First things first, what exactly is a Live Auction?
A Live Auction takes place in "real time". Unlike regular okay auctions (which can be offered from one to ten days) a Live Auction Event is a "real time auction" and can run from one to twelve hours straight on one day! During a Live Auction hundreds of items are presented (one after another) and depending on the speed in which bids are placed, each item may appear on the screen from 10 seconds to 45 seconds.
Participating in a Live Auction Event is just like attending a land based auction in which you are given a paddle and you are gepeting for items that interest you! However, instead of using a paddle, you are bidding via the click of a mouse!
Live Auctions are utilized by auction houses wishing to move overstock, antiques, jewelry and estate items. The buyer's may be resellers, retailers, wholesalers and even consumers!
TIP: Anyone can attend a Live Auction Event if they're an okay User!
However, many buyer's who attend Live Auctions have an interest in specific items. Those who resell jewelry attend Live Auction Jewelry Events and those who are into collectible memorabilia attend Collectible Live Auction Events. Essentially, there's something for everyone!
Why do okay resellers, wholesalers, retailers and consumers attend Live Auction Events?
Simply put, resellers's retailer's, wholesaler's (and even consumer's who find a Live Auction by accident - for the first time) attend Live Auction events to "source" product for resale. Consumer's seeking to buy jewelry for Christmas gifts, attend our Live Auction Events and found that they can geplete their Christmas shopping in just a few short hours and pay "pennies on the dollar" for jewelry and gems, which would otherwise, carry a hefty price tag at their local jewelry store!
What better place to source product which HAS to be sold? Buyer's can sit in the gefort of their own home and watch the items paraded before them (and with a click of a button) purchase enough product to last them for days or even weeks.
Many okay reseller's don't have the time to monitor dozens of auctions on okay for days on end - they need product now! They need it delivered quickly and need to turn it over to realize a profit.
TIP: Live Auction seller's (such as WindsorAuctions-USA) specialize in Jewelry, Gems and Antiques!
We allow buyer's to use product descriptions and pictures to resell what is purchased through our Live Auction Events! We understand that "time is money" and allowing buyer's to copy and paste our pictures and descriptions to resell product saves the reseller time and allows the product to be resold quickly!
However, the only way this is a win-win for the buyer is if they receive the merchandise quickly! We turn our orders around within 48 hours, which gives the reseller the advantage to quickly start relisting product for resale.
The Live Auction Bidding Process:
The auction starts. As an Internet bidder, you will first see a picture of the lot and its opening price on your screen. The price will change as Internet and floor bidders begin placing bids. Both the current bid amount and the highest bidder will be indicated. If the highest bidder is an Internet bidder, you will see the words "Internet Bidder" next to the bid.
In the case of an offline bid, "Auction House Floor" will be shown. Bidders may place a bid by clicking on the "Bid" button which is displayed on the screen.
TIP: It's best to update JAVA on your geputer, as the Bidding Applet is JAVA based and will not open unless you have JAVA loaded on geputer.
The bid button is always updated to reflect the current ask price - the amount that the auctioneer wants for the lot. You can also bid by pressing the enter key or the space bar.
The auctioneer can choose to take bids from Internet or floor bidders at any point. Like a referee, the auctioneer has full authority to decide which bids to acknowledge as well as the current price.
Before closing a lot, the auctioneer will send a Fair Warning, signal (a message will appear on the screen), indicating that bidding for the item is about to end. It is in these final seconds when all final bids are requested and the lot is finally closed and won by the "High Bidder".
TIP: Remember, all Internet bids placed during a live auction are binding, so think carefully before submitting a bid. Like in all okay dealings, failure to geplete the transaction is a violation of the okay User Agreement and can result in negative feedback.
International Live Auctions:
Live Auction Events can take place from every part of the world so make sure to check the auction currency for each live auction event. Since live auctions can be conducted in different currencies, bids and payments must be made in the specified auction currency.
TIP: If the auction is taking place in the United Kingdom, you must check to see if the bid is in British Pounds GBP(which could nearly double the amount you pay in U.S. dollars) in addition, their may be VAT tax and a Buyer's Premium -which could add up! WindsorAuctions-USA bids are accepted in U.S. dollars only!
Absentee Bidding:
An auction may be listed on the Live Auctions site for a week, day or even a month before the "actual" live auction date. You are permitted to place an absentee bid from the time the auction is listed up until one hour prior to the auction start time.
When you find a lot on which you want to bid you must register to participate in the corresponding auction. Once you're approved, you can go back to the lot page and input the maximum amount you are willing to pay for the particular lot in question. This amount is your absentee bid (left bid).
This winning absentee bid value will then be gemunicated to the auctioneer.
