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The Auction and how does it work? |
Dressage Horse Auction
In the last few years, the auction has become more commonplace in our industry. The concept that Jordan Stables has introduced is a variation on the standard auction with several interesting benefits for the buyer. In the past, the strong interest in the viewing days has meant that we have had to disappoint many customers because of the maximum amount of times a given horse can be shown.
We have received a number of questions about the manner of bidding and when auctions actually end. Bidding via the internet involves several technical aspects which have an effect on bidding. This is especially noticeable towards the end of the auction, and will be very important on December 30st at 10:00 p.m. Bidding via email or internet is not always in real-time and there may be external factors which can delay bids by seconds or even minutes. These factors include the speed and processing of the web server, the type of email address (e.g. Hotmail) and the speed of the internet connection.
IMPORTANT: In order to see the latest bids, it is necessary to occasionally refresh the page by using the refresh button on the menu toolbar of your internet browser. In doing so, the most recent page will be loaded.
The following is an example of a bid history by date and time:
.jpg) In order to ensure a fair bidding process whereby no one will be disadvantaged by technical aspects, a so-called time-lock will be placed on the last bid (10:00 p.m.) This means that 10 minutes after the auction’s expiration, the bid will become definite.
Example:
On December 30st at 09:58 p.m., the bid history will be visible. At that moment, other bidders have the opportunity to react. A new bid is made but there is no guarantee that it will be visible before the expiration of the auction. The bid may be made at 09:59 but will only become visible on the website at 10:01. In this case, if there is no higher bid within 10 minutes the bid will be considered definite. If a counter offer is made, a new 10 minute period will begin. We have implemented this in order to accommodate a number of questions and comments from our potential bidders.
Considering the use of this method, the timestamp displayed on the website will be binding. Pls be aware the timeframe is based on local Dutch time !! (Amsterdam GMT +2)
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