Creighton-Davis Art Auction BiddingNote: All bids must be entered by internet live
bidding system, phone, internet advance bid form or written. In
addition, in some auctions, live bidding will be available using EBAY live
auctions (http://www.ebayliveauctions.com). The system works in three ways1. Absentee Internet Bidding: Internet bidders may enter bids via
the bid form at each lot description. After registering, simply click on the bid
button at each lot and enter your bid and registration number. The entered bid
represents a maximum limit bid for the work and is not exceeded in the bidding
competition. If there is no other competition for the work and the bidding can
be opened at a level below your limit, you would buy at some level beneath
your bid limit. Thus the system protects the absentee bidder in two ways. No
competition: you buy at the open or at the reserve if there is one. Other
bidding: you buy at one increment above the next highest bid but no higher than
your limit. If there are higher bids exceeding your bid limit you would,
of course, be unsuccessful. 2. Telephone Bidding: We can accomodate a limited number of telephone bidders in the event of either a internet only auction or a live auction. Telephone bidders can be contacted just before the lot comes up and an auction associate will relay your telephone bids to the auctioneer. Please make reservations in advance for this service. It may not be possible to accomodate every telephone bid request. 3. Live Bidding: In the event there is a live auction session, you can attend the actual auction and bid in the traditional system whereby the auctioneer asks for bids and compares the bids of the audience with the absentee, internet, and telephone bidders. Minimum Bids, Starting Bids and ReservesMany
works have reserves, the lowest price the lot can be sold for. The reserve
is never higher than the low estimate. A starting bid is just that, the first
bid that the software will accept. The autobid function will not accept starting
bids less than 1/2 the low estimate. Auction PremiumAs in most auctions there is a buyer's premium added to the final bid. That premium is 25%. Bid IncrementsBid increments are strickly adhered to during bidding. No lot will be sold
below specified increment levels noted below. Bids entered between these
increments will be rounded DOWN to the specified increment level just
below your bid limit. The reason for the increment restriction is to be fair to
all bidders. Everyone, whether present or absentee, clearly knows in advance
what the next price must be and can decide if it is a price they wish to
pay. from $100.00-$499.00, increments of $25.00 from $500.00-$999.00, increments of $50.00 from $1,000.00-$4999.00, increments of $100.00 from $5,000.00-$9,999.00, increments of $250.00 from $10,000.00-$19,999.00, increments of $500.00 from $20,000.00-$49,999.00, increments of $1000.00 from $50,000.00-$99,999.00, increments of $2500.00 from $100,000.00-$499,999.00, increments of $5000.00 from $500,000.00-$999,999.00, increments of $10,000.00 from $1,000,000-$1,999,999.00, increments of $25,000.00 from $2,000,000.00-and above, increments of $50,000.00 |
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