humraz auction house

You must have a seat to bid in an auction. You can either reserve a seat while the auction is in the preview phase or buy one when the auction has been scheduled i.e. the booking phase.

If you have a reserved seat, you will be able to access the auction's console by clicking on the auction console button, which you will only be able to see if you are logged-in, once the auction is in the booking phase or it is live.

For any one auction all seats have the same maximum number of bids that can be placed. This number is calculated based on the level of interest in the lot and is displayed on the auction page when the auction is in the pre-booking and booking phase.

This is the lowest unmatched bid at close of auction.

If there are no unique bids then the lowest bid value with only 2 bids will be selected and the successful bidder will be the person who submitted their bid first based on the date and time stamp of the automated bid management system.

If there are no bid values with only 2 bidders, then the lowest bid value with only 3 bids will be selected and the lot offered to the bidder who submitted their bid first.

This process will be repeated until a successful bidder is found.

Yes, if it is still the lowest unique bid when the auction closes.

No, we are sorry but once a bid is queued or placed it cannot be retracted.

No. All bids are sealed and no one else can view your bids.

This is a sealed bid auction and the value of bids will not be disclosed.

If each lowest unique bid value were made visible to all, it could result in the whole process deteriorating into a knock out race.

We set maximum bid value for lots to keep bidding within an acceptable range.

Your bid will not be accepted and a message will appear in your console's message window.

Typically we will set a maximum duration for an auction.

This and the number of seats booked are the variables used to calculate the expected rate of bidding (i.e. bids/second).

If bids are placed at a faster rate, then the auction will close sooner. If the bids are placed at a slower rate, then bidding engine will make up the short fall to close the auction so that in does last longer than maximum duration.

If, because of technical reasons, an auction fails to start, it is rescheduled.

If it is not a free or training auction and there were seats remaining, we close seat reservations so that no more seats are sold before the rescheduled date. This ensures the number of bidders remains static when the rescheduled auction starts.

If, because of technical reasons, an auction fails to complete successfully, it is rescheduled.

The rescheduled auction will either be restarted in its entirety or it will begin at a point just before the fault occurred, depending on circumstances.

If it is not a free or training auction and there were seats remaining, we close seat reservations so that no more seats are sold before the rescheduled date. This ensures the number of bidders remains static when the rescheduled auction starts.

For each auction the expected rate of bidding (i.e. bids/second) is calculated based on the number of seats booked, the maximum bids per seat and the maximum duration set for the auction.

If bidders hold back their bids to place them just before the end, the rate of bidding will fall and the bidding engine will reduce the number of bids that can be placed to make-up the shortfall. Therefore bidders who wait to just before the end may find they are unable to place all or even any of their bids before the auction close.

The basic details of the succesful bidder appear on the auction console as soon as the auction closes. This information is also visible on the auction page for the relevant auction.

If there are any issues with the bidder (e.g. eligibility, false information provided etc.) their bids are invalidated and the next successful bid identified.

We will contact you to verify your details and explain the next steps.

If you have an active humraz account you can login and spectate an auction, you simply select the auction from the list that appears when you click the auction console button once the auction is live.

Yes, simply select the auctions you want to spectate after clicking on the auction consoles button (you must be logged-in to see this button) and each auction console will open in a separate tab.

Remember an auction must be live before you can spectate it.

You will be able to see the: -

leader board	which displays the bidder IDs of the bidders currently in the top 10 positions
auction duration clock	which tells you how lond the auction has been running
progress bar	which will provide you with an indication of the scale of bids placed

You can find this information by clicking the auctions results button.