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ONE BID AUCTION (12 MAY 2022) : FAQ

What is a reverse auction?

A reverse auction is an auction where the prices of lots start high and then drop in value gradually. While a normal auction has bids starting low and then escalating, a reverse auction doesn't function on the same premise. There are no multiple bids. Instead, the first person to bid on a lot is the winner. Therefore, time is of the essence in a reverse auction. The longer you wait to bid, the higher are the chances of someone bidding and winning the lot before you.

How do I bid?

When the auction starts, lots will close one after the other. Each lot will be open for bidding for a period of about 2 to 5 minutes depending on its value. To place your bid, you can click on the Bid and Buy Now button during the period that a lot of your interest is open for bidding. 

How much time do I have left to place my bid?

You will be able to see the remaining time during which a particular lot is open for bidding through a continuously decreasing timer. The lot will drop in value continuously during that period.

When will the auction start? When will the prices start dropping?

The auction will start at 8:00 PM IST on 12 May 2022. Each open lot will drop in price over a 2-minute period from start to close.

When do I login?

You can login any time before the auction starts and put in your advance bids. You can also login when the auction starts and follow it like you watch our live auction. Once the auction begins, you can buy a lot during the period it is open for bidding or place an advance bid.

Can someone outbid me, or can I outbid someone?

Since this is a reverse auction where the price falls as the auction progresses, the first bid is the winning bid, thereby closing the lot for further bidding. If you want to make sure you win a lot, you have to act fast and be the first to place a bid on the lot.

I don't understand what is happening

This is a reverse auction where lots open at a higher price and drop in value one after the other. If you are interested in any of the lots and notice that it has opened for bidding and come down to a value you would like to buy it at, you can immediately do so by clicking on the Bid and Buy Now button.

What is an Advance Bid?

If you do not want to wait for a particular lot to drop to a specific value and there is a certain higher limit you have in mind for the lot, you can place an advance bid for that amount. If the lot drops in value to your advance bid amount (provided someone else doesn't buy it before that at a higher price), then the lot will be sold to you at your advance bid amount.

If your advance bid amount is less than the reserve price of a lot, then the lot will not be sold.

What are interest levels? 

The interest level on a lot gives you an indication of how many other bidders are interested in the lot. You can decide your bidding strategy based on that. There are three interest levels:

Moderate - which means people are still checking the lot out and making up their mind.

High - which means people have taken notice and have started placing advance bids.

Intense - which means the lot is hot property and may be snapped up anytime. If you want it, you must act fast and buy it immediately.

Can I place a proxy bid?

Yes, the advance bid is similar to a proxy bid with a small difference. While a proxy bid escalates in value till your bid limit, an advance bid lets you buy a lot at exactly the same amount if no one else buys it at a higher value.

What do I do if I don't want to wait for the price to drop to a certain level?

You can place an advance bid in case you don't want to wait for a lot to drop to a certain value.

I placed an advance bid, but the lot was sold to someone else

If you have placed an advance bid, but someone buys it before the price drops to your bid level or someone has placed an advance bid for a higher value, you may not win the lot.

How can I see only the lots I am interested in?

You can use the filter at the top of the lots to view only the lots you have added to your favourites. You can click on the heart icon on the top of the lots to add it to your favourites. If you place an advance bid on a lot, it will automatically be added to your favourite lots.

How can I ensure I win a lot?

Act fast. The first person to bid wins the lot. Be the first to buy it before someone else does. Remember, the early bird catches the worm!

Why are some lots showing as sold even though the auction is still on?

In a reverse auction, a lot is sold when it receives the first bid. The first person to bid wins the lot and the lot then closes for further bids.

Do I have to wait for a lot to drop in price to buy it?

You can place an advance bid on a lot before it opens. If your bid is higher than the lots' starting price, it will be sold to you as soon as it opens. If your bid is lower than the starting price of a lot, then it will be sold to you when the lot drops to your bid level provided someone else does not buy it before that.




Need help? Please check our guides on How to Bid. Auction Tips and FAQs.
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