The FAQs below are limited to a Timed Auction, which is an internet only, timed auction, and supplement the FAQS for out typical auctions, such as our June, 2017 AuctionFAQs FOR OUR JUNE 2017 AUCTION .
Q: How does a Timed Auction differ from your typical Auction?
A: Here are the main differences:
1. The lots are offered without reserve. If there is at least one bid, the lot will sell.
2. The auction is only held on the FloatingWorldAuctions.com website; no other bidding platforms are available.
3. There is a computer, rather than a person, serving as the auctioneer.
4. The auction will not be staffed. All bidding must be on the website or through and app.
Q: When is this auction?
A: The auction is open for bidding now. The first lot closes at 11:00 am Chicago time on Saturday, January 20.
Q: How can I bid?
A: You can bid through our Auction Site or our app; you can bid live on January 20th, or leave an absentee bid now.
Q: How will I know if I am outbid?
A: You will receive an email notice from our auction site. Of course, you may not have time to react, so we recommend that if you do not plan to bid live, that you leave your maximum bid.
Q: Will my bid be exercised at the maximum amount?
A: No. Your bid will be exercised at the starting price, if there are no other bids, and at one bid higher than the highest bid at the time. If subsequent bids come in from other bidders, then your bid will be increased until your there are not higher bids or your maximum bid has been reached.
Q: How long will the auction last?
A: The first lot will close at 11:00 am. Subsequent lots will close every three minutes thereafter, subject to an extension if a bid is received within 2 minutes of the scheduled closing time.
Q: How does the extension work?
A. If a lot receives a bid within the last 2 minutes, the lot will remain open for an additional 2 minutes. If any further bidding occurs, the extension timer will reset to 2 minutes. If no further bidding activity occurs, the lot closes when the timer runs out.
Q: Why are there extensions?
A. It is designed to prevent bid sniping.
Q: Does this mean that the lots could conceivably close out of order?
A: Yes, a lot with multiple 2 minute extensions will close after the subsequent lot, assuming it did not have extensions.
Note: We chose to stagger the lots by 3 minutes to keep the auction under 3 hours for the sake of our live bidders. Likewise, we selected short extension intervals to keep the length of the auction reasonable. We welcome feedback after the sale, and will consider adjustments for subsequent timed auctions.
Q: How do I know if I won a lot?
A: Please go to your “My Bids” tab to review the items you’ve bid on and their status.