Bidding will take place in two ways: Online Pre-Bidding through March 9, 2013 and the Silent Auction that will take place 6-9pm on March 10, 2013. Detailed procedures for each are available below.
There is no maximum limit to the amount a bidder may raise the current bid, however there is a minimum. The minimum raise depends on the current bid. Minimum raises start out at $10. To raise the current bid, a bidder must raise it at least $10 while the current bid she is raising is below $300. After the current bid value surpasses $300, raises must be at least $20. The next threshold is $750 after which raises must be at least $50. The final threshold is $1,500 after which raises must be at least $100.
Buy It Now
When bidding on a lot, there is the option to "Buy It Now" (BIN). If at any point in time during Pre-Bidding a bidder chooses to "Buy It Now," bidding immediately ceases on that lot and it is sold to that bidder. If the BIN price is reached through the natural process of raising bids, the first bidder to bid the BIN price or above it will be the winner and will receive the lot for the BIN (even if that is below the required bidding increment). The BIN option is only available through March 9.
Several lots have unposted reserve values that must be met before there can be a winning bid. It will be clear if a specific lot has a reserve and it will be made evident that the reserve has been met as soon as bidding passes that mark.
Online Pre-Bidding is available through Saturday March 9, 2013. To place a bid, email firstname.lastname@example.org and list the following: Artist Name, Lot Number, Your Initial Bid, and Your Maximum bid. Online bids are not official until you've received acknowledgement from Autumn Space via email. Once you've bid, Autumn Space will automatically bid for you, following the prescribed increment schedule detailed above. If your maximum bid is surpassed before March 10, Autumn Space will contact you via email for further instruction. However, the night of the Silent Auction, Autumn Space will only contact you via telephone if your maximum bid is surpassed so provide a phone number if you'd like. Of course, if you are present at the Silent Auction, you may continue bidding in person.
The Silent Auction will take place at Autumn Space on Sunday March 10 from 6-9pm. Tickets for entrance will cost $10 and be sold at the door. The number on your ticket is your bidding identity (you will use it to place bids instead of your name). All lots will be on display and corresponding bid sheets will be posted to place bids upon. All lots will close at 9pm unless it's obvious that active bidding is still occurring, in which case bidding will continue until a clear winner has emerged.
Cash, credit, and check will all be accepted for payment. If the winning bidder is present at the Silent Auction, it is preferred that payment be received that night. If the winners are not present at the auction when bidding closes, payment will be arranged by phone the next day (March 11). If Autumn Space cannot secure payment within one week after the sale, the artwork will be made available to the next highest bidder.
If the winning bidder is present when bidding closes, they can leave with their artwork after payment. Autumn Space will have a staffed wrapping station to prepare artwork for transit. Otherwise artwork can be picked up at the gallery during open hours. If the winning bidder would like their artwork shipped to them, they will assume all shipping costs.
If you have any further questions regarding the procedures of the auction, feel free to inquire via email at email@example.com or ask an Autumn Space representative on the night of the Silent Auction.