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Dutch reverse auctions While a traditional Dutch Auction starts at a high bid which will then decrease, a Reverse Dutch Auction works the opposite way as it starts at a low price and then gradually increases over time.
"until the announcement is made [i.e. the fall of the gavel] any bidder may retract his bid." This means that you can still withdraw your bid during the auction, but not once the hammer has fallen.
Reverse auctions are eAuctions where suppliers submit online bids to compete against each other. Unlike forward auctions, where bids increase as the auction progresses, in reverse auctions, bidding starts with the highest possible price and decreases gradually. The lowest bid wins.
RR Auction clients with an invoice totaling $2,500 or under will have the option to pay by VISA, Mastercard, or American Express or by Paypal if the invoice is under $1,000. All Paypal and credit card payments must be made using the "Pay Now" link sent in the invoice email.
Remember when looking at prices realized on the RR auction site, they include the 22.5% buyers fee. So you have to deduct that to get to the actual sale price, then deduct the seller fees about 20% plus a listing fee. So if an item is shown sold for $1000, you will end up around $575 or so.
The 30 Minute Rule starts and EACH LOT will close individually after that lot goes 30 minutes with no new bids being placed on it. Whenever a new bid is placed, the 30 minute timer will be reset and the 30 minute countdown will restart.
'Very reliable and trustworthy' - They take great care to ensure the items they auction are authentic and in good condition.
If the auctioneer says that he's "out here" or that "the bid's in the room" it means exactly that, the commission bidders or the phone bidders have been outbid and the current highest bidder is present in the room.