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, the bidders needs to register and access the system using a user ID and password obtained during registration.
In any case, the trading computer system creates automatic e-mails, push notifications if an IOS app is used, to inform participants about the state of the market.
After the closing date of the contract, the winner / buyer will receive all the information necessary for the balance of their purchases. In addition to the hammer price, as per the Conditions of Sale that participants in traditional and online auctions declare in advance that they have read and approved, the buyer undertakes to pay the auction house, for each lot, a buyer’s premium including VAT equal to: 30% of the hammer price
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:
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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 € -
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 € -
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 € -
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 € -
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.
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Final Rules
- Although not expressly provided for or waived here, the Conditions of Sale valid for auctions and published in the catalogs and on the Auction House website apply as far as applicable to the online timed auction method, which bidders declare to have read, understood, and fully accepted for all legal purposes.
- The Auction House acts as agent of the Seller and is exempt from any liability with regard to the origin and description of the lots present in the catalogs, brochures and any other illustrative material; such descriptions, as well as any other indication or illustration, must be considered purely indicative and not binding, and cannot generate reliance of any kind in the bidders and the Buyer. The Auction House does not issue any guarantee (direct or indirect) about the state, attribution, authenticity, origin of the lots, whose sole guarantor and responsible remains exclusively the Seller, also towards the bidders and the Buyer. . As a result, the bidders and the Buyer expressly exonerate the Auction House from any responsibility regarding the state, attribution, authenticity, origin of the lots. Without prejudice to the above, the descriptions in the catalog can be integrated at the request of the interested parties through the delivery of written reports (so-called condition reports), while the interested parties are responsible for the careful and in-depth examination of the authenticity, the state of conservation, the provenance, the type and quality of the same, on which only the bidders and the Buyer assume all risk and responsibility, also for the effects of art. 1488, c. 2, of the Italian Civil Code. After the purchase note, neither the Auction House nor the Sellers can be held responsible for any defects in the lots, relating, to the state of conservation, incorrect attribution, authenticity, origin, weight or lack quality. To this end, the bidders and the Buyer declare that they acknowledge that the lots are not new but second-hand goods and are purchased as seen, and expressly waive the guarantee referred to in art. 1490 of the Civil Code, freeing the Auction House from any related liability; as a result, neither the Auction House nor its staff will be able to issue any valid guarantee in this regard. The bidders also exonerate the Auction House from any liability in the event of any technical or other problems that may not allow their full participation in the auction (by way of example, in the event of interruptions in the connection) and assume all risks regarding any failure to award one or more lots.