Step 1 - How does a "Timed Auction" work?
Hover your mouse over the AUCTIONS menu button, the drop down menu will give you a choice, select CURRENT AUCTIONS. Or click on the three bar (hamburger menu) to open your menu choices, and click on CURRENT AUCTIONS.
The CURRENT AUCTIONS is the one that is open to bidding right now.
Each item in the Auction has a 'Start Time' and an 'End Time,' that is called the 'Bidding Window.' The items' 'End Times' close like a series of dominoes, in 1 minute increments. That way, you can follow items as they close.
You can bid at any point during our timed auctions’ bidding windows. There is no bidding past the 'close time.'
Step 2 - How to Bid, Proxy Bidding, and Anti-Sniping
If you have any questions about how to enter your Bid, Click Here.
Proxy Bidding means we will help you automatically update your bids until it reaches the maximum bid that you set. Here's how it works...
You just need to tell us the most you’re willing to pay, then using our set bidding increments and we do the rest.
Don’t worry, you don’t need to remember these increments; we’ll help you when you bid.
Here's an example of timed bidding increments:
|Opening bid / Current price
|$1 - 50
|$50 - 100
|$100 - 500
|$500 - 1,000
|$1,000 - 5,000
For example, you like an item and no-one has bid on it yet. You are willing to bid up to $50 to win that item. So you bid $50 in your Proxy Bid. And we will automatically start you at the lowest price possible.
Since you are the first, you will start at $5. Someone else bids $10, but since your max bid is higher, we will bid for you $5 above their bid, so your bid will be $15, and you will be in the Lead again.
Now if they bid $50, which equals your Max bid, then you get to have the current leading bid of $50, because you are the first to bid that amount.
Someone else can bid $55 and knock you out, until you bid higher, if you want. We would not automatically bid for you any higher than the Max Bid amount you set. Your Max Bid can be raised at any time, but never lowered.
Anti-Sniping is how we give you a chance to bid again if someone tries to sneak in and bid against you in the last moments of a timed auction.
To make sure our auctions are always fair and free of ‘sniping’, if a bid’s placed within the extension time set for the auction, the end time will reset. For example, by default the lot extension time is ten minutes. This means that if a bid is placed in the last ten minutes of the lot ending, it will extend the end time to and additional ten minutes.
The lot end time can be any time between 1 and 10 minutes and may vary from auction to auction.
Step 3 - What do I do when I win an Auction
Once the auction finishes and is reconciled, the winners will receive a Winners Notification and/or an invoice by email which should contain information on all of the items (AKA Lots) you've won, as well as all of the information they need in regards to arranging payment, Item pickup, and perhaps even shipping. Depending on the event, this may come from within moments after the conclusion or may not be sent until the next business day.
Any questions regarding the notification or arranging payment or lot removal needs to be directed toward the auctioneer as they handle these processes themselves.
You can also click on MY ACCOUNT (in the header of MagicAuctionWarehouse.com) and check AUCTIONS then under each Item/Lot once the auction’s finished – however, the auctioneer’s records are the definitive results, and they make the final decision on who has won an item (the online records are not guaranteed).
Timed Auction results will only be finalized when the auction has been closed which can take up to 24 hours. For the most up to date results, please reach out to us directly.