Bidding in Timed Auctions takes place only online. The auction runs for a set period of time and shows the current highest bid (note this is not the maximum bid). The bidder with the highest bid when the countdown timer ends wins the auction.
Any bids placed in the last minute extend the bidding on all the lots in the auction by two minutes. This gives underbidders the chance to place a counter bid on any lot in the auction.
- Find the Timed Auction in which you wish to bid.
- Register for the auction (you will be allocated a bidding paddle).
- Enter your 'Maximum Bid'.
- If there are no other bidders, you will win the lot at the starting bid. However, if there are other bidders, the auction software will automatically bid on your behalf against them.
- If you try to place a maximum bid that is the same as another bidder, the first bid to be placed will be accepted.
- You will be notified if you have been outbid.
- Any bids placed in the last minute extend the bidding on all the lots in the auction by two minutes. This is to give all bidders the chance to bid again on any lot in the auction.
- The winning bidder is notified by email on their result and instructions on the next steps.
You can watch a video demo of a Timed Auction below.