Bidding – how to take part in a Gateway auction
Now that you’re all registered with us, making your bid is the easy part. Log onto our platform at the designated time of your sale, and you’ll find a box for each lot that allows you to place your bid.
If you are outbid, you’ll be informed and then given the option to place a higher bid if you wish. Each lot has an end time, so you’ll know exactly how long you have to get your next bid placed. The highest bidder at the end of the deadline wins that lot. Simple.
Where a Gateway auction differs to an eBay sale is through the use of time extensions. If a buyer places a bid within ten minutes of the end time, our platform adds ten minutes onto the finish time of that lot.
For example, if lot one is due to finish at 10am and a new high bid is places at 9.57am, the auction system will automatically add another ten minutes to make the new end time 10.07am.
A realistic sale experience
We understand how frustrating it can be when you’re the high bidder of the asset you’ve had your eye on for two weeks and then you’re pipped at the post by another buyer within seconds of the end time.
In a live auction, we’d carry on taking bids regardless of a deadline and the gavel would only drop once we were happy no more bids were going to come in. That’s the thinking behind our system. Just because our auctions are no longer live, it doesn’t mean we can’t uphold the same standards.
Time extensions, however long they may last, make perfect sense for everyone – giving the best chance for both buyer and seller to be satisfied with a sale.