Arcadia Time, the timed auction revolution
What is the timed auction?
Arcadia Time is an innovative system that allows you to bid on lots in online auctions that take place during a set period of time and without the presence of the auctioneer during the sale. Typically, the duration of online auctions is 15 days and the time-based auction technology allows you to access them at all times, without limits of time or location, and bid or raise bids on the lots you want.
What is the difference between the traditional auction and the auction and time?
The substantial difference between a traditional auction or live auction and the timed auction is the virtual trading of the latter, which always takes place online, with no constraints of time or location from which to place one's bid or view the status of the negotiation. Direct participation is not necessary as the bidding system and the maximum bid entered allows you to be 'active' 24 hours a day indirectly and always have control over the bargaining.
Throughout the duration of the online auction, users who have bid will be notified of changes in the status of negotiations or price changes, so that they can intervene if necessary.
How does the timed auction work?
The operation of the timed auction is simple: an item is auctioned at a fixed minimum price, below which it cannot be auctioned. The bidding amount is calculated as a percentage of the auction base and is added to the starting price of the online auction.
The innovation of the timed auction is precisely the bidding system that allows automatic bids whenever one's own bid is exceeded by that of another user. By entering a maximum bid, the maximum amount the user is willing to pay for the desired lot, the automatic bids are renewed until the maximum amount specified by the user is reached. The current bid is only increased by the amount necessary to remain the highest bidder until the reserve price is reached.
The maximum bid (also known as a proxy bid) is not taken over by other bidders on the same item in the auction; if another user exceeds the entered maximum bid with a higher amount, the system alerts you through e-mail messages or push notifications (for iOS apps) so that you can bid again with a new maximum bid for the desired lot on the current auction.
If, when the auction expires, no user has placed a higher bid than the current bid, the item will be awarded even if the amount has not reached the maximum bid set by the user. Raises submitted by a user within 5 minutes of the lot expiration time cause a postponement of the lot expiration time by 2 minutes. In timed auctions, when the auction expires, the lots placed - whether or not they have been awarded - are awarded every 2 minutes, unless they are relaunched just before the expiry time.
How to participate in the timed auction?
To participate in the online timed auction, you need to register on the Arcadia Auctions website, attaching a valid ID document that will be verified by an operator. Once you have registered, you will be given access to the reserved area of the site.
The reserved area allows you to participate in live and timed auctions, submit bids on lots in timed or live auctions, save favourite lots, track lots to receive notifications, get reminders of auctions and results, consult condition reports and much more.