Live Auction
The classic one. This is your traditional auction, but online. This format guarantees an agile and exciting experience, making every second count.
In Life or ‘live’ auctions, lots are presented in a sequential order. Each lot includes an approximate end time, which is indicative, therefore, the end times of each lot will be continuously and automatically updated throughout the auction, in order to reflect as accurately as possible its closing time.
Participation process:
1. Join the auction as a Setdart user: In order to take part in all auctions and purchase modalities, it is essential to register as a user.
2. Explore the auction: The auctions are opened between two and three weeks before their closure. Make the most of this time to explore the lots, place bids or leave your auto-bids*.
3. Auction Day: Every auction is scheduled at a specific time and date. In addition to being able to bid before the live auction starts, you can also bid in real time on the live auction or from the catalog on the lots you are interested in.
4. Follow the Auction in real time: From the begining, you will be able to see how the lots are progressing and being auctioned off one by one. Observe the bidding in real time and participate with your own bids on the spot.
5. Lot closing: Once the 10-second countdown is over, the piece is assigned to the highest bidder.
6. Instant winner: If you are the highest bidder at the time the lot closes, you win the piece immediately.
7. Winner Notification: If you are the winner, you will receive an email confirming that the piece has been awarded to you once the auction ends. If you do not receive an email, it means you have not won the lot.
*Auto bidding: If you wish, you can set the maximum amount you want to bid and the system will automatically place bids for you. This system operates in a progressive way, bids are placed, always within the established limit, to compete with the opposing bidder.
Once the timer reaches zero, the live auction will be activated. On the platform, three key columns will be displayed:
- Left: All available lots in auction, with the follow-up option.
- Centre: The lot that is being auctioned in real time.
- Right: A detailed message history of recent bids and events.
The message history will display important announcements such as:
- "Auction open": This indicates the start of the auction.
- "Lot 1 is open for bidding": This indicates that the lot is active and ready to receive bids.
In the live auction, you can only place bids on the lot which is currently being auctioned. If you wish to place a bid on a lot to be auctioned later, you may bid on it from the catalog before its time comes, but not from the live auction section.
- "Fair warning": It reminds you that the lot is about to close, offering a last chance to bid.
- "Countdown: 10, 9, 8...":It marks the last seconds before the lot closes. If a new bid is received in this period, the countdown restarts.
- "Reserve price not reached": Informs you that the minimum price required to sell the lot has not been reached. If you are the last bidder, you can increase your bid to secure the purchase.
- "Lot sold":The lot has been awarded to the bidder with the highest bid.
