This blog will provide information about previewing and bidding on items in an online auction. Whether you are an experienced online auction bidder or are new to the online auction process, this post will guide you through the process of previewing and bidding on item. It will discuss the multiple ways to preview items as well as the multiple ways to bid on items in an online auction.

Online Auction: Previewing Items

Catalog

• An online catalog is commonly available on the auction house’s website typically one week prior to the live auction event.
• The catalog is divided into categories. Categories are high-level locators of items. So if you are looking for a 3/8 inch drill you would find it under “Power Tools” category.

Search

• You can commonly perform a search for a term in the search box of the website. The search box is exclusive to each auction ring so you may have to search in multiple rings for your search term.
• You may also search by entering model numbers and brands or if you know the lot number you may also search by that number.

Descriptions & Photos

• Each lot in the online auction has a description. Descriptions include name brands if available and model numbers. Other lots are described with media type such as wood, porcelain, crystal, glass and include dimensions. Furniture is described with upholstery type, wood and dimensions.
• Descriptions do not include condition statements as lots are not tested. Federal law governs auction sales and all lots are sold “as is, where is”. Simply stated, “as is” means there is no certainty that the lot will be in working order and “where is” means you will be responsible to remove the lot from the location it was sold.
• If you purchase a lot that is not in working order you are stuck with that item, there are no refunds or exchanges. If you have an opportunity to preview live, you should. If you are looking to buy a DVD player and you don’t have the ability to preview, we suggest you buy two or three. This buyer inconvenience is partially why auctions offer such great deals.
• The auction house commonly stands behind their descriptions; however there is no statement of condition that is made. As way of an example, if they represent an item as being a Sony Laptop Computer and the lot is instead a Sanyo Laptop Computer they will give you a refund if the original item is returned within a week of purchase. If you are buying at a live auction however, the auction house does not offer the same refund option because you have the opportunity preview the lot directly.

Online Auction: Bidding on Items

There are commonly two types of online auction bids you can make. You can use one method or both methods.

Proxy Bidding

• Auction lots are typically available online one week prior to the live auction event. During this time, you may place bids on auction lots.
• You will put in your opening online auction bid which must be higher than the starting price or the starting bid price. So if an item has bids already on the item and is currently at $100, you will have to enter the next required bid amount which you will see displayed on the screen and also enter your maximum bid. You do not have to but in a max bid, you can simply leave the max bid blank.

Auction Bidding
You may start bidding in the online auction several days prior to the live auction event. Some auctions close bidding at midnight prior to the auction and some auctions have simulcast bidding, allowing you to bid right along with the live audience in real time.

For more information about an online auction, contact Auction Systems.