How to Bid
Bidding on the internet is much the same as bidding for an item on-site in a live auction room. There are many different styles of auctions and an online auction seeks to replicate each experience, for buyers to participate from anywhere in the world. For those who have not taken part in an online coffee auction before, here’s how the process works.
- Open bidding starts and continues on all lots simultaneously until each and every lot has received an initial bid.
- As soon as every lot has a first bid on it, the clock starts ticking for the whole auction and all lots are set with a 3 minute countdown.
- Each time a new bid is placed on any of the lots the clock resets to 3 minutes for all the lots. o The auction continues until the clock hits zero with no further bids to reset it.
- In this way the bidding on the auction as a whole sets the price for all the lots. Because the outcome of each lot is dependent upon the clock and the competitive bidding on the other lots, the clock is reset many times over.
Real time updates are essential in a coffee auction where the auction clock is counting down quickly between bids, and it is what makes online systems perfect for this type of auction. We recommend that you have a fast stable internet connection for your auction participation.