First time on an online auction? Don’t sweat it, we’ve got you covered. If you haven’t already taken the time to watch “Never walk into a jewelry store again” video, please take a couple minutes to.
If you have, let’s get started. Before anything, you must first sign-up to create an account. Creating an account is free. Be sure to be on the lookout for special promotions regarding sign-up. Remember, one promotion at a time can be availed per person.
Second step, is to choose an auction house within the Live Auctions 360 platform based on when they are conducting their auction, or perhaps you already have a favorite auction, it’s up to you. You can select an auction three ways. The first way is to click on the “Auctions” drop down menu and select “Auction House.” The second way is to scroll down the page and select an auction from the “Upcoming Auctions” section. The third way is to click on their banner ad at the bottom of the landing page. Either way, it displays the title of the auction, whose items will be curated, date, time (PDT Pacific Daylight Time), and location of where it is being administered. Conversely, you can also browse individual auction lots from the top menu dropdowns and select a category. For example: “Rings.” Auction lots are also occasionally displayed on featured auction lots. No time to wait around? Do you want the power of convenience on your side? No problem, the private sales feature allows you to buy any listed item on any listed auction house straight-out. You’ll still be getting huge savings, at below wholesale pricing.
You may view lots that are listed for any auction house on the Live Auctions 360 platform seven days before the auction day. But in order to bid at auction, you must first “Register to Bid.” Please note that this is separate from signing up for an account. You have to register to bid at any auction house each time. Follow the prompts and add information to in the blank fields. We recommend taking advantage of the absentee bid feature if you see something you like but don’t have the time to monitor the auction live. It’s especially useful when there are multiple items you’re interested in across different auction houses going on at the same time. The way it works is by leaving a reasonable reservation price you think would be enough to win the bid. Essentially, the highest price you are willing to pay for that item. You’ll be notified if you do.
If you opt to watch live and place bids manually, the items will cycle on a regular basis. When the item you like has its turn to be featured. There will be a button with a price indicated. Simply click on the button to place a bid. If another bidder counters, the number in the button will change. Click it again if you want to answer back with a higher bid of your own. Eventually, if no one else opposes your bid, the last price you clicked is your hammer price or in other words, is the price realized by the item sold at the auction.
On a timed auction, it is automated and takes place solely online. The bidding for each lot is opened at a predetermined reservation price set by the auctioneer, usually at a set time and stays open over an extended period of hours in a day. During this period of open bidding one will be able to see the current high bid on each lot. You may place a higher bid at a defined bidding increment you choose. In timed only online auctions, bidders are automatically informed by email if they are the high bidder, or if they have been outbid by another competing bidder. At the end of the defined bidding period, the lot is sold to the highest bidder. Bidding on lots in a timed online only auction begins to close at a specified time, with lots closing at regular intervals until the auction has ended. Some timed auctions allow extended bidding. In such a case, if a bid is placed on a lot within a specified time before closing, the bidding may automatically be extended for a set period of time. The length of extended bidding is set by the Auction House prior to the opening of the auction.
Should everything go well, congratulations! You’ve defeated all challengers. You’ve won! The auction house will provide an invoice with payment instructions to winning bidders at your provided email.