BIDDER GUIDE: HOW TO BID (AND WIN!) AT AUCTION Terminology:
Auction Roles:
+ Chip: An incremental advance in bidding that is below the current ask.
+ Auctioneer: Auction conductor who is the deciding factor on bid increments.
+ Counter Bid: A bid placed by the auctioneer in order to move the bidding closer to the Reserve. Counter bidding is common practice throughout the auction industry to help the buyer and seller reach a price that works for both parties, so the auction is successful. In a Reserve auction, Sotheby's Concierge Auctions may place counter bids until the Reserve Price is met. When bidding reaches the Reserve, Sotheby's Concierge Auctions will no longer counter bid.
+ Auction Controller: Auction clerk in direct communication with the auctioneer.
+ Floor Bid: A bid placed by the auctioneer to establish the starting price for a Reserve auction.
+ Bid Assistant: A dedicated assistant assigned to offer phone support to bidders during the close-out of an auction. Bid Assistant support includes "chip" requests, bidding strategy, and auction FAQs/process explanation. + Bidders: Individuals who have completed our threestep registration process.
+ Without Reserve: The property will sell to the highest bidder on auction day. There is no minimum bid that must be exceeded to purchase the property. + Reserve: The property will sell at or above a predetermined price threshold on auction day.
casothebys.com | 212.202.2940 Concierge Auctions, LLC, dba Sotheby’s Concierge Auctions, is an auctioneer. Sotheby’s Concierge Auctions’ principal address is 650 Madison Avenue, New York, NY 10022, and its phone number is (212) 202-2940. If required, Sotheby’s Concierge Auctions (or its representative) is registered, licensed and/or bonded in the state where the property to be auctioned is located. Sotheby’s Concierge Auctions (in certain jurisdictions) and certain Sotheby’s Concierge Auctions subsidiaries, employees, and representatives may possess real estate broker or salesperson licenses in various jurisdictions and may, in some circumstances, perform functions that may be deemed brokerage services, neither Sotheby’s Concierge Auctions nor its agents, employees, and affiliates are acting as a broker in any capacity for any party in connection with this auction. Bidders must seek brokerage services or advice from their own real estate agents or professional advisers. Our brokerage licenses are held solely for compliance purposes to further our auctioneering services. Sotheby’s Concierge Auctions, the Listing Agent, the seller of the property and their respective agents, employees, and affiliates do not represent, warrant, or guarantee the accuracy or completeness of any information and shall have no liability for errors or omissions under any circumstances in this or any other property listings or advertising, promotional or publicity statements, and materials. This is not meant as a solicitation for listings or an offer to sell real property. Cooperating brokers are encouraged to participate as set forth in Sotheby’s Concierge Auctions bidder terms and conditions.
BIDDER GUIDE: HOW TO BID (AND WIN!) AT AUCTION Bidding Strategies:
Auction Timeline:
+ Starting Bid Incentive: An incentive that serves as a credit to reduce the Buyer's Premium by 50% related to the Starting Bid Amount, encouraging buyers to submit a starting bid prior to the start of the auction.
Bidding Open: + Bidding is usually open for 3–5 days. + Once you are registered, you may bid at any time during this window via our website or app. + On the last day of the auction, you will be assigned a bid assistant who can communicate directly with the auctioneer.
+ Power Bidding: A power bid is a bid placed above the current ask price. Many bidders find the placing of a power bid to be a strategic one in that it can send a strong message to other bidders that you are serious about owning the property. + Max Bidding: Providing a max bid allows the auctioneer or a proxy bidder to bid up to but not exceed the high end of this bid amount. + Proxy Bidding: As a registered bidder, you may choose to appoint an individual to place bids on your behalf and execute all contracts.
Closing of Auction: + No clock will run on close-out day as auctions will run sequentially during our LIVE event. Going Once: + This signifies that the auction is about to end—bids may still be placed. Going Twice: + A second call by the auctioneer for any last bids. Last Call: + A final call by the auctioneer for any last bids. Sold: + The auction has concluded, and the highest bidder is the winning bidder. The second-highest bidder will have the option to sign a back-up addendum.
Frequently Asked Questions: + How do I place a bid? B ids may be placed on our online marketplace (casothebys.com), or by phone with a bid assistant. + What is my bidder number? All bidders will be provided a paddle number in a confirmation email from our dedicated Client Services team.