BIDDER GUIDE: HOW TO BID (AND WIN!) AT AUCTION
Terminology:
+ Soft Gavel: An automatic time addition on the auction clock when a bid is placed. The “soft gavel” allows all bidders time to place their next bid.
+ Chip: An incremental advance in bidding that is below the current ask.
+ 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.
+ Floor Bid: A bid placed by the auctioneer to establish the starting price for a Reserve auction.
+ 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.
Auction Roles:
+ Auctioneer: Auction conductor who is the deciding factor on bid increments and the timing of extensions.
+ Auction Controller: Auction clerk in direct communication with the auctioneer.
+ Bid Assistant: A dedicated assistant assigned to offer phone support to bidders in the last 15± minutes of an auction. Bidders have the option to join a private, recorded line. Bid Assistant support includes time extension requests, "chip" requests, bidding strategy, and auction FAQs/process explanation.
+ Bidders: Individuals who have completed our threestep registration process.
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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. 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
BIDDER GUIDE: HOW TO BID (AND WIN!) AT AUCTION
Bidding Strategies:
+ 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.
+ 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.
+ Time Extensions: Bidders may request more time to be added to the clock via a bid assistant. This is often requested for the bidder to have additional time to decide their bid amount and/or contact a spouse or financial partner. Time extensions are at the auctioneer’s discretion. The auctioneer will limit the number of times the same bidder can request an extension, and let all bidders know when there will be no more extensions without a bid advance.
Auction Timeline:
Bidding Open:
+ Bidding is usually open for two weeks.
+ Once you are registered, you may bid at any time during this window via our website.
+ On the last day of the auction, you will be assigned a bid assistant who can communicate directly with the auctioneer.
Closing of Auction:
+ As the clock winds down, bids typically become more frequent. The soft gavel ensures all bidders have plenty of time to respond accordingly after another bid is placed.
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? Bids may be placed on our online marketplace (ConciergeAuctions.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.