Before you start to bid
The process begins when a bidder sends us an email inviting us to an auction, which will take place at a certain date and time. Along with this information, we get the auction type, the currency used in the auction, the starting price and if you use reserve. Before the auction starts, we receive another email, with the details of connection to the auction. Using a browser, either in our mobile, on a tablet or PC, we can navigate to the address provided (url) and validate us with the name and password that appears in this last email.
How do I interpret the time of the auction? UTC refers to the time zone, ie we have the local time of the creator of the auction. Time zones are used because we can have bidders in other countries with different schedules, so we can calculate the auction starting time everywhere.
In the upper bar menu Log in or in the burger menu depending on the size of your screen. Several things can happen :
Direct or inverse auction
Once the auction has started, we find the following information :
To bid, we enter the desired quantity and use the button with the arrow. We can use up to two decimals in the quantity If the auction is a direct one, it only allows us to enter an amount higher than the last bid. If the auction is a reverse one, it only allows us to enter an amount less than the last bid.
If the auction is a direct one, it will end when the auction time runs out. The auction is awarded to whoever has made the highest bid. If the auction is a reverse one, it ends when the time of the auction is exhausted. The auction is awarded to whoever has made the lowest bid. Whether it is direct or inverse and has a reserve, it may not be awarded to anyone, since the minimum value defined by the bidder has not been reached.
Once the auction has started, the bid creator start to create auctions; up to 8. The information available is:
What we see in a direct dutch auction is an amount that is increasing every second. In a reverse dutch auction, the amount is decreasing every second. If it reaches zero, nobody wins. If we bid we are awarded the auction at the price that is at that moment, ending that auction.
The auction ends because the session time reaches 0, or because the bidder does not do any more auctions.