What is extended bidding?
The AuctionNinja platform features extended bidding (a.k.a. "soft closing"). The AuctionNinja system will automatically extend the closing time of a lot (auction item) whenever a bid is placed within the last five minutes of its scheduled closing. This may occur multiple times on any given lot depending on the bidder interest in that lot. Once all interest and bidding in a lot ceases the clock will run out and the lot will close.
This is the fairest way to prevent “bid sniping” (someone submitting a high bid in the last seconds of any given lot’s closing in order to win said lot) and to give all bidders an opportunity to increase their bids if they wish. It is also the closest way to mimic a live, in-person auction, when the auctioneer gives bidders opportunities to increase their bids if someone jumps into the bidding at the last moment before hammering the winning bid.
Sometimes I'm immediately outbid. Why?
Because all maximum bids are "masked" (hidden from other bidders), you do not know what any other bidder's maximum bid may be or when they placed it. Sometimes you will be outbid as soon as you enter your bid. This only occurs when another bidder had a higher maximum bid than yours already "on the board". Your bid set in motion BRG's automatic bidding system which raised the other buyer's bid above yours. The other bidder may have placed their max bid days, hours, or mere moments before you placed yours.
However, if you place a bid and there are no competing bids against your bid, the system WILL NOT immediately go to your maximum bid. In fact, if you are the only bidder by the time the lot closes, you will win the lot for the lowest possible dollar amount (based on whatever the opening bid was for that item), not your max bid. So if you place a max bid of $25 on a lot with an opening bid of $1 and there are no other bidders vying for that lot, you will win it for $1. NOTE: This only happens when there are no competing bids.
Why was I outbid by an amount less than the next minimum increment?
Occasionally our bidders are outbid by an amount lower than the minimum bid increment (see bid increments in our Terms & Conditions). All bidders may place their max bid at anytime. As a result, you may be outbid by what seems to be an incorrect increment. The AuctionNinja system will not default to strict increments like a traditional auction if an "odd" maximum bid was left prior to meeting the bid price which would engage the next bid increment.
For example, let's say you place your maximum bid of $100 on a painting but another buyer wins the lot for $101. As stated in the bidding increments, you know the next bid should have been $105, not $101. The system will accept the $101 bid because that max bid of $101 was placed before the auction got to that next increment level.
Here's how: It's 4 p.m. on closing day and the painting is currently at $15. At 5:10 p.m. you place a maximum bid of $100. There are a few bidders at play and so by the time 5:45 comes around, the current bid is at $78 with you as the highest bidder. At 7:05 p.m. a new bidder joins in and places his maximum bid of $101. Since this new bidder's bid of $101 is above the minimum increment at the time she placed the bid, it is accepted by the system. Since there were no additional bids placed before the countdown clock ran out, the $101 bidder wins the lot because it is higher than your $100.
My max bid was the same as the winning bid (tie bid), yet someone else won it. Why?
In the case of a tie bid, the hammer will always fall to the first bidder. For example, the current bid is $50 (placed by someone else). What you don't know is that their max bid (which is masked from other bidders) is $200. You join the bidding and and place a maximum bid of $200 and are immediately outbid in favor of the other bidder. Even though two people have the same max bid, only one person can win the lot. That is automatically determined by bidding order -- the person who placed that maximum bid first.
1. USE OF SITEYou may use the Site only in accordance with and subject to these Terms of Use. Once you complete and submit your registration you have opted-in to receive email communication from us and in order to remain a member of this Site, you must agree to receive email from us. Redox Nostalgia
You must also authorize Redox Nostalgia to charge the credit or debit card you have entered on this site for the hammer price of an item which youwere the high bidder plus the buyer's premium and all applicable sales tax. Your card will be charged within 24 hours of auction end. Failure to keep valid credit card information on file will result in your use of the site being terminated.
To initiate your ability to bid with Redox Nostalgia, an itinital pre-authorization transaction will appear on your statement. This pending transaction will not settle and will drop off after 5 -7 business days.
You certify that you are an authorized user of this credit card and that you will not dispute the purchase payments with your credit card company provided the transactions correspond to the terms indicated in this authorization outline.
2. MEMBERSHIP ELIGIBILITYThe Site is available to members who are 18 years and older and who have not been suspended or removed by Redox Nostalgia for any reason. By becoming a member you represent that you are of legal age. As a member, you agree to provide true accurate, current and complete information about yourself as prompted by the Site’s registration forms. In addition, as a member, you agree and acknowledge that you will maintain valid credit card info within your membership profile so long as you maintain an account with Redox Nostalgia.
3. BUYER’S CONTRACT Bids placed on the Redox Nostalgia website are a binding contract and you are responsible for paying all amounts due to Redox Nostalgia including sale price, buyer's premium and all applicable taxes.. Please do not bid if you are unable to pay and take possession of the items in the specified time periods for each auction, sale or event. All sales are final. No returns, credits or exchanges.
4. ITEM DESCRIPTIONSAll items are sold as-is, where-is. While Redox Nostalgia will do its best to list any damage, repairs or restorations, the absence of these descriptions or conditions must not be taken to imply that the lot is in perfect condition. Most of the items Redox Nostalgia sells are antique, vintage or used. You should expect signs of wear consistent with age. Redox Nostalgia does our best to measure the items properly but can not be held liable for a fraction of an inch measurements. We measures all art work with the frame as part of the measurement. For the most part Redox Nostalgia does not offers preview inspections so please study the photos and inspect them thoughouly before placing your bids. Feel free to email the auction manager as well as to the condition of items as they may have details. Conditions vary from item to item and Redox Nostalgia does not offer a condition report as condition is a subjective view and varys from buyer to buyer. All framed art is measured with the frame and is measured within a half inch. All furniture is measured within a half inch and sometimes not exact.
