Understanding Auctions
Auction FAQ
National Auction FAQ's
National Auction FAQ'sAbout Auctions
What is an auction?
Auctions are not like auctions on eBay. They're authentic auction experiences that often take place in real time as well as online. Just like you have probably seen on television, people arrive at the auction's location, browse the lots or property, and place their bids. The difference is that the auction action takes place online as well as on location.
Some auctions are online-only. These auctions are not taking place live, and all bids are accepted online.
Some auctions are live only. These auctions do not accept any online bidding, but prospective bidders can view details about the auction online such as the auction location, catalog, and details surrounding the auction.
There are also simulcast auctions that combine live and online interactive bidding simultaneously.
Registration and Participation
How do I register for an auction?
Creating your account will provide bidding access to all auctions within the MarkNet Alliance network. Some auction companies may require additional registration, and bidding will not be enabled for that auction until this process is completed.
Where can I find the terms and conditions for an auction?
Terms and Conditions are located both on the main auction event page and on individual lot pages. It's essential to familiarize yourself with these details for a seamless auction experience.
Auction Process
How does an auction end?
An auction only ends when bidding has stopped. The auction company hosting the auction will specify the amount of time that must pass before an auction is considered closed. Some auction companies allow time extensions on individual lots if bidding is still active (called "staggered closings") and some auction companies elect to have all lots within their entire auction go into extended bidding if any of the auction's lots are still being bid on.
Auctions close in a few different ways:
- Some auctions close at a set time, pre-determined by the auctioneer
- Some auctions have a staggered closing, where the first lot or group of lots will close at the specified time and subsequent lots close after a certain amount of time has passed
- Dynamic or extended bidding (also called Soft Close) may be in effect, extending the auction if there's active bidding
How do I know if I've won an auction?
You will receive an invoice via email when you are the winning bidder.
How do I pay for my items?
Payment terms are specified in the auction's terms and conditions. Each auction may have specific instructions.
Bidding Information
Are there fees for bidding on an auction?
No, there are no charges for placing bids. Fees are only applicable if you emerge as the winning bidder. Some auctions may have a buyer's premium charge, which is clearly outlined in the auction's terms and conditions.
How can I see the status of the items I've bid on?
Navigate to 'bids' at the top of every bidding page to view a list of items you've bid on. Each item displays the time remaining in the auction, the current bid, your maximum bid, and the auction status.
Can I raise my maximum bid (even if no one has outbid me)?
Absolutely! You can increase your maximum bid at any time before the auction concludes. If you choose to raise your bid while still being the highest bidder, it won't affect the current bid – no need to worry about bidding against yourself.
How can I make sure I'm seeing the most up-to-date bids?
Ensure you're viewing the latest bids by refreshing regularly. Use the browser refresh button for the most recent updates. 30 minutes before the auction is set to close, be sure to be in the view catalog section to see the countdown and bids in real time. If you stay in your watch list, the bids will not refresh automatically.
Why can't I place a bid?
To place a bid, you must be registered and approved for the auction.
How do I remove a bid?
Once a bid is placed, it cannot be canceled under any circumstances. Please bid carefully and thoughtfully.
Finding Information
How can I contact an auction company?
The "Ask the Auctioneer" form on the auction event page and on each lot page allows you to send a message to the hosting auctioneer. Questions that other users have asked can also be viewed on these pages. The auction company's contact details (address, phone number) are also available on the main auction page.
How can I search for a specific item?
Use the search bar at the top of the page to find a specific item in all auctions. You can narrow your search by category or view all lots that match your keyword in all categories. You can also save a search to revisit it later in your account under "Saved Search."
How do I print an auction's documentation?
On the auction event page and lot pages, there are links to download PDF files of the auction's brochure and packet.
How can I find an auction in my state?
All search results can be filtered by state or multiple states. These filters can be found in the left hand side bar on all search results pages. To view all auctions and then filter by state, simply select "Auctions by State" from the "Browse By" drop down on every page, and then filter by your state(s) on the left.
Auction Terminology
Internet or Online Only Auction: A timed auction where bids can only be placed over the Internet by bidders. No live bidding is taking place at a physical location.
Live Auction: An auction that takes place at a designated place and time, where bidders can browse the auction lots and place their bids in person. The event is typically overseen by an auctioneer who conducts the proceedings using an "auction chant" or "auction cry" - a rhythmic, often rapid vocal pattern that announces the current bid, solicits higher bids, and creates excitement among participants. This distinctive cadence, sometimes called "the chant" or "bid calling," helps maintain the momentum of the auction while clearly communicating prices between the auctioneer and bidders.
Simulcast Auction: Live and online interactive bidding at the same time.
Staggered Closing: Auctions that begin to close and progress at a certain rate of lots instead of at one specific time. For example, an auction will close five lots every five minutes beginning at a certain time. This will be listed in the terms of the auction.
Soft Close/Extended/Dynamic Bidding: Auctions may extend the bidding time on any lot that gets a bid within a certain amount of time of its scheduled closing time. The auction will remain open for those lots until no bids are placed in the allotted amount of time. All lots not receiving a bid in the final minutes will close at the normal time. The auctioneer will determine the number of minutes necessary to activate dynamic bidding ahead of time.
Maximum Bid: the highest amount a bidder is willing to pay for an item. When placing a bid, participants have the option to specify their maximum bid, which is the highest amount they are willing to commit to purchasing the item. The online auction system then automatically places incremental bids on behalf of the bidder, keeping their offer competitive up to their specified maximum bid. For example, if an item has a current bid of $50 and a bidder places a maximum bid of $100, the system will place incremental bids on behalf of the bidder as needed, up to the maximum amount of $100. If other participants place bids, the system will automatically increase the bidder's offer, ensuring that they remain the highest bidder, up to their maximum bid. This feature allows bidders to participate in the auction without having to constantly monitor and manually adjust their bids, making the process more convenient and efficient.
Bid Increment: The minimum dollar amount that the current bid increases in price after each new bid.
Buyer's Premium: An additional charge to cover administrative expenses. This is a percentage of the purchase price, which is specified in the auction terms and is in addition to any taxes owed.
Absolute Auction: An auction where the highest bidder wins the auction, regardless of the price of the bid. There is no reserve price.
Reserve Auction: The lowest price the seller is willing to sell the item. If the reserve price is not met at the auction, the item will not be sold.
Lot: A group of items or a single item that are sold together at auction. Lots are determined before the auction and only the auctioneer can divide a lot. Each lot in an auction is numbered.
