Explanation: A Live Online Auction is a combination of a Live and Internet Auction. You can bid live and onsite at the Auction or you can bid live from your computer at home or work. An online clerk will relay your bids to the Auctioneer and you will bid against floor bidders who are at the auction and other online bidders. Typically you can bid via computer two ways. You can leave prebids (Like an Absentee Bid. Described below) or you can bid live over the computer. The Auction will be set to live approx. 30 minutes prior to the start of the auction. Once you have logged in and the bidding begins you will be able to follow along as the items are sold. The screen will automatically update to the next lot as the item progresses. Once an item comes up that you are interested in you will be able to follow the bidding in real time. The lot will reflect what the current prebid amount is on the particular item. For example if a pre bid was left on your item and the current starting bid is $50 the Auctioneer will ask for the next bid increment. If he asks for $60 the online clerk will update the asked bid and your screen would show that the requested bid is $60. If you are willing to pay $60 you would click bid. The clerk would relay your bid to the Auctioneer. He will then ask for $70. The online clerk will update the asked bid to notify other online bidders the current asking amount. Your computer will show that you have the high bid until another bidder bids. If a person on the floor bids $70. The online clerk will update the asked bid amount and your computer will show that you are no longer the high bidder. It will ask if you would like to bid again at $80. This process will continue until there is no further competitive bidding. If you clicked $80 and no one else bids than you would win the item for $80 plus taxes & buyer premium.

These auctions are generally reserved for Firearm, Sportsman & Decoy Auctions and will be conducted on Proxibid.

Explanation: An online only auction is an auction that is held online only and there is no live in person bidding available. Bidding can be done on most current computers with an internet connection.The Online Only Auction will feature a Start Date/Time & will be open up until the start time of the Auction. Typically the auction will open a few weeks before the Live Start Date & Time. For our example the Auction will open for Bids on Monday June the 2nd at 12 PM EST. The live online auction will start on Wednesday June 16, 2014 at 3:00 PM Eastern Standard Time. This will be a cataloged auction with each item having a lot #. You are interested in Lot #10 a Roseville Pottery vase. At anytime between June 2nd and June 16th you could register, log in and place a bid on lot #10. You will have the option of putting in a starting and maximum bid. Other bidders can bid on the same item at any time. If you put a Starting bid of $10 on the item someone can come along and leave a bid of $12.50 and knock you out. If you put a starting bid of $10 and a maximum of $50 the computer would bid for you up to your maximum bid. If competitive bidding occurs the computer would keep bidding for you until it reached $50. At that point you would be out. You can still log back in and re-bid a higher amount. This process of bidding occurs up until the time your lot is scheduled to close. Most auctions will feature a staggered ending and feature a soft closing. For the staggered ending a lot will end every 2-5 minutes depending on the Auction settings. For our example let’s use 2 minutes. Lot #1 would start closing at 3:00 PM on the 16th. Lot #2 will close at 3:02 PM. Lot 3 will close at 3:04 PM and so on. Lot 10 would be scheduled to close at 3:20 PM. If you log in at say 2:50 PM you will notice a link to enter the live auction. Lots will start closing at the prescribed times. To watch your lot you would wait until the closing time. The screen will automatically update. Lots that are closing will drop off the screen and the next 5-6 upcoming lots will scroll across the screen. Once your lot becomes visible the computer will show you if you are in the high bidder position or not. If not you can bid at that time and increase your bid. Your lot will keep progressing to the left of the screen as items close. If someone outbids you in the last 3 minutes before your lot closes the computer will automatically extend the bidding time on that lot only by 3 minutes. This protects you and provides you time to place additional bids. You would have to be online and paying attention to see this. This process will continue as long as there is competitive bidding. If you are the high bidder and the bidding ends for example at $75 and no one else bids you win the item for $75 plus taxes and buyer premium.

These auctions are generally our weekly Offsite/Onsite Auctions conducted at the Sellers Property/Our Auction Facility.

Explanation: An online Absentee Bid Auction is an auction that is held live at either our facility or onsite at a home or business. This type of auction will be cataloged and each item will have a lot #. The auction will have a starting date + a stop date and time that bid’s must be received by. Typically bids will be due anywhere from a few hours prior and up to 1 day before the start of the live auction. Through the online bidding platform you can leave bids on lot numbers that you are interested in. For example if Lot #25 is a 1 Carat Diamond ring. You are willing to pay up to $1,000 for it. You would log in and on the bidding screen you could place a starting bid of $25 and a maximum bid of $1,000. If several other people place bids on the same item before the bids are due for example lets say the absentee bidding got to $800. That bid will be downloaded from the internet and uploaded into our Auction Software. When lot #25 is sold the computer will show that we have an $800 Absentee bid. The Auctioneer would open the bidding with that $800 and ask the next bid. If someone bids $850 the Computer shows us that you are willing to bid again and you would be put in for $900. The Auctioneer would ask for the next bid of $950. If no one else bids you would win the bid for $900 on the Lot + Taxes and Buyer premium. If the bidding didn’t stop and the ring ended at $1,200 the computer would have stopped bidding for you at your $1,000 bid due to your maximum bid being exceeded.

These auctions are generally used in conjunction with a Firearm, Sportsman & Decoy Auctions and offer bidding via HiBid. We can’t run two Live/Simulcast Auctions on two different bidding platforms as the same time. This allows a person who is Registered with HiBid to place bids in a Live Auction. The bids are downloaded prior to the start of the Live Auction. These bids are executed by the Auctioneer during the live Auction.