, most bidding activity tends to occur towards the end of the auction.
When the auction opens, click on the catalog and register to bid in that particular auction by agreeing to payment terms.
Place your bids on your desired lots. You can also “watch” lots that you are interested in.
During auction closing, watch your lots as the timer begins to run out. You may continue to bid until the timer is expired. The timer will continue to extend the time as long as the bidding continues.
You may also place a “max” bid, please note: this WILL NOT drive up the bid to that amount. This will simply secure the lot for you up to that particular amount. Just because you have a max bid of $100, you will not necessarily pay $100 for it, it will be sold at the highest amount.
We want our clients and customers to be confident when using our auction platform. Having a credit card on file confirms that you are a serious bidder with the intent of purchasing items. This ensures everyone is treated fairly and creates a professional bidding environment.
Towards the end of the auction, generally within the last few minutes, we add a certain amount of time after each bid is placed. This is known as a "soft close". It is done intentionally to give bidders time to evaluate if they'd like to continue to bid. It can extend a lot by an indefinite amount of time but ultimately benefits both the bidder and the seller.
Pay and pickup your item. Pickup days are typically the day after the sale ends. Please refer to your invoice for the date, time and location of pickup. Pickup times are firm. If you anticipate having a problem picking up your item(s) at the specific time/location please contact us as quickly as possible.
From the login home screen, select "Forgot Password" and enter your username. Password reset instructions will be sent to the email address registered to your account.
We have found that starting at a dollar is most beneficial to both the seller and the buyer. It allows for the market to dictate the value, not us. When auctions are set at a certain price it makes bidders think that's how much the item costs, and they don't want to go above that. Starting at a dollar garners interest and gains traction. While this occasionally allows the bidder to get an amazing deal, we believe it evens itself out over the course of the auction. It is, in our opinion, the best way to do it and works best for both the buyer and seller.
As stated before, the vast, vast majority of bidding happens on the final day. Please see this example for a better idea. In this example, the auction begins on 07/26 with the starting bid at $1 and a scheduled end time of 08/07. We see a slow and steady increase in price as the auction advances towards the closing date. By 08/07, the evening of auction close, the price has increased to $421. In roughly an hour this price almost quadruples to the final bid of $1,432. This is just one example of many where the final day sees almost all the action. Check them out here.
When you place your bid, a notification will pop up on the top right. If the box turns green, you're winning that lot, if the box is red, someone has outbid you. You can continue to bid until you're winning the item and you see your name after "Winning User:" for that particular lot.