The questions and answers
in this section will help you learn more about humraz
auction consoles.
Please select a question to view it's answer.
You must have a seat to bid in an auction.
You can either reserve a seat while the auction is in the pre-booking
phase or buy one when the auction has been scheduled i.e. the booking
phase.
Once you have a seat you can access the auction's console if the auction is in the booking phase or it is live. .
For each 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.
Auctions, other than practice auctions, will accept bids for a period of 7 days or more.
The number of days an auction will be open for bidding will be announced when the auction date is confirmed.
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.
Only 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.
Practice auctions are typically are set to run for no longer than 20 minutes.
If it is not a Practice auction, it will
last for at least 7 days, sometimes longer for larger auctions, after
which the auction
close begins.
Durations are announced on the auction page
once the auction's start date and time are confirmed.
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 successful 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.