Absolute Auctions & Realty, Inc.
Absolute Auctions & Realty, Inc.
The Professional Auction Team
 
 
 

Bidding Strategies

There are certain strategies Internet bidders can use to help ensure they are bidding with maximum efficiently. Following is a general explanation of how the Internet bidding system works, as well as a few helpful hints that should enhance your experience.

An auction clerk monitors Internet bids throughout the event, usually from the auction site itself. The clerk's primary responsibility is to inform the auctioneer of all Internet bids, and conversely, inform the Internet bidders of all on-site bids.

 

As an item comes up for auction, both the Internet audience and the on-site audience will have the same opportunity to bid. If the clerk and the auctioneer simultaneously receive the same bid amount from an Internet bidder and an on-site bidder, the auctioneer is the final authority on which bid will be accepted.

 

When bidding live, you may find it more challenging to get your bids accepted when a lot first opens and bidding is more active. You can increase your chances of participation by "jumping the bid."  To do this, use the middle and right-most bid buttons to enter an amount one or two increments above where the auctioneer is currently asking. This enables the clerk to keep you "in the game" until the bidding slows down and you are able to keep up with the on-site bidders, increment by increment.

 

Internet bids are executed in the order they are received. For example if the bid is at $100 and seven Internet bidders click the bid button the exact same time, the auction clerk will execute the first $100 bid received.

 

The speed and location of your Internet connection could affect your bid. Although the elapsed time between when an Internet bidder clicks his/her bid button and when the bid appears on the clerk's screen is approximately one second, a bidder with a slower Internet connection or a more remote location may experience a delay. If you have this challenge, you may have more success placing absentee bids on your lots of interest instead of bidding live.

All absentee bids for a particular lot are recorded before that lot comes up for auction. When the bidding opens, all absentee bids will immediately appear on the clerking screen. ANTIQUE & ESTATE BIDDERS: Your bid will be competitively executed with all other bids, increment by increment, until your maximum bid has been reached. If the bidding stops before your maximum bid is reached, you will be the successful bidder at that lower amount. REAL ESTATE BIDDERS: Absentee bidding allows you to submit a confidential maximum bid that the system will FULLY execute on your behalf. In other words, according to NYS Real Property law governing written offers, all absentee bids must be presented at the Auction in their full amount. This means that your absentee bid will become the opening bid presented by the Auctioneer, and additional bids will be solicited. Absentee bidders must make their best offer at this time since they have no option to increase their bid beyond the initial bid execution at the live Auction.

 

LuJohns live bidding tools include safety measures that will prevent an Internet bidder from bidding against themselves, regardless of how many times they press the bid buttons. When an Internet bidder's live bid or absentee bid is the current high bid, that bidder's bid buttons disabled until they have been outbid, at which point the bid buttons become active again.

Many bidders enjoy the excitement of live Internet bidding. Others find the convenience of absentee bidding more amenable. Still others employ a mix of both by either monitoring their absentee bids until they max out, then bidding live if they decide to continue competing, or leaving bids on earlier lots and bidding live later in the auction when they have the time to do so.

Regardless of the method, our goal is for our audience to participate in the way or ways best suited for them. When used efficiently, the excitement and convenience of Internet bidding will certainly enhance your auction experience.

State Association of AuctioneersNational Auctioneers AssociationOnly At AuctionEbay LiveCAINYSAA