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How An Auction Works
For those attending an auction for the first time, don’t worry… you won’t get stuck with a $20M Van Gogh just because of an ill-timed scratch of the nose. The auction process, at least in the modern era, goes back 470 years and is a tightly run operation that leaves nothing to chance. The Internet has transformed the auction process, creating a landscape in which thousands of goods and services can be offered for bidding from anywhere and at any time.
An online-only auction takes place only online. Bidding activity takes place on the internet over a set period of time and there are no in-room, telephone or absentee bidders.
Live Auction
A live auction is hosted by an auctioneer in real time, typically at the gallery or salesroom of the auctioneer, and is held before an audience of bidders. Bidsquare is a service that allows a bidder to remotely participate in a live gallery auction via the internet. Other bidders might participate -- in person, by phone or through an absentee bid sent in prior to the auction. Bidsquare participants place their bids via a computer, bidding in response to bids placed by others. Your bids are automatically received by a remote clerk, who places your bid in real time. Bidding will continue (usually at defined increments) until competition for the lot end s. If the highest bid offered meets the minimum price designated by the seller as acceptable, the lot is sold. The auctioneer will then move on to the next lot.Timed Online Only Auctions
A timed online only auction is automated and takes place solely online. The bidding for each lot is opened at a predetermined level set by the auctioneer, usually at a set time and stays open over an extended period of hours or days. During this period of open bidding, a bidder will be able to see the current high bid on each lot. You may place a higher bid at a defined bidding increment you choose. A bidder’s identity is always kept confidential during the auction.In a timed only online auction bidders are automatically informed by email if they are the high bidder, or if they have been outbid by another competing bidder. At the end of the defined bidding period, if the highest bid offered meets the minimum price designated by the seller as acceptable, the lot is sold. Bidding on all lots in a timed online only sales begin to close at a specified time, with lots closing at regular intervals until the auction has ended. Some timed auctions allow extended bidding. In such a case, if a bid is placed on a lot within a specified time before closing, the bidding may automatically be extended for a set period of time. Length of extended bidding is set by the auctioneer prior to the opening of the auction.
Once you are registered for an auction you are set to bid. You can now bid two different ways – live bidding or by leaving an absentee bid. New to live bidding? View the short video to see how it works.
Yes. The bid clerk at the auction house will signal the auctioneer when they have bids from the internet and will bid on behalf of Bidsquare internet bidders in pace with the auction.
To bid in any auction you must first register for the auction. To register click the green 'Register Now' button on the right of any auction landing page. You will also find a 'Register to bid' green button on every lot page.
Once you register, the auction house will get notified and will approve you for bidding or request additional information to complete registration. You will receive an email notification once you are approved for bidding. Once approved you can leave an absentee bid or bid live.
Please allow for enough time for approval. Most auction houses approve immediately, while others take 1-2 days for approval. Registering a few days in advance of the auction will ensure you will be approved to bid in time for the auction. If you register the day of the auction, please note you may not be approved to bid as it is up to the auction house’s discretion.
Once you register, the auction house will get notified and will approve you for bidding or request additional information to complete registration. You will receive an email notification once you are approved for bidding. Once approved you can leave an absentee bid or bid live.
Important! Register Early
Please allow for enough time for approval. Most auction houses approve immediately, while others take 1-2 days for approval. Registering a few days in advance of the auction will ensure you will be approved to bid in time for the auction. If you register the day of the auction, please note you may not be approved to bid as it is up to the auction house’s discretion.
All successful bidders can confirm their winning bid by checking the “MyBidsquare” tab. In addition, all successful bidders will receive an email notifying them of their winning bid after the auction closes.
