A CONTEMPORARY THREE SEATER SOFA >> The HotLotz saleroom will be open by appointment only between Monday 6th and Wednesday 22nd August, please send us an e-mail at email@example.com to schedule viewing or collection during this period - Happy Summer!
>> The HotLotz saleroom will be open by appointment only between Monday 6th and Wednesday 22nd August, please send us an e-mail at firstname.lastname@example.org to schedule viewing or collection during this period - Happy Summer!
Buy Now Prices
HotLotz publishes a Buy Now price for lots in some auctions. This is a fixed price that the lot can be purchased for. If a sale for the published Buy Now price is agreed prior to auction, the lot will be withdrawn from the auction. Only lots that indicate a Buy Now price can be purchased in this way.
Buy Now prices INCLUDE Buyer’s Premium fees; the advertised price is the exact price that the customer is charged.
All Auction purchases are subject to a buyer’s premium fee of 19.5%. (This rises to 25% for auctions conducted on the-saleroom.com platform).
All Online Timed Auctions (Internet Only Auctions) and Live In-Room Auctions accept bids placed online or on app. Each lot has a published ‘minimum bid’ amount. This is the lowest bid that the HotLotz bidding platform will except from a bidder. The ‘minimum bid’ amount is the item’s reserve and is a selling price if no further bidding occurs.
Registered customers who have stored their credit card details in their member profile can leave bids online or on app right up until the published start time of the in-room auction.
The HotLotz bidding platform will prompt customers to enter their a ‘maximum bid’ that fits within the published bidding increments. This is the highest amount that a customer is willing to pay for the lot.
Starting at the lot’s minimum bid, the HotLotz bidding platform will automatically bid on behalf of the customer. If higher bids are received, the platform will automatically increase the bidding in line with the published bidding increments. The bidding platform will only bid as much as is necessary to ensure the bidder stays in the lead, and will never go above the ‘maximum bid’ amount.
The HotLotz bidding platform notifies bidders if a different bidder places a bid that is higher than their maximum bid, so that customers can increase their maximum bid if they wish to.
In the case of Live In-Room Auctions when the lot is called the auctioneer will open the bidding with the highest absentee bid. If there is further competition from customers in the saleroom the auctioneer will bid on behalf of the absentee bidder. The auctioneer will only bid as much as is necessary to ensure that the absentee bidder remains in the lead, up to their ‘maximum bid’ amount.
Please note, a customer bidding in person in a Live In-Room Auction can always outbid an absentee bidder.
In the case of Online Timed Auctions these take place online only without an auctioneer calling the sale. Online-only auctions have a published ‘ending from’ time, with each lot closing in sequence every 30 seconds.
If a customer is outbid in the last 60 seconds of a lot’s ‘end time’, the ‘end time’ will be automatically extended by a further 60 seconds to allow the customer to increase their maximum bid. This will continue until the bidding stops, just as it would in an in-room auction.