PARTICIPATING TO THE “TIMED AUCTION”
What is a timed auction?
Faraone Time is an innovative auction methodology that allows you to bid on lots in online auctions that take place over a set period of time, usually lasting 15 days. Timed auction technology allows you to access it at any time, without time or location limits, and bid or raise bids on the lots you want, without the presence of the auctioneer during the sale.
How does a timed auction work?
The way the timedauction works is very simple: an item is auctioned at a fixed minimum price, below which it cannot be sold. The amount of the bids is calculated as a percentage of the auction price and is added to the initial price of the auction.
The main innovation concerns the bidding system which, by entering a maximum bid, allows automatic bidding when one’s own bid is exceeded by another user’s bid. In particular, after setting the maximum amount you are willing to pay for the desired lot, the automatic bids are updated to the maximum limit of this threshold. The current bid is only increased by the amount needed to remain the highest bidder until the reserve price is reached.
The maximum bid (also known as the proxy bid) is not revealed to other bidders; if another user exceeds the maximum bid entered, the system alerts you via notifications (e-mails or push notifications for iOS apps) so that you can bid for the desired lot.
If, at the end of the time limit, no other user has entered a higher bid than the current one, the property is awarded at the current price, without the need to reach the indicated maximum bid.
Bids submitted by a user within 5 minutes of the expiry of the lot will cause the auction duration for that lot to be extended by 2 minutes. In timed auctions, when the auction expires, the lots entered – whether or not they are awarded – are awarded every 2 minutes, unless there are new bids just before the expiration of the lot.
How to take part in a timed auction?
Participation is subject to prior registration of the participant on the website in the MY FARAONE section attaching a copy of a valid identity document. If you intend to participate in the acquisition of one or more lots for a total amount higher than €10,000, it is necessary to provide the appropriate guarantees by getting in touch with Faraone staff to agree on the modalities.
The reserved area allows you to participate in live and timed auctions, send bids on lots in timed or live auctions, save your favourite lots, track your lots to receive notifications, have reminders of auctions and results, consult condition reports and much more.