Rules of Online Auctions

The difference between a traditional auction and an online auction is represented in the negotiations that virtually take place; in fact, telecommunication technology and business systems integrated with these new realities, mean that you can access the auction at any time and in any place, without limitation.

Therefore, participation is not necessarily direct, although, in reality, our monitoring systems are active 24 hours a day.

For the duration of the auction, bidders are constantly advised on the variations of prices and any eventual bids, in order to be able to directly intervene with their own submissions.

Online auctions provide two types of areas: open access sections, usually informative, and those with controlled access, requiring prior registration and profiling.

To participate in an online auction, a bidder must register, attaching a valid identification document.  You will then have access to the system using a user ID and password, both of which are obtained during registration.  Upon activation of the access codes, you can access single lots and create offers using the bidding system.

In each case, the information system of bidding creates automatic emails, or push notifications if you are using an iOS app, to inform its participants about the state of the market.

After the closing date, the winner/purchaser will receive all of the necessary information for the settling of the balance for their purchases.  Remember that, after the hammer price there is the additional auction house premium of 24%, as outlined in the Conditions of Sale, which the participants in the auctions, traditional and online, declare to have read and approved in advance.

 

SPECIFICATIONS FOR AN AUTOMATIC RAISE SYSTEM GENERATED BY OFFERS BY PROXY 

The offer by proxy is a system of automatic bids in order to more practically manage purchases through an online auction.

To place a bid by proxy, the bidder must enter the maximum price which you are able to spend; this amount is not communicated to the auction house or other bidders.

By placing a bid by proxy, the system automatically generates automatic raises whenever a bid is proposed by another user, up to the maximum amount that the original user has indicated.

The offer is only increased to the amount necessary to remain as the highest bidder and, therefore, reserving the user’s place.

If user A bids the same offer as user B, or carries a higher maximum bid, the systems notifies user B that the offer has been exceeded, so that user B is given the option to raise their maximum price.

If, at the end of the auction, no other users have presented a higher offer, the object is sold at the present bid, even if the bid has not reached the user’s originally defined maximum price.

Casuisty for competing offers

If a lot has reached the maximum bid, the following cases can occur:

1) Standard offer against an exceeding maximum bid amount

A lot has a starting price of 100 €. User A creates a maximum bid of 1000 €; the system automatically raises, creating an offer by A of 150 €. B creates a standard offer of 200 €; the system automatically raises A’s bid to 250 €.

User

Type of Bid

Maximum Bid

Actual Bid

Amount Raised

Auto Raise with Max Bid

A

maximum

1000 €

100 €

150 €

 

B

standard

-

150 €

200 €

 

A

automatic

-

200 €

250 €

 


2) Standard bid against a maximum bid of the same amount

The lot has a starting price of 70 €. User A creates a maximum bid of 90 €; the system automatically creates a bid on behalf of A for 80 €. B makes a standard bid of 90 €; the system automatically creates a bid for A equal to 90 €.

In the case of tenders which have the same amount the system will validate the earliest bid, therefore that which was created by A.  User B will then receive communication that the bid was rejected because it was previously created by another user as a maximum bid of equal value.

User

Type of Bid

Maximum Bid

Actual Bid

Amount Raised

Auto Raise with Max Bid

A

maximum

90 €

70 €

80 €

 

B

standard

-

80 €

90 €

 

A

automatic

-

90 €

90 €

 


3) New maximum bid against an exceeding maximum bid

A lot has a starting price of 200 €. User A creates a maximum bid of 400 €; the system automatically raises the bid offered by A equal to 250 €. B creates a maximum bid of 350 € which generates a rise equal to 300 €; they system raises for A with a range of 400 € (B’s maximum offer + increase).

User

Type of Bid

Maximum Bid

Actual Bid

Amount Raised

Auto Raise with Max Bid

A

maximum

400 €

200 €

250 €

 

B

maximum

350 €

250 €

300 €

 

A

automatic

-

300 €

400 €

 

 
4) New maximum bid against another maximum bid of the same amount

A lot has a starting price of 70 €. User A creates a maximum bid of 200 €; the system automatically raises A’s bid to 80 €. B creates a maximum bid of 200 € which generates a raise to 90 €; the system raises to 200 € for A, directly reaching the maximum bid amount.  User B will be informed that their offer was rejected because a previously created maximum bid of equal value had been created by another user.

User

Type of Bid

Maximum Bid

Actual Bid

Amount Raised

Auto Raise with Max Bid

A

maximum

200 €

70 €

80 €

 

B

maximum

200 €

70 €

90 €

 

A

automatic

-

90 €

200 €

 


5) New maximum bid against a maximum bid of a lesser amount

A lot has a starting price of 1200 €. User A creates a maximum bid of 1400 €;  the system automatically rises, on behalf of A, to a bid of 1300 €. B creates a maximum bid of 1500 € which generates a rise equal to 1400 €; the system rises for B to 1500 € with the aim to go above the maximum offer previously offered by A.

User

Type of Bid

Maximum Bid

Actual Bid

Amount Raised

Auto Raise with Max Bid

A

maximum

1400 €

1200 €

1300 €

 

B

maximum

1500 €

1300 €

1400 €

 

B

automatic

-

1400 €

1500 €

 


N.B.
In the system of automatic rises, case 3 and 5, the condition may not be verified:

Raise (actual bid + increase) <= maximum offer

In these cases, the raise will be equal to the maximum bid.