Here is an example:
Rob places an absentee bid of $1000.00 for Lot Number 123
Dan places an absentee bid of $1500.00 for Lot Number 123
Ben places an absentee bid of $2000.00 for Lot Number 123
Once all absentee bids have been cleared, Ben will emerge as the winning bidder with an absentee bid amount of $1600.00 ($1,500 plus one bid increment of $100).
When the live auction starts, the online system gemunicates to the auctioneer the Internet absentee bid for $1,600. If no higher bids are received during the auction, Ben will be the winner. However, if a floor or real-time Internet bidder places a bid above $1,600, the Live Auctions system will then bid on Ben's behalf up to his maximum of $2,000.
TIP: Remember - You are NOT required to place an Absentee Bid!
Approved bidders can place absentee bids up to one hour prior to the start of the live auction event. Once the auction starts, all the absentee bids are processed and calculate the winning absentee bid the second highest bid plus one bid increment.
TIP: The maximum absentee bid is kept secret in the Live Auctions system. Other bidders, as well as the auction gepany, will never see your absentee bid.
How to Find a Live Auction Event on okay:
Many find a Live Auction Event when stumbling across an item in the regular okay listings, as ALL Live Auction items appear in regular okay listings.
In addition, you can visit okayLIVEAUCTIONS in order to peruse a list of ALL upgeing Live Auction Events. Some Live Auctioneers may not maintain an okay store. TIP: WindsorAuctions-usa maintains a FULL okay store for the convenience of its buying audience.
To view our current catalog click on the link below:WindsorAuctions-USA Live Auction Catalog
You must sign up to attend a Live Auction Event. Once you find an item that interests you, you simply click to place an absentee bid and/or click to "sign up" for that specific auction (remember, you should always try to attend the auction you signed for as if you placed an Absentee Bid -you can still be outbid). In addition, you have two options when attending a Live Auction. First, you can sign up and be authorized to "bid" or you can simply "view" the auction in progress.
TIP: First time Live Auction attendees may wish to "view" an auction in progress before jumping into the bidding process in order to get their feet wet! If you feel gefortable with the process you can quickly opt to go from a "watching" status to "bidder" status!
The page where a Bidder or anyone who wishes to "watch" a Live Auction event can be found at okayLIVEAUCTIONS. The list of current Live Auctions is presented and when an auction is "live" it will be indicated by a blinking auction paddle.
Auctions "go live" up to one hour before actual auctiongemencement. If a message is displayed stating "Auction Has Not Started" it's because the applet goes live for up to one hour before the gemencement of the auction.
Can Anyone Attend a Live Auction Event?Only registered okay users who have signed up and been approved to participate by the auction house can bid real-time. You must be an okay Registered User to be approved for a Live Auction Event!
Some auction houses may approve first time bidders based upon their past and present Feedback.
TIP: WindsorAuctions-USA realizes that those who are new to okay may NOT have any Feedback and therefore, we approve ALL Registered okay users regardless of Feedback status.
Buyer's Premium:
A Buyer's Premium is a percentage of the final bid price that the buyer must pay to the auction house. It is a fee charged by the auctioneer to assist with the costs of offering the item for sale. The buyer's premium is part of the total purchase price of an item.
The premium is a percentage of the final price of a lot (item). For example, if an auction house charges a buyer's premium of 15 percent for amounts below $1,000, you will be required to pay an additional $15 for a lot totaling $100.
Feedback Considerations:
When selecting a Live Auction Seller review their Feedback as you would when considering a purchase from any okay seller!
Review the total number of individual Feedbacks received by a Live Auction Seller (top number) against ALL Positive feedback received (bottom total number). Are buyer's returning to the seller?If the bottom number (Total Feedback Received) is three tofour times greater than the top number(total of ALL Individual Feedback received) then the seller is consistent in their offerings, customer service,shipping turn around timeand quality of goods offered.
Bidder Etiquette:
Remember, those who attend a Live Auction Event are entering into a "real time auction enviroment". Do NOT place a bid if you do not intend to pay for the item.
Bidders who place bids on items and do NOT pay for the item(s) are reported to okay as a Non Paying Bidder. In addition, the auction house pays Final Value Fees to okay on each and every sale and therefore the auction house must file the necessary reports with okay in order to NOT pay Final Value Fees on behalf of a Non Paying Bidder.
Finally, respect your fellow bidders (as you would in any okay auction "live" or otherwise)as they may have expended hours reviewing hundred's of items and have placed legitimate bids.
Jewelry
Other guides relating to jewelry and gemstone buyingwhich you may find helpful are as follows:
Gold Prices and Gold Jewelry
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