Reserve prices, archived bids

A couple of frequently requested changes have just occurred on our auction sites:

Reserve Prices

Reserve prices now show on the category/search page when an item has a reserve. Just below the price, the text “reserve not met” in red, or “reserve met” in green will be shown. See the example below.

MULTI COL FIRE OPAL RETAIL $1750 A402 opalplus 310.00 reserve not met 19 4 .75 9x5x2 2 days 2 hours

Bid History on reserve items

When a bid is placed on a reserve item, and the reserve is not met, the bid is preserved in our system. Obviously, you will not win the item having not bid up to the reserve, but if the item relists, the bid will remain intact so that the next bidder does not have to start from scratch.

Previously we would show the buyers name next to their bid, even if the bid was placed some time ago. We have adjusted this to show “archived bid” in place of the buyers name.

Bidding FAQ

What happens after I bid?

Two things happen immediately and automatically after you place a valid bid.

If someone else has already bidded on this item:

If your Maximum Bid is more than the Maximum Bid of the current highest bidder, we will enter the previous highest Maximum Bid as a new bid automatically, and your bid will be entered at the next lowest bid. You will be the new highest bidder.

If your bid is less than the Maximum Bid of the current highest bidder, we will accept your bid and increase the Minimum Bid by placing a new bid on behalf of the highest bidder automatically, however you will need to bid higher to outbid the other bidder.

If you are the first person to bid on the item, the system will accept your bid at the lowest possible amount (ie. the minimum bid for the auction), and your secret maximum bid will be remembered in case someone tries to outbid you. See “how much should I bid?” below for further information.

TIME EXTENSION

If the auction has less than 5 minutes remaining, the auction end time is increased by 60 seconds to give other bidders an opportunity to bid.

For example, consider an auction where the Minimum Bid is $90, the bid increment is $1, and the secret Maximum Bid of another bidder is $110 - and you enter a bid of $100. Your bid will be accepted at $100, but the system will place a bid immediately for $101 on behalf of the previous bidder. This will continue until you exceed the secret Maximum Bid of the other bidder, which is $110.

How much should I bid?

When you place a bid, you should enter the maximum amount you are willing to pay for the item. The auction system will remember your Maximum Bid, but enter the lowest possible bid on your behalf. Additionally if someone starts bidding for the same item, bids will automatically be placed on your behalf, up to your maximum bid.

Entering the maximum amount you are willing to pay guarantees that you do not spend anymore than you want to spend, and also saves you from having to continuously increase your bid against other bidders.

Always double-check the amount you entered is correct!

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