Buying at Auction

 

HOTLOTZ AUCTIONS 

HotLotz is a digital auctioneer offering items for bidding in Online Timed Auctions.

Our popular general ‘Home & Décor’ sales allows buyers to bid online for quality items of furniture and home decor. All lots are checked, catalogued and curated, and available to view in the HotLotz saleroom.

We also hold auctions across a range of specialist areas including Asian Collectables & Works of Art, Fine Art, Jewellery & Watches and Designer & Luxury items (mostly fashion & handbags) throughout the year. If you have larger quantities or tight timelines, ask us about 'Private Collection' and 'Home Contents' sales. 

HotLotz holds regular timed auctions with the-saleroom.com; one of the world's leading auction platforms.  These sales provide Singaporean sellers with access to a global network of dealers and collectors.

REGISTRATION

All customers are required to register with HotLotz before they can review auction pricing or use the estimate request service.

Registration is free-of-charge, only needs to be completed once and takes only a few minutes to complete. Every registered customer is assigned a paddle with a unique number. This identifies them for the duration of their membership and is used in bidding.

Physical paddles are stored in the saleroom and made available to customers prior to every auction. E-paddles may also be used. Customers can retrieve their unique e-paddle by logging in to the HotLotz app and pressing the e-paddle button (top right).

Credit Card Guarantee

Customers wishing to bid on lots in any online-only auction must additionally store their credit card details in their member profile. This guarantees bids and removes the possibility of prices being artificially inflated by insincere customers making spurious bids.  Customers must update their own profiles with their credit card details by logging into the ‘My Account’ area on the HotLotz website or the HotLotz app.

All credit card details are protected by industry-leading encryption.

HotLotz never automatically charges winning customers using their stored credit card details. A customer's credit card may be charged if their account has not been settled 14 days after winning the item at auction.  

CATALOGUES

Catalogues are created for all auctions and published in the ‘Catalogues’ section of the HotLotz website and the HotLotz app. 

Catalogues include descriptions, dimensions and photographs of all lots.  Abridged printed catalogues are also available in the saleroom.

Catalogue Alterations

Lot pricing and descriptions are prepared in advance of auctions and may very occasionally be subject to late changes without prior notice.  This happens extremely rarely.

Any changes to published lot prices and descriptions will be announced by the auctioneer and amended in the ‘Catalogues’ section of the HotLotz website and the HotLotz app. 

The auctioneer will also announce if he is acting on behalf of an absentee bidder or if a lot has been withdrawn from auction because a ‘Buy Now’ price has been agreed.

Catalogue Search

Catalogues on the HotLotz website and the HotLotz app are fully searchable by keyword. 

Viewing in Person

** The saleroom will now not be open until Tuesday 5 May 2020, in line with Singapore government requirements **

HotLotz encourages customers to view lots in person prior to bidding and warmly welcomes visitors to the saleroom.  All lots are displayed in the HotLotz saleroom for a week prior to auction.

The HotLotz saleroom is open six days a week. Our opening hours are:

Monday - Closed

Tuesday - 10am to 6pm

Wednesday - 10am to 6pm

Thursday - 10am to 8pm

Friday - 10am to 6pm

Saturday - 10am to 4pm

Sunday - Closed

Condition Reports

HotLotz can provide written condition reports and additional images on request. 

ESTIMATES, MINIMUM BIDS & RESERVES

HotLotz publishes a low and high estimate for each lot. This is based on our expectation of the price range within which we expect the item to sell.  Depending on demand, the final sale price may be outside of this range.

We publish a 'Minimum Bid' amount for every item, or 'lot', that is offered for sale. This 'reserve' is the lowest amount HotLotz will accept from an online, in app or in-room bidder to sell the item. 

BUY NOW PRICING

HotLotz publishes a ‘Buy Now’ price for some lots.  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.

HOW TO BID

All auctions accept absentee bids placed online or on app. Each lot has a published ‘minimum bid’ amount.  This reserve is the lowest bid that the HotLotz bidding platform will except from an absentee bidder. This is a selling price if no further bidding occurs.

Registered customers who have stored their credit card details in their member profile can leave absentee 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 ‘maximum bid’.  This is the highest amount that they are 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.

Online timed auctions take place online 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.

Bidding Increments

Bidding increases in the following increments in all auctions:

  • Between $0 - $499 bidding rises in increments of S20
  • Between $500 - $999 bidding rises in increments of $50
  • Between $1,000 - $1,999 bidding rises in increments of $100
  • Above $2,000 bidding rises in increments of $200

BUYER'S PREMIUM & PAYMENT

Buyer’s Premium

All purchases are subject to a buyer’s premium fee of 19.5%.  (25% for HotLotz auctions conducted on the-saleroom.com platform).

This is an additional amount that is charged on the ‘hammer price’ of each lot.  The ‘hammer price’ is the price that the item sells for when the auctioneer brings the gavel/hammer down. In the case of online timedauctions it is the highest price that has been bid for the item at the published end time of the online timedauction.

GST and Credit Card Fees 

HotLotz does not charge GST.  HotLotz does not levy additional fees for payments made by

Payments  

HotLotz accepts payments in cash and using American Express, Mastercard and Visa credit cards.

HotLotz uses the Stripe software platform for processing credit card payments (stripe.com). We do not levy additional fees for payments made by credit card.

The easiest way to make a payment is to log into the HotLotz website or app and navigate to the the 'My History" section in 'My Account'. There you will locate your invoices which can be quickly settled using your saved credit card. You will also find a copy of your purchase receipts stored in this section.

All invoices must be settled before items can be collected or delivered.

COLLECTION AND TRANSPORTATION

Collection and Storage

HotLotz has limited storage space in the saleroom so we ask that furniture and rugs are collected or delivered within four days of the auction and that all other smaller lots are collected or delivered within seven days of the auction. 

Storage is available on request. HotLotz charges $70 per week (or part thereof) per item for furniture or rugs, or $30 per week (or part thereof) per item for other items.

Transportation

HotLotz works with Alpha Zenith (azmovers.asia) to provide our customers with professional and cost effective transportation services within Singapore. We have negotiated special 'fixed price, island wide' rates as well as discounts for the transportation of multiple items.   

Charges for transportation must be paid in advance to HotLotz. As of 1/1/18 Alpha Zenith do not accept payments. 

We also facilitate a postage and packing service for international buyers using DHL, our international shipping partner. 

Please contact hello@hotlotz.com if you would like further information on either service.

TERMS & CONDITIONS

For further information on buying at Hotlotz please refer to our Terms and Conditions.