How to Buy at Bid for Wine
Auction Types at Bid for Wine
Bid for Wine runs three different types of auction. The Marketplace where sellers self list their items, online-only timed Featured Auctions (curated by Bid for Wine and also listed within the Marketplace) and 'in the room' Live Auctions (curated by Bid for Wine and sold by an auctioneer).
In order to bid on items you must first register an account with Bid for Wine.
The Marketplace offers buyers a continuously changing and diverse range of items listed for sale directly by sellers, both private and trade. This listing and sales format is known as peer to peer selling. Marketplace listings are sold exclusively online using Bid for Wine's proprietary timed bidding software. Prospective buyers can communicate with sellers using Bid for Wine's in-site messaging system.
Each listing is effectively an auction in its own right. Items are available for bidding during a specified period that counts down in real time. Any bids placed in the final 30 seconds will extend the closing time by a further 30 seconds.
There are no additional buyer charges levied on Marketplace items so buyers pay only what they bid (plus delivery charges and any taxes or duties as described in the item listing). When compared with traditional wine auctions where the buyer's premium can be as high as 30% payable in addition to the agreed selling price, Bid for Wine typically offers buyers a better deal and sellers a higher realised price.
Marketplace sellers are responsible for invoicing buyers and receiving payment directly as well as shipping items to the buyer. Bid for Wine runs a feedback facility allowing Marketplace participants to rate past transactions. These ratings are published and intended to provide helpful information to both prospective buyers and sellers. Feedback provided by Marketplace participants reflects the personal opinion of the authors and Bid for Wine takes no responsibility for either the validity or accuracy of any ratings.
Featured Auctions are comprised of items curated and inspected by the Bid for Wine experts on behalf of private and trade clients. As with Marketplace listings Featured Auctions are exclusively online timed auctions and there is no Buyer's Premium. You pay only what you bid (plus delivery charges and any taxes or duties as described in the item listing).
Featured Auction items will typically have been stored with us or at our bonded warehouse facilities prior to the auction taking place. We collect payment on behalf of the seller and, unlike many auctioneers, we are able to arrange shipping and storage of lots purchased in these sales
Live Auctions ('In the Room' with BidStream WebCast online bidding)
Live Auctions take place in a saleroom and are conducted by an auctioneer. They can held in various locations and are externally marketed. Live Auction sales catalogues are listed on the Bid for Wine website and buyers can place pre-sale bids online.
Whilst these auctions are conducted off-line they are streamed live over the Bid for Wine website using our proprietary BidStream simulcast bidding software, this allowing internet bidders to compete directly with room bidders. Live Auctions are subject to a buyer's premium and this is clearly indicated on each item within the sale catalogue. Buyers premium is always shown inclusive of VAT at the prevailing rate.
Unlike many auctioneers we are able to arrange shipping and storage of lots purchased in these sales and pricing is generally shown at the lot level.
How to Bid For Items
In order to place bids you must be logged into your Bid for Wine account. By bidding on an item, you are making an irrevocable and legally binding commitment to pay for the item if you win the auction.
Marketplace and Featured Auctions
Items are listed for a pre-specified period of time with a countdown timer indicating the likely closing time of each item. Buyers can place bids on those items they wish to buy and our timed bidding software does the rest. You will be asked to enter your maximum bid - this being the most you are prepared to pay for an item - and the system will execute this bid at the lowest price possible with regard only to other competing bidders or any re-set seller reserves.
VIDEO OF BIDDING PLEASE
You can place bids on an item either in the 'catalogue' or 'item detail' view. When you enter your bid you will see the total price payable in the event of it being a winning bid (including any applicable taxes and duties if being sold In Bond). Once you have clicked 'Place Bid', you will see confirmation that your bid has been accepted and a green or red block will indicate whether you are winning or have been outbid (and the Current Price at which the item is now selling).
You will receive an email confirming acceptance of your bid. If you are out-bid you will receive a further email advising you of this and providing you with the opportunity to increase your bid.
What is meant by Current Price?
The Current Price is the amount that an item will sell at if an auction were to end immediately. If you have submitted a maximum price higher than the current price the Bid for Wine system will automatically bid on your behalf against competing bidders up to this maximum price.
What are the bidding increments?
The Bid for Wine system accepts bids in preset increments to ensure fairness for all buyers. Increments are set on a sliding scale of values. Off-increment bids are automatically rounded down to the nearest set increment.
over £3000 £100
For example: if the current price on a lot is £145, the next bid must be £150 or higher, and when the current price is at £300 the next bid must be at £310 or higher. if a bidder places a bid at £333 (or any. off-increment amount), the system will round this down to the nearest increment of £330.
What happens at the end of a sale?
You will receive an email at the end of an auction confirming your purchase and providing instructions on how to pay for and take delivery of your item. Communication with the seller takes place through Bid for Wine's in-site messaging system. Invoicing and your past purchase history can also be accessed within 'My Bid for Wine' when logged into the 'My Account' section of the Bid for Wine website.
Is it safe to buy at Bid For Wine?
Bid for Wine respects the safety of users and we do our best to check registrants and listings to identify potential problems. It is however the case that Bid for Wine cannot take responsibility for the integrity of individual listings or the bona fides of users on our website.
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. Always 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 corroborate matters such as the condition of bottles.
How do I pay for my wine?
If you buy a Marketplace item you will typically be asked to pay the seller directly by bank transfer. Please note that it is rarely possible to reverse a bank transfer. If you are unsure about paying a seller you may request payment either by PayPal or using Bid for Wine as an escrow service though you may be charged a facilitation fee of up to 5%.
If you buy from a Featured or Live auction you will pay Bid for Wine on behalf of the seller for no extra charge..