We created our maximum bid (max bid) functionality to save you the hassle of incrementally bidding in a live or timed auction. You set the ceiling for the price you're willing to pay for the lot and we do the work for you.
Here's how it works:
- You must be registered and approved to bid with the auctioneer for your max bid to be valid.
- You tell us your absolute maximum price by entering the figure in the 'Your max bid' box on the lot page, and click 'place bid'.
- Be sure to read the terms and click the 'Confirm' button when it appears to ensure your bid is placed.
- Our technology will place your bids at the next available increment to keep you in the lead, but only up to your max price and never any further.
- Sometimes where an auctioneer has set a reserve on a lot, you'll see the bidding jump up to the reserve to ensure the lot is on the market to sell.
- If another bidder has a max bid higher than yours, this would also cause the bidding to jump up to your max bid.
- If the bidding passes your maximum amount, then you may miss out on winning the item. However, if part of a competitive bidding or timed auction, we'll email you to let you know so you can increase your max bid if you wish.
You can check and keep track of all your max bids by heading to ‘My Bidspotter’ at the top of the page and clicking ‘Current bids’.
Max bids vary depending on whether the auction is a live or timed auction. Here are the differences explained:
In a live auction:
Max bids are referred to as autobids in a live auction. Autobids left will be implemented by the operator of the auction on the behalf of the bidder.
You may reduce or remove your autobids at anytime prior to a live auction. If you have changed your mind after the live auction has begun (but before your lot is offered), you'll need to reduce or remove your bid in the live bidding applet.
In a competitive live auction:
Leaving a competitive autobid before a live auction gives you an indication of the whether you're in the best position to potentially win the lot when the auction takes place.
You'll notice if an auctioneer is using the max bids feature before their live auction, when you see the current bid price on the lot page.
You cannot reduce or remove your max bids prior to a live auction. If you have changed your mind, you'll need to wait for the live auction to commence and reduce or remove your bid in the live bidding applet.
How do you know that it is a competitive live auction?
When viewing the catalog, the lots will display an opening price or a current bid. This indicates that the auction you are bidding in is a competitive live auction. Additionally, there will be a yellow banner above the bidding portion of a lot indicating that the auction shows 'Current Bids'.
In a timed auction:
Leaving a max bid in a timed auction means that our system will do the work for you all the way until the auction of the lot ends.
You can reduce your max bid, but only as low as the next available increment. That’s because placing a bid in a timed auction is a contractual commitment to buy an item if you’re the highest bidder and have met the reserve for the lot.