What is a Low Bid Auction?
- What is a 'Lowest Unique Bid'
Bid: £1.00 - not unique
Bid: £1.00 - not unique
Bid: £2.00 - not unique
Bid: £2.00 - not unique
Bid: £2.00 - not unique
Bid: £3.00 - not unique
Bid: £3.00 - not unique
Bid : £4.00 ** Lowest Unique Bid **
Bid : £5.00 - unique
Bid : £6.00 - not unique
Bid : £6.00 - not unique
The 'lowest unique bid' is the lowest bid that no one else matches.
- Lowest unique bid wins
The great thing about these auctions is that we only accept a fixed number of competing bids for each item, so you know exactly what you are up against.
When the required number of bids have been placed, the auction will close and the lowest unique bid will win. Simples!
- Sealed bids
No one else can see your bid.
- Skill
You need to use your skill to work out the lowest amount that you think no one else will offer. You can see the winners and all bids placed in every Low Bid auction so far here.
OK, what happens next?
- If you win
We will contact you by phone and by email. You will then have 24 hours to confirm you wish to go ahead and five days to complete payment.
- If you don't win
You will have other chances to bid again,
Tell me the bad news
- Entry fees
There are entry fees to bid (with discounts for regular users). We generally take enough in entry fees to cover the cost of the item and make a margin of around 35% on top. After VAT has been deducted, that margin will go towards the cost promoting the auction to attract bidders, operating the auction, hosting and software costs, a contribution to our office costs and hopefully some profit.
Any more good news?
- Free Entry Lots
As a bit of fun we sometimes run promotional Low Bid Lots with no entry fee, which means you can have a go without any risk - but when that happens you may need to be quick!
- Charity Lots
We also sometimes use the system to raise money for charity by donating all the entry fees. Please look out for these and bid as many times as you can.
Small print
- Terms and Conditions
To see full terms and conditions for the High Bid Auction click here
|