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

Auction Types

 

 

To allow Internet bidders the same advantages as onsite bidders, lots may be offered as one of three different Auction Types: One Lot, Quantity x Price, or Choice. It is important to understand how each Auction Type will affect your total bid price before you begin bidding.

 


 

One Lot:

 

This will be the most common way items will be offered. The quantity will always be one (1), which indicates that the successful bidder will pay one bid price for the entire contents of the lot, rather than pay the bid price times the quantity of items in the lot.

 

Example: Auction Type = One Lot; Item Description = 50 coins; Quantity = 1. If the high successful bid is $100.00, the bidder will receive all 50 coins for $100.00 (plus buyer's premium and applicable tax).

 


 

Quantity x Price:

 

The bid will be multiplied by the quantity to determine the total bid price. Please keep in mind that when lots are offered Quantity x Price, you must take the entire quantity at your bid times the quantity.
 

Example: Auction Type = Quantity x Price; Item Description = 50 coins; Quantity = 50. If the high successful bid is $100.00 the bidder will receive all 50 coins for $100 each, or $5,000.00 (plus buyer's premium and applicable tax).

 


 

Choice:

 

The high bidder has the option to choose the quantity desired, from one (1) up to the entire quantity offered. The quantity desired will be multiplied by the successful high bid.
 

Example: Auction Type = Choice; Item Description = 50 coins; Quantity = 50. If the high bid is $100.00, the successful bidder may choose to take one coin at $100.00, or any quantity of coins (up to a total of 50) for $100.00 each. The high bidder gets first choice of how many to purchase at the high bid price.

 

When the item is sold, a pop-up window will appear on the bidder's screen asking for the quantity desired. The bidder will enter the desired quantity and click the submit button. The quantity entered by the successful bidder (for instance, 20) will then be subtracted from the total original quantity available of 50, and the auction will resume with a new quantity available (in this case, 30). This process will repeat until the entire quantity is sold or the auctioneer moves to the next lot.


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