How Auctions Work

Welcome to our online auction platform! Here's a breakdown of how auctions work for both sellers and bidders:

For Sellers: Listing Your Item

1. Create Your Auction: You'll start by filling out an auction creation form on our website, providing details about your item.
2. Review and Approval: Our team will review your auction details to ensure accuracy and compliance with our terms. Once approved, your auction will be scheduled to go live.
3. Auction Start: On the scheduled start date, your auction will become "active," and bidders can start placing bids.
4. Notifications: While your auction is active, you will reiceve email notifications for the bids placed on your auction:
   1. When your auction has its first bid
   2. When your reserve price is met (if applicable)
   3. A daily report of any new bids placed on you auction
5. Auction End: When the auction ends, we'll notify you of the outcome.
6. Successful Sale: If your item sells, we'll contact you with the winning bid amount and bidder's contact information.

7. Unsuccessful Sale: If the reserve price is not met or no bids are placed, we'll notify you.

    

For Bidders: Participating in Auctions

1. Create an Account: First, you'll need to create a user account on our website, providing your first and last name.
2. Register to Bid: Next, you'll register as a bidder, securely providing your payment information through our trusted payment processor, Authorize.Net.
3. Verification: Your bidder status will be verified. Only verified bidders can place bids.
4. Finding Auctions: Browse our active auctions and find items you're interested in.
5. Placing Bids: Place your bids, ensuring they meet the minimum increment amount. Enter the maximum amount you are willing to pay and the system will bid up to that amount. See our Bidding Guide for more information. You can also sign up for notifications to stay updated. Sniping Clause: If a bid is placed in the final two (2) minutes of the auction, the auction end time will be automatically extended by two (2) additional minutes. This process will repeat if further bids are placed within those newly added minutes, ensuring all interested bidders have an opportunity to respond.
6. Winning an Auction: If you're the highest bidder when the auction ends, you'll be notified of your win
7. Payment Processing: We'll automatically process the buyer's premium using your registered payment method. This fee is paid to COLE Publishing and is calculated as follows:
   1. The fee is 5% of the winning bid price.
   2. The minimum fee applied is $100.
   3. The maximum fee applied is $2,500.

8. Information Exchange: Once payment is successful, we'll securely share your contact information with the seller and vice versa.

    

Key Auction Features

• Notifications: Receive timely notifications about auction updates, bid activity, and auction endings.
• Secure Payments: We use Authorize.Net to securely process payments, ensuring your financial information is protected.
• Bid Increments: Bids must increase by a predetermined amount.
• Sniping Clause: If a bid is placed in the final two (2) minutes of the auction, the auction end time will be automatically extended by two (2) additional minutes. This process will repeat if further bids are placed within those newly added minutes, ensuring all interested bidders have an opportunity to respond.
• Reserve Prices: Some auctions may have a reserve price, which is the minimum acceptable bid.
  • Unsuccessful Sale: If the reserve price is not met, the auction may enter the Last Chance Process. See details below. If no bids are placed, we'll notify you.
• Payment Method Validation: We periodically validate bidder payment methods to ensure smooth transactions.

• Dispute Resolution: If you encounter any issues, please refer to our User/Bidder Agreement for our dispute resolution process.

   

Last Chance Offer (Post-Auction Negotiation)

When an auction concludes without meeting the reserve price, a “Last Chance Offer” process may be initiated to facilitate a potential sale. The highest bid must be at least 75% of the reserve price for the process to be initiated.

For Sellers:

If your item does not meet its reserve price, you will have a 24-hour window to make a decision. To participate in this process, you must have a registered account with a verified email address.

If you do not already have an account, you will need to create one by visiting our registration page using the same email address you provided while placing the auction. After registering, you must verify your account via a link sent to your email before you can proceed.

1. Once your account is set up and verified, you can access the "Last Chance" decision page where you may choose to:
   Accept the highest bid received during the auction.
2. Propose a new, lower "Last Chance Offer" price to the highest bidder.
3. Take no action, in which case the auction will be closed, and the item will remain unsold.

You will be notified via email to make your decision and will receive a confirmation of your choice.

For Bidders:

If you were the highest bidder on an auction that did not meet its reserve price, you will be notified that the seller is reviewing their options. If the seller chooses to send a "Last Chance Offer," you will receive an email with the new proposed price. You will then have 24 hours to either:

1. Accept the "Last Chance Offer" and proceed with the purchase at the new price. By accepting the offer, you agree to the listed price and the 5% buyer premium.
2. Decline the "Last Chance Offer," which will close the auction for that item.
3. Take no action, in which case the offer will expire, and the auction will be closed.
   Reminders will be sent as your decision deadline approaches.

Outcomes of the Last Chance Process:

• If the bidder accepts the offer, the sale will proceed as per our standard payment processing terms.
• If the bidder declines the offer or fails to respond within the 24-hour timeframe, the auction will be officially closed, and the item will not be sold through this process.

User/Bidder Agreement

Please review our User/Bidder Agreement for detailed information about our terms and conditions, including payment obligations, dispute resolution, and acceptance of terms.

We're committed to providing a transparent and secure auction experience for all our users. If you have any further questions, please don't hesitate to contact us.