Online auction update
Online auctions are proving very popular, with over forty List Positions sold in the first three weeks.
We have listened to your feedback on how we might improve the process and we have introduced the following tweaks, some of which will be in place immediately and some of which will apply only to lots submitted on or after 22 July 2010: -
1. It is now compulsory to display the reserve price;
2. The bidding increments have been revised such that the minimum 'next bid' price must be in the multiples as stated, as follows: -
Bids up to £200 - multiples of £10
Bids between £200 and £500 - multiples of £20
Bids between £500 and £2000 - multiples of £50
Bids between £2000 and £5000 - multiples of £100
Bids between £5000 and £20000 - multiples of £200
Bids over £20000 - multiples of £500
The system will reject any bids which do not conform to these increments. For example, all bids that do not end in 'zero' will be rejected (£2,999 for instance). Also, any bids which are outside of the multiples will be rejected (for instance, £210 or £2,050). If you are in any doubt about how these increments will affect your bids in practice, please make sure that you leave yourself sufficient time to submit a further bid in the event that your original bid is rejected.
3. The bidding history was causing a lot of confusion, so we have removed it for a trial period (feedback welcome).
4. We have solved a technical glitch which, in effect, allowed people to outbid themselves. This did not cause widespread problems but we apologise to anybody who was affected.
5. We confirm that, once the auction has ended, the vendor has no obligation to deal with the highest underbidder if the lot fails to reach its reserve and, consequently, can sell privately at his/her discretion. However, if on reflection the vendor wishes to accept the highest underbid within 5 working days of the end of the online auction, he/she should contact the office and we will attempt to confirm the transfer with the highest underbidder. Any such transfers will be done under the terms of the online auction at the underbid price only.
6. We will be providing a catalogue of sale prices each month, in arrears, within the 'document downloads' area of the website. The June figures are available now.
