How the bidding works
Our online auctions run like a saleroom, with a clock instead of a gavel. Here is what you will see on the lot page and what each part means.
Guide price and reserve
The guide price shows roughly where the seller expects bidding to start. It is not a valuation, and the property may sell for more.
The reserve is the lowest price the seller will accept. It is confidential, and we never show the figure. The lot page shows Reserve not yet met until bidding reaches it, then Reserve met. The reserve is normally within the guide price range, or no more than 10% above a single-figure guide.
Bid steps
Every lot has a fixed bid step, such as £1,000. The next bid must be at least the current bid plus one step. The bid box always shows the lowest bid you can place now.
Time and extensions
The countdown runs on our server clock, so everyone sees the same time. If anyone bids in the last 5 minutes, the end time moves to 5 minutes after that bid. Bidding only ends when 5 minutes pass with no new bid, so nobody can win by bidding in the last second.
Telephone bids
If you cannot be online, you can arrange to bid by phone. Our team places your bids for you during the auction. They show in the bid history as telephone bids.
Your privacy
Bidders are shown as Bidder 1, Bidder 2 and so on. Your name is never shown to other bidders.
When bidding ends
Draft – to be reviewed by a solicitor
If the reserve has been met, the highest bidder wins and contracts are exchanged at that moment. This is the online version of the fall of the hammer.
If the reserve has not been met, the lot is not sold. We may talk to the highest bidder and the seller after the auction.