Tips and Terms for Bidding in an Online Only Auction | Koster Industries
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Due to the COVID-19 - Please note the special terms and conditions regarding Inspection & Removal
Due to the COVID-19 - Please note the special terms and conditions regarding Inspection & Removal

Tips and Terms for Bidding in an Online Only Auction

Bidding:

You can bid at any time in an online-only auction. Be sure to check the end time for each item you are interested in.

Max-Bids:

Up-To bids or max bid will allow you to place the maximum amount you are willing to bid. The system will bid on your behalf to the next increment and will not exceed your maximum bid placed. Please note that the maximum bid will not automatically drive the bid to your maximum unless there are other bids on the item and then it will only bring it up to the next increment until you are the high bidder. Only the person registered will be able to identify the maximum bid, no other buyers have access to that information.

Reserves:

Items with reserves will display on the bidding window as “Reserve Met – NO”. You can bid as often as you’d like until the “NO” disappears. If the reserve is not met the high bid will be disqualified.

Increments:

Bidding will only be registered in the appropriate increment. Bids will not be recognized if the bid is different from the increment. For example, if a lot has a $5 increment you cannot bid $2.

Opening or Starting Bid:

Starting prices are the minimum opening bid for any particular lot. No bids will be accepted below the opening or start price. Please contact us if you have any questions regarding start prices.

Projected Spend:

This gives us a good idea on approval and whether or not to take a deposit.

Grouping:

Rare for an online-only auction, but we reserve the right or by request to group multiple items together.

Removal of bids or maximum bids:

If you need to remove a bid or placed a maximum bid by accident, please contact us to make the adjustment. If we remove a high bid or maximum bid, you will no longer be the high bidder and the backup bidder will move into the position of high bidder. If you still want to bid on that lot you will have to bid again.

Buyers Premium:

Buyers premiums are a standard commission charged in the auction industry, this is the auctioneer’s commission. The buyers premium is a percentage of the hammer price which is stated on the terms posted within the sale. The buyers premium is taxable.