About The Auction
Hello and thank you for your interest in the Esmeralda Special Auction 2019. Please take a few minutes to read about the auction and the bidding rules. Also, we have included a section with special auction terms and definitions as well as specific auction instructions to help you better understand the functions of the platform.
- About the Auction
About the Auction
- About the auction: The Esmeralda Special Auction is a Helmsman Auction with proxy bidding. It allows bidders to bid on multiple lots of theirchoice, at any time while the auction remains open. Bids may be for any amount, as long as they meet the Opening Bid and exceed the current winning bid by the Minimum Increment ($1 in this case).
- Duration: The initial auction period will last for 1 hour. The auction will continue beyond the initial auction time for additional 3-minute periods, until there are no longer any bids on any lots during a 3-minute period.
- Proxy: Proxy bidding allows you to set a confidential, maximum amount that you are willing to bid for a lot, and the system will automatically increase your bid to the lowest winning bid, enabling you to beat other bids, up to your proxy amount. The default bid is a proxy bid, so please uncheck the proxy option if you would like to place an immediate bid for the full amount of your bid.
IMPORTANT: When Proxy Bidding is in effect, it can appear as if one bidder has beat another bidder with the same bid amount. This occurs only when a bidder has an existing proxy bid and a second bidder makes a bid for the exact same amount the current proxy bid is at. Since the proxy bid was placed earlier, that is the bid that will succeed.
- Bidding Rules:
- A new bid must be equal to, or higher than, the Opening Bid amounts.
- In the case of an existing winning bid, a new bid must beat the existing bid by at least the Minimum Increment ($1).
- If there is a proxy in place, and a new bid is placed:
- If the new bid is lower than the proxy amount, the new winning bid will be the existing proxy bidder and the winning bid will be equal to the new bid plus the Minimum Increment.
- In the event of a tie, where the new bid is equal to an existing proxy amount, then the first proxy will remain the winning bid because it was placed earlier.
- If the new bid exceeds the proxy by the Minimum Amount, then the new bid will be the winning bid.
- Example: If the current price is $100, and Bidder 1 has a proxy in place for $120:
- If Bidder 2 bids $110, then Bidder 1 will have the winning bid with $111 (Bidder 2’s bid plus the Minimum Increment).
- If Bidder 2 bids $120, then Bidder 1 will have the winning bid with $120.
- If Bidder 2 bids $121, then Bidder 2 will have the winning bid with $121.