humraz auctions are on-line, live, highly interactive and without precedence.

Bidders book a seat to enter our virtual auction room and place their bids using our custom-designed auction console.

The bidder who has the lowest unmatched bid at auction close is offered the lot at their successful bid price. During an auction all bid values are confidential but bidders are given sufficient information to plan their bidding strategy.

Registered users can participate as a bidder by booking a seat in an auction or simply spectate an auction by selecting its console once it is live.

No

The lowest bid that no one else has placed.

You have the opportunity to purchase the auctioned lot at the value of your successful bid.

Bidders pay to reserve a seat in a virtual auction.

Our auctions are events and the charge allows the seat-holder to be part of the event.

We use the revenue from the seats to subsidise the lots full value, which means the successful bidder can buy it at a greatly reduced price.

No.

There is no randomness or element of chance in our auction model!

You apply strategy and skill to succeed and you do not wager on your success.

Additionally, your costs cannot escalate as our terms and conditions do not allow more than one account per user, and no more than one seat per account.

There is nothing illegal about the humraz auction format.

The design and development of our auction model and the underpinning software is the result of extensive research and a great deal of creative thinking.

• auction seat prices are based on an in-built market research phase (preview);
• the seat charge is for entry to the virtual auction room, represented by our auction console;
• for most people participating in our auctions should be an exhilarating experience;
• there is no seat charge if there is no auction;
• lots are auctioned without a reserve;
• there is a restriction on the number of seats that can be sold for each auction;
• bidders can book only one seat in each auction;
• all bidders can place up to the same number of bids;
• bids are not binding, therefore bidders can change there mind right up to the point of purchase without risking penalties
and most importantly from the perspective of legality
• there is no per bid charge;
• and although bids are still confidential, our auction console provides live information to each bidder about the status and relative direction of successful bidding, therefore success is based on the skill of the bidder and not on lucky guesses.

Essentially, the auction model operated by humraz is unlike any other known auction format, unique bid or otherwise. Our auctions were designed specifically to allow bidders to place informed, strategically positioned and progressively higher bids in values that are precise to the penny (two decimal places).

Even though our auctions have very little in common with other auctions that sell to the lowest unique bidder, we have tried to find official information about unique bid auctions to help our users. Unfortunately, to date we have found only two useful links.

ONE

In the UK, the Committee of Advertising Practice (CAP), published an AdviceOnline (Sep. 2007) entry on their website.

Extract: -

This is not true of humraz auctions, bids are placed via our custom designed auction console and bid information is provided interactively and as it is happening. No charge is made per bid and each bidder has the ability to place numerous bids. Even matched bids are dynamically updated to point in the direction of the latest successful bid. Bidders do not need to guess, they can use the data provided to position each bid.

Extract: -

Again this does not apply to humraz as there is no randomness in our auction model. There is no escalating cost associated with placing numerous bids. Each bid remains informative throughout the auction, allowing skilled bidders to develop bidding strategies and bids can be placed based on knowledge rather than guesswork.

In short, planning, skill and speed form the basis of success in our auctions.

TWO

Strangely, the advice from CAP doesn't seem to align to an earlier ruling by Ofcom, the UK's Office of Communications (the regulator for all things related to communications in the United Kingdom) of September 4th, 2006, in which lowest unique bid auctions were described as

“genuine auctions, rather than auction-based prize competitions, as callers bid, although in a competitive manner, to secure the purchase of a product. The goods were therefore for sale, not prizes.”

humraz auctions conform to this etymological definition of the word auction. In that, even though the successful bid is defined as being the lowest unmatched bid at auction close, bid values increase, albeit in very small increments, during the course of the auction as competing bids are gradually matched.

Additionally, in an Ofcom ruling of September 4th, 2006, lowest unique bid auctions were described as

“genuine auctions, rather than auction-based prize competitions, as callers bid, although in a competitive manner, to secure the purchase of a product. The goods were therefore for sale, not prizes.”

In an Ofcom ruling of September 4th, 2006, lowest unique bid auctions were described as

“genuine auctions, rather than auction-based prize competitions, as callers bid, although in a competitive manner, to secure the purchase of a product. The goods were therefore for sale, not prizes.”

However, it could be argued that all auctions, by definition, are competitive…

Key conditions are that you must be over 18 years of age; be legally capable of entering into a contract and also be a registered user with us.

Additionally, there may be lot specfic constraints and conditions.

Please read our terms and conditions carefully when registering with us and ensure you fully understand any auction specific constraints before booking auction seats.

However, should you wish to promote your organisation through us, we may consider running a sponsored 'Charity' auction on your behalf.

Please contact us if this is of interest.

Not without risking litigation.