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Why didn’t i win when my bid was the highest??
So you placed your bid on an item during the last minute of an online auction, thinking you snatched it before anyone else had the chance to outbid you. But then the time on the item extends, and you’re left wondering, “What happened?” No, it wasn’t a glitch you experienced—it’s called a soft close (or dynamic ending) to an online auction lot, and this feature is commonly used in online auctions.
What is a soft close (or dynamic ending)?
If someone places a bid in the last few minutes of an online auction, the end time for the specific lot is extended. The process continues until there are no more bids made within the last minutes or seconds. At that point, that specific lot closes. The overall auction continues until each lot has no advance. Oftentimes, online auction companies wills stagger the end times on each of the auction’s items so all lots do not close at the same time.
For example: Lot 1 has a closing time of 1:00 p.m. At 12:30 p.m. Bidder A places a bid. The auctioneer has set the bidding to extend if any bids are made within the last two minutes. At 12:59 p.m. Bidder B outbids Bidder A. The countdown clock resets and now Lot 1 will close at 1:01 p.m. Bidder A and any other bidder have the opportunity to bid. If no bid is made within that last two minutes, the auction for Lot 1 closes and Bidder B wins the lots. If a bid is made, the clock starts over again.
Why do auctioneers use it?
Auction professionals will use a soft close and/or staggering lot ending times to mimic the back and forth of a live auction. More importantly, this technology allows for every bidder an opportunity to advance their bid. This more faithfully captures the true competitive nature of an auction and eliminates sniping or other online strategies or technologies.
Is it fair?
The use of extending bidding allows every registered bidder the opportunity to bid and advance their bid. These systems also allow for bidders with slower or unstable internet connections to be on a more equal playing field.
For real estate and high-value assets, the auctioneer may decrease the bidding extension as the auction progresses and nears the final prices as the number of bidders decreases. This is one of the reasons it is important to read the auction terms and conditions and pay attention to announcements made in the bidding program.
If you have questions about how a specific auction works, contact us and we will assist where possible.
Credit: National Auctioneers Association
Why Auction ?
26 January 2020
Why Auction ? This is usually quite a common question people ask themselves when they need to dispose of assets. The most common answer is that it is quick and painless. This is true in most parts, but problems can occur with “Fly by night” auctioneers. They will take your assets, sell them, and you will battle to get paid. This is equivalent to organised robbery or expropriation without compensation – Both of which don’t belong in business and society.
At Martin Auctioneers, we pride ourselves on giving you personal attention and ensuring the most seamless process from start to finish. The company is owner run and their hands on approach is what seperates them from the rest.For the past 39 years, we have made both Buyers & Sellers feel like part of the family. We have established partnerships with many of the major brands throughout South Africa and continue to do so on a daily basis.
Why Auction? If you still unsure, why not contact us and we will try and assist in making your life easier.
Social Media Entrepreneurs
29 January 2020
SOCIAL MEDIA…. the words that have changed the world and defined a generation. As we all know (and seldom admit it), we all use social media at some point of our day. Viewing family photographs from across the globe, playing your favourite game or searching your best Oxtail potjie recipe. They creep in without us even knowing.
With Social media comes another interesting dimension. I like to call it “The Social Media Entrepeneur”. In today’s difficult times, we are all trying to make ends meet and sell off any old items we don’t use any longer. The only problem with this is the false marketplace that it creates. I get told on a daily basis “They are selling online for “X” amount”. While this is totally true, the reality behind it is that they are not selling. The price is usually over inflated and negotiated down along the way. You might be asking yourself “How does that affect the auction industry?”
Well, the simple answer is, we rely on a fair market price. It is a price that is going to make both seller and buyer happy at the same time. With false prices comes false hope, and with false hope we have sad sellers and buyers.
Years and years of experience and knowledge in the field of buying and selling 2nd hand goods are destroyed with the simple click of a few buttons by our “Social Media Entrepeneurs”. If you are thinking of selling your antique chair, kids toys or old bed, do your homework first and help keep the market a fair and true reflection. If you cant find any information on your items, contact one of the experts in that field. I am certain that they would be more than willing to help.
” Our friendly and experienced staff are there to assist you from start to finish with the auction process ”
With 1200m² of floor space in the heart of the bustling CBD, Martin Auctioneers is the place to be. Our friendly and experienced staff are there to assist you from start to finish with the auction process. From Office furniture to Tools to 83″ Tv’s, we stock it all. Contact us or view our Facebook page for further info on upcoming auctions. We look forward to welcoming you to the thrill of our live auctions.