Bid in the Auctions
Introduction: ArsValue in the Auction World
ArsValue is an online platform where you can bid and win lots offered for auction by different auction houses. Purchasing through ArsValue allows you to participate in auctions from the comfort of your own space, without physically attending the auction venue.
By using ArsValue, you gain six evident advantages:
- Access to the auction results of all the auction houses present on the platform.
- Free and unlimited participation in the auctions of various auction houses with a single account.
- Review the history of your bids and successful auction wins within your account.
- Stay informed about auctions featuring lots of interest through personalized newsletters.
- Place anonymous bids until the lot is won by you.
- Keep your maximum bid amount confidential, ensuring a competitive edge during the bidding process.
How an Auction Works
Though there may be some variations based on individual auction houses, the general auction process is the same for all. Auction houses gather items in the months leading up to the auction date and create a catalog comprising lots numbered consecutively (the lot number determines the order of appearance in the auction).
The auction catalog displays the lot number, a description of the item, an estimated value, and a starting bid (the minimum price from which the bidding begins).
Auction catalogs can focus on specific themes or include various types of items. Each auction house can decide how many auctions to conduct, resulting in multiple auctions throughout the year.
Bids can be placed both before the auction (absentee bids) and during the live online auction. When the auction starts, lots are presented in numerical order. The bidding for each lot begins with the auctioneer declaring the starting bid. If there were absentee bids, those will be disclosed, and if they exceed the starting bid, the live bidding commences. When no further bids are received, the auctioneer closes the lot, awarding it to the highest bidder (or leaving it unsold if there were no bids).
Participants in the auction place their bids, and the highest bidder wins the lot. The final bid amount needs to be augmented with the auction house's commission. The commission percentage may vary depending on the auction house and, sometimes, on the specific auction.
Participating in Auctions through ArsValue
Participating through ArsValue is simple and free. With a single account, you can place bids in the auctions of all the auction houses featured on the platform.
There are two phases of registration, and both are free:
Phase 1: Newsletters, Preferences, and Auction Results
The only mandatory fields are Name, Surname, Email, and Password. This allows you access to newsletters, preferences, and auction results.
After registration, you can select keywords to receive newsletters about lots of interest. To do this, log in, go to Settings, and then to Newsletter Settings.
To consult auction results for free, log in, and then go to the Results menu. You will have access to all auction results on ArsValue, with various options to search for lots of your interest.
Phase 2: Bidding
By completing your profile, you gain the ability to place (free) bids on auction catalogs, both during pre-auction and the live online auction. All bids you place will be visible in your Bid History.
Once authorized, you can participate in all auctions hosted by the auction house on ArsValue.
This process must be repeated whenever you wish to participate in an auction from an auction house where you haven't been authorized yet.
After registering for the auction and obtaining authorization from the auction house, you can place bids by clicking on a lot in the catalog, selecting the bid amount from the drop-down menu, and clicking the Submit Bid button.
You can place either single bids or maximum bids at the bank. In the latter case, the system will automatically defend your bid until the maximum amount is reached. This means that if other bids are placed on the same lot, the system will automatically bid on your behalf until the bids are equal to or exceed your maximum bid. You can monitor the status of your bids in your Bid History.
All bids are anonymous, and the identities of the bidders are revealed to the auction house only in the case of a successful bid. This is an advantage of bidding with ArsValue: your bids are anonymous, and the maximum bid amount you place at the bank is hidden from all other bidders.
During the pre-auction phase, you will receive timely email notifications when you place a bid, when your bid is outbid, or when the system automatically bids on your behalf to defend your maximum bid.
Absentee bids can be placed up to half an hour before the auction begins.
Live Online Bidding
Through ArsValue, you can follow and participate in live online auctions, provided you were previously authorized. The panel opens half an hour before the auction's start time, allowing you to follow the auction lot by lot in real-time. You will see the lot currently up for auction in sync with the live auction taking place at the venue. If you wish, you can place bids during the live online auction. Essentially, you can follow the auction as it happens and place bids without physically being present.
To access the live online auction panel, click on the yellow Watch live button, which appears half an hour before the auction's start time. This will take you to the Bidder screen (where you can follow the auction and place bids).
You can follow the auction as an anonymous user. To participate, you will need to log in (either before or after accessing the Bidder screen).
To place a bid during the live online auction, click on the green button showing the bid amount you want to place. Your bid will be immediately confirmed after clicking. The green button will automatically show the next bid amount required to become the highest bidder.
If you win a lot, you will see the message "You have won the lot" and receive an email with the auction win confirmation.
Another advantage of participating in auctions with ArsValue is having access to the history of all your bids placed on the various auctions from different auction houses. This allows you to keep track of all your activities in a single account.
By logging in and clicking on the Bid History section of MyArsValue, you can view an overview of your absentee bids and live online bids. The section is divided into Ongoing Offers, which displays the highest bids and bids that have been outbid, Past Offers, and Awarded Lots.
Virtual Auctioneer Auctions
Virtual auctioneer auctions have the same functionalities as regular online auctions. This means that users can place absentee bids and live online bids in the same way as regular online auctions.
The only difference to keep in mind is that the system is fully automated. For absentee bidding, there are no changes: bids can be placed on the website up to half an hour before the auction begins, and the system considers them during the auction. The process is also the same for live online bids.
As an additional piece of information, we'll describe how the automation of virtual auctioneer auctions works:
Each lot is put up for bidding for 30 seconds, during which registered users can place bids on the lot. If bids are placed within the first 15 seconds, the time continues to run as normal. However, if a bid is placed within the last 15 seconds before the bidding time expires, the duration is extended by another 15 seconds. This extension can happen multiple times if bids continue to be placed within the last 15 seconds. The lot is marked as closed five seconds after the bidding time expires.