All sales are final. No returns, credits or exchanges.
5. BUYER’S PREMIUMA buyer’s premium of 18% will be added to the hammer price in all auctions and will be charged along with the hammer prices and applicable sales tax to the credit or debit card you have on file with Redox Nostalgia within 24 hours of the auction end.
6. SALES TAXAll sales are subject to appropriate sales tax laws. Tax exempt buyers must provide the appropriate state sales tax exemption certificate prior to the end of the sale. Upon receipt of such information by Redox Nostalgia, your future purchases will not be taxed. Tax resale forms can be submitted in your membership profile. Please submit your tax form upon registering and before placing a bid. Your profile name and address must be the same as your resale certificate.
7. RETENTION OF CREDIT CARD INFORMATIONBy providing your credit card information to Redox Nostalgia, you authorize Redox Nostalgia to charge your credit card for the purchase amount of any successful bid plus the buyer's premium and any applicable taxes.
Your card will be charged within 24 hours of auction end. Failure to keep valid credit card information on file will result in your use of the site being terminated.
To initiate your ability to bid with Redox Nostalgia, an initial pre-authorization transaction will appear on your statement. This pending transaction will not settle and will drop off after 5 -7 business days.
You certify that you are an authorized user of this credit card and that you will not dispute the purchase payments with your credit card company provided the transactions correspond to the terms indicated in this authorization outline.
8. PICK-UPSuccessful buyers must pick up their items at the designated sale location within the assigned time frame as stated in the sale details page. A $25.00 per lot disposal fee will be charged for any items left behind by the winning bidder.
If after winning an item you determine you are unable to pick up your items during the scheduled removal times and dates, you must contact Redox Nostalgia within 24 hours prior of the pick-up date and we will determine if alternate arrangements can be made. These arrangements will be at the sole discretion of Redox Nostalgia and will be subject to transport, labor and/or storage fees. If an alternative method can not be arranged, Redox Nostalgia has the right to cancel the sale and retain the said items. Redox Nostalgia offers shipping on a very limited basis. If we agree to ship your items, you will be responsinle for the packing and shipping charge in a seperate charge. Redox Nostalgia will not be held liable for any damage or delays in shipping.
9. FORFEITURE OF ITEMSYou will forfeit any items not paid for or picked up at the time of designated pickup in accordance with the Site’s Terms & Conditions. Redox Nostalgia at its sole discretion will reoffer the items or donate them to a charity of Redox Nostalgia’s choosing. Redox Nostalgia reserves the right to report your account to collections for the combined total of the original invoice amount and any moving or disposal charges. You membership with Redox Nostalgia will be revoked unless past due invoices and any additional charges are paid in full.
10. AS IS - WHERE ISAll items and lots are sold on an 'AS-IS', 'WHERE IS' and 'WITH ALL FAULTS' basis 'WITHOUT EXCEPTION' with no warranty of any type expressed or implied as to the merchantability or fitness for any particular purpose of any goods offered in this sale. Redox Nostalgia and Seller expressly and specifically disclaim, without limitation, any warranty of merchantability or fitness for a particular purpose. Removal is at the Buyer's sole obligation, risk and expense. No sale will be invalidated by reason of any defect or inaccuracy in any of the items or lots by reason of their being incorrectly described orally or written, invoiced or cataloged, and no liability will be borne by Redox Nostalgia, licensees, employees and agents in respect to any such faults or errors. All marketing and information has been prepared only as a guide and is not offered as completely accurate, nor does it give the Buyers all of the information on the item or lot. Except as herein contained, there shall be no guarantees or warranties, expressed or implied, statutory or otherwise of any nature whatsoever. The Buyers will accept the items or lots in spite of any defects or conditions, known or unknown, visible or not visible, and therefore Buyers do by these presents remise, release, acquit, quit claim and forever discharge the Sellers, Redox Nostalgia,from any and all claims now and in the future. The Buyers should avail themselves the opportunity to inspect all items and lots. All Buyers are urged to physically inspect the item during the pick up period and before leaving the premises. All sales are final. No bids can be withdrawn during or after the auction for any reason. Buyer understands that these terms as well as all other terms and conditions can not be amended. Buyer also agrees that any oral, written or electronic representation made by Redox Nostalgia, shall not modify these "AS IS - WHERE IS" terms. Buyer understands that any description given in the catalog or written on the equipment is not guaranteed, and Buyer will rely entirely on their own inspection and/or investigations. All information and descriptions contained in advertising this sale are believed correct, but no responsibility is assumed by Redox Nostalgia or Seller for any errors or omissions.
11. PROHIBITED USEYou agree not to sell, license, rent, modify, distribute, copy, reproduce, transmit, publicly display, publicly perform, publish, adapt, edit or create derivative works from content or materials on the Site. Use of the content and materials for any purpose not expressly permitted in these Terms of Use is prohibited. You may not decompile, reverse engineer, disassemble, or otherwise reduce the Site to a human-perceivable form, except and only to the extent that such activity is expressly permitted by applicable law, and in that case, only if you notify us in writing in advance. You may not copy, frameset, enclose or otherwise distribute any part of the Site. All photographs and descriptions on this site are the property of Redox Nostalgia and Olivia Castillo Photography, any use not expressly consented for by Redox Nostalgia and Olivia Castillo Photography will be subject ot intellectual property rights violations and prosecuted to the fullest extent of the law.
12. CANCELATION OF ITEMS FOR SALERedox Nostalgia. reserves the right to cancel, delete or modify any purchase, item or auction for any reason and at any time with no prior notifacation. This applies to all sales, past, present and future.
