- Types of Sales /
- How do I bid for a lot? /
- How can I watch an auction? /
- What is meant by the 'current price' of a lot? /
- What are the bidding increments on Bid for Wine? /
- I've had an email to say I've won a lot - now what happens? /
- How do I pay for my wine? /
- Is it safe to buy via Bid for Wine? /
- How do I know my credit card details are secure? /
- Why is there a message saying 'new bids will extend auction deadline' below the auction time remaining? /
- Why do some lots say 'Sold by Bid for Wine on behalf of..."?
Types of Sales
Bid for Wine has two main types of sale - auctions and 'broking' style (referred to as 'Buy Now' and 'Buy Now or Highest Offer') listings.
Buy Now / Buy Now or Highest Offer Listings
Buy now sales allow you to purchase a lot immediately by paying an amount set by the seller.
1. Where lots are sold with a 'Buy Now or Highest Offer' auction, they can be purchased immediately or you can make the seller an offer for the wine. Offers made to a seller are valid for 48 hours and, if accepted, are a binding commitment to buy the wine.
2. The seller may accept your offer, decline your offer or make a counter offer. You will be notified of the seller's decision by email and can also monitor your offers via your My Buying page. Counter offers are valid for 48 hours or until the wine is sold if this is sooner.
- In an auction, potential buyers place bids against each other and the lot is won by the person with the highest bid when the sale closes. Within auctions, there are several categories:
Multi-Lot Auctions have more than one lot of the same item available for sale. E.g. 3 lots, each containing 1 bottle.
Bidders in a multi-lot auction can bid for as many or as few lots as they wish. The number of lots they will win depends on whether other higher bids have been received and, if so, the number of lots the higher bidders have won.
Single Lot Auction
A Single Lot Auction is where there is only one of an item available for sale e.g. 1 bottle, 1 case or 1 mixed case.
Feature Auctions are auctions of consigned lots which are arranged by Bid for Wine from time to time. Wines included in these sales are offered on behalf of sellers and will be stored with us or - exceptionally - in other professional storage. Unlike many auctioneers we are able to arrange shipping and storage of lots purchased in these sales.
Lots purchased from feature auctions may be subject to a buyer's premium.
How do I bid for or buy a lot?
When a lot is being sold by an auction, you need to bid for it and you will be asked to enter your maximum bid - this is the most you are prepared to pay for a lot (you may pay less than your maximum depending on whether other users bid on a lot).. Click 'Place Bid', check the confirmation page and then click 'Yes, Place Bid'. Please note that some lots may be subject to a buyer's premium in addition to your bid and that this should be factored in to your maximum bid. Where a premium is payable it will be advertised on the listing.
Where an auction is a multi lot auction, you will also need to enter the maximum number of lots you wish to bid for (please check the lot description for details of how many bottles are in a lot prior to bidding). The total price you pay will be the number of lots you win multiplied by the hammer price.
Where a lot is listed with a 'Buy Now' price, you can purchase it by clicking the 'Buy Now' button and following the on screen instructions.
By bidding on a lot, you are making a legally biding commitment to pay for the lot should you win the auction.
How can I watch an auction?
You can choose to watch an auction by clicking "Add this auction to my watch list" within an auction page. It can then be viewed by going to "Auctions I'm Watching" in My 'Bid for Wine'
What is meant by 'current price'?
The 'current price' is the amount that would be paid by the winning bidder or bidders if an auction were to end immediately.
Where an auction is a single lot auction, the current price is either the starting price of the auction, or if there is more than one bidder, the maximum bid of the second highest bidder plus one bid increment.
What are the bidding increments on Bid for Wine?
In most situations Bid for Wine uses the following increments:
|£1 - £10||£1 - £1, £2, £3...|
|£10 - £30||£2 - £10, £12, £14...|
|£30 - £150||£5 - £30, £35, £40...|
|£150 - £300||£10 - £150, £160, £170...|
|£300 - £400||£20 - £320, £340, £360...|
|£400-£500||£420, £450, £480, £500...|
|£500-£1000||£50 - £550, £600, £650...|
|£1000 - £2000||£100 - £1100, £1200, £1300...|
|£2000 - £3000||£200 - £2200, £2400, £2600...|
|£3000 - £5000||£3200, £3500, £3800...|
|£5000+||£500 - £5500, £6000, £6500...|
Where the wine is Duty Paid and is being sold by a VAT registered seller, we add VAT on to their selling price and the bidding increments. These become:
Band Increment £1.00 - £15.00 £0.59 £15.01 - £50.00 £1.18 £50.01 - £150.00 £2.35 £150.01 - £300.00 £5.88 £300.01 - £600.00 £12.93 £600.01 - £1,500.00 £23.50 £1,500.01 - £3,000.00 £58.75 £3,000.01 and up £117.50
There are two cases where bid increments do not follow the pattern above:
Where the current price is more than an increment below the reserve price and the maximum bid entered is above the reserve price.
For example if the current price is £50, the reserve price is £60 and a maximum bid of £70 is entered, the current price will become £60 (to meet the reserve price). This means that effectively the increment here is £10.
To beat a competing bidder's high bid.
If bidder A has offered a maximum of £150 on an auction with a current price of £100, if bidder B offers a maximum of £170, the current price will become £155 (bidder A’s bid plus one increment). The effective increment for bidder B will be £55 in this case.
I've had an email to say I've won a lot - now what happens?
In the email you will find a link to an auction completion page. Please follow the link and fill in your details - the seller will then contact you regarding payment and delivery. You can also reach auction completion pages via the Action Items list on the 'My Summary' page in 'My Bid for Wine'
How do I pay for my wine?
A seller will normally specify the payment methods they accept for their wine - this may be Paypal, cheque or bank transfer.
Is it safe to buy wine via Bid for Wine?
Bid for Wine takes the safety of users very seriously and constantly checks auctions to look for potential problems.
As a buyer there are several steps you can take to avoid problems when buying and which help make Bid for Wine safer than buying in regular auctions
- Check a Seller's feedback ratings to see other user's experiences of buying from them.
- Bid for Wine allows you to contact sellers to ask them questions about the wine they are selling.
- Where a seller has included pictures in their listing, these can help you independently verify matters such as the ullage of bottles.
How do I know my creditcard details are secure?
Bid for Wine never has access to your card details but instead uses the services of Protx, a specialist card processing firm, who are fully compliant with the Payment Card Industry Data Security Standards (PCIDSS) and use the latest encryption technology to protect your personal data.
Why is there a message saying 'new bids will extend auction deadline' below the auction time remaining?
Unlike some auction sites, Bid for Wine extends the time remaining for an auction by two minutes whenever a bid is placed within the last two minutes of an auction. This prevents the successful use of automated bidding software, which could lead to users being unfairly outbid on a lot.
Why do some lots say 'Sold by Bid for Wine on behalf of..."?
Some users may choose for Bid for Wine to manage their auctions on their behalf, either due to licensing requirements or for reasons of convenience.