What is an absentee bid?
Absentee bids allow you to place a bid on 1 or several lots (items) that interest you before a live auction actually starts. Absentee bids also offer you the flexibility of participating in the live auction without actually bidding in real-time during the auction.
How does an absentee bid work?
Once you have been approved go back to the lot(s) and click on the “Absentee bid” button.
Enter the maximum amount of money you are willing to pay for the lot, take note that this amount cannot be lower than the current or starting bid.
Once confirmed the amount entered becomes your absentee bid. You will receive a confirmation e-mail for each absentee bid you place including a reminder if you have been outbid.
The Bid section of your Swappy account will also show if you currently hold the winning bid or have been outbid.
Approved bidders are permitted to enter absentee bids up to the start time of the live auction. Once the auction started, absentee bids are calculated to determine the winner.
Example of how the winning absentee bid is calculated for a lot
- Bidder A places an absentee bid of $100
- Bidder B places an absentee bid of $1500
- Bidder C places an absentee bid of $500
Once the absentee bidding period closed, Bidder B will be awarded the winning bid. His winning bid will be 1 bid higher than Bidder C. For the purpose of this demonstration, the bid increments are set at $50, this means that Bidder B’s winning bid will be $550. Note that the bid increments are pre-established by the auctioneer, ranging from $1 to $100 or any other amount set by the auctioneer.
When the live auction starts, floor and Swappy Live bidders, will have the opportunity to begin bidding. If no higher bids are received during the auction Bidder B will win the auction with his absentee bid of $550.
However, in the event that a floor or Swappy Live bidder outbids Bidder B, the Swappy live auction software will automatically bid on his behalf up to a maximum of $1500. Under no circumstance will the Swappy live auction software exceed the bidder’s maximum amount bid.