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How does the on-line bidding work?
We hope that the
on-line auction catalogue will allow visitors to the site to leave bids on
exhibits up until the day of the live auction. The on-line auction ends 24 hours
before the 'final' auction takes place in the gallery on the 7th May. The bids
placed on-line will then be taken as 'commission' bids by the auctioneer to the
gallery.
What this means is that the figure you leave is taken as the maximum amount you
wish to bid on any work.
In practice how does this work? If the current bid on a work you would like to buy is £475 and you want to spend up to £750 on that particular work. You should leave a bid for £750, the 'automated auctioneer' then acts as your agent.
In the first instance it will bid £500 on your behalf for the work. If no one bids or has left a bid of more than £500 you become the highest bidder. If a day later another bidder leaves a bid for £525 the 'automated auctioneer' will then bid £550 on your behalf, restoring you as the highest bidder.
If the on-line auction ends and no one has made any further bids your bid will then be passed to the auctioneer on the night who will act in the same way as the 'automated auctioneer', just more humanly!
If there are no further bids on the night you secure the work for £550. If however a bidder on the night, bids £600, the auctioneer will then bid £650 on your behalf. If the bidding stops there you secure the work at £650, if the bidding continues the auctioneer will keep acting on your behalf until the bidding stops or exceeds your maximum bid.
Although these bids are called commission bids no buyers or sellers commission is being levied, and the price you bid is what you pay for the work. All proceeds from this exhibition and auction go directly to the Helen Bamber Foundation.
An exhibition and auction of works donated by British & international artists to raise funds for the Helen Bamber Foundation to take place between 5 - 7 May 2009 at Maddox Arts, 52 Brook's Mews, London W1K 4ED.
