Humraz auctions
are a revolutionary concept in lowest unique bid competitions.
At the core of our design is a competition model with the adrenalin rush of bidding in a live interactive auction and none of the inherent risk
of escalating costs.
Our auctions are great fun, fair and radically
different to any other auctions that you will experience.
The only thing we have in common with generic
reverse auctions is that we use the lowest unmatched bid to identify the winner,
but with us the winner has nothing more to pay, not even their winning bid.
A key objective in developing Humraz
was to eliminate the drawbacks typical of many competitions, such as –
the need for specialist skill or complex logic; the potential for repeat entry
costs; and a time-lag between competition close and the winner being announced.
Ironically, we have been so successful in meeting this objective that we occasionally
receive emails asking if there is a catch.
The answer to this is – we
designed it to make sure there isn't one.
The basics constructs that underpin Humraz are
very simple:-
- each lot is carefully selected and added to the site only if it is deemed to be of value, special or something money can't buy;
- there is a nominal charge for 'seats' to take part in an auction;
- money from these seats is used to pay for the lot or, if it is a charity auction, to donate to charity;
- bidders are limited to one seat per auction and pay for their seat only when there is enough interest to guarantee the auction;
- there is no charge for each bid placed and no need to pay the winning bid;
- all bidders in an auction can place the same number of bids so everyone has the same opportunity to win;
- bidding is very simple;
- and last but not least, bidders are able to view live information about their bids and the exact direction of bidding.
Our auctions are legal prize competitions as
their design is more than compliant with the UK
Gambling Act 2005 and, for our many users based in the Middle East, the
competitions are even
Shariah compliant.
The Humraz business and auction model is without
precedent and has no true rivals. This is no mean feat when we consider that Humraz, as it is exists
today, represents less than 10% of our overall vision.