This is a new banner that will display when the lot is
approaching the reserve. You can set this flag to appear when
the current bid is within say, 2 or 3 increments of the reserve.
You choose the number of increments below reserve to display
the ‘Near Reserve’ banner.
Bid increment reduced
Just like a real auction you can reduce the increment in real time
as bidders come close to their limit. If the bid increment is set to
be $100 and the lot is ‘on the market’ a reduction of the
increment to say $50 might entice the under-bidder to make
On the Market
You may decide to reduce the reserve, just by 1 or 2 increments
if the bid is close. As auctioneers know a lot won in the auction
is better than negotiating a referral after the auction.
In a recent auction of 1500 lots 151 were below reserve, but 20
of these were within 1 increment of the reserve and a further 15
within 2 increments. With one click you can set the reserve to
the current bid and immediately the ‘On the Market’ banner is
displayed on that lot. As many auctioneers know bidding
activity increases when the bidders know the lot will be sold.
We already have three methods of closing an auction:
We have now added a fourth method:
- Automatically extend a lot’s closing time if there is active bidding.
- Automatically extend the closing time for all lots if there is a bid on any one lot.
This benefits a single vendor auction such as a farm clearance. Whilst the result for
individual lots is important it is often the total value realised that is the farmer’s main
- Close the auction when the closing time is reached. This is the original method but it
benefits the bidder not the vendor!
Lots only start closing when the preceding lot has closed. For example Lot 2 does
not start closing until Lot 1 has closed, just like a traditional auction.