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 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?

You can select the lot that you want to bid on and click on the Bid and Buy Now button to place your bid. The first bid on any lot is the final and winning bid.

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

The auction will start at 7:00 PM IST on 3 February 2022. The prices will begin to drop once the auction has started. Auction closing will start at 7:45 PM IST where the unsold lots will come up for closing one by one. During the closing, prices for each lot will drop every 10 seconds for 2 minutes and close at the first bid on the lot or at the end of 2 minutes. You will see a countdown timer during the closing phase.

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. During the auction, you can buy a lot immediately 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.

Why are lot prices changing randomly?

Unsold lots will drop in price in a random manner. At any given point over the course of this auction, one of the lots will drop in price. If someone wants to buy it, they can click the Bid and Buy Now button and buy it. Once a lot is sold, it will no longer drop in price or be available for sale to other bidders.

I don't understand what is happening

This is a reverse auction where lots open at a higher price and drop in value in random order from time to time. If you are interested in any of the lots and notice that it has 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

    Since the value of the lot drops at random intervals over the duration of the auction, the first person to place a bid wins it immediately. 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 view the history of a lot's price drops?

    You can select the lot and click on the Drop History link, or you can filter the Activity Feed on the left to view the drop history of a specific 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.

    Why is a lot highlighted in green?

    This means the lot has just dropped in value. If you think it's a good buy at that price, you can buy it immediately.

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

    You can buy a lot at any point during the auction as long as it is open. You don't have to wait for the lot to drop in value (and you should not). The first one to bid on a lot wins it. So, you have to act fast.

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