Hi Guys
The recent live auction of Fred's XR6OOR was a great success.Fred achieved a fantastic price,the bidders had a ball and the spectators enjoyed the fun.
However,this auction highlighted the potential pitfalls for the seller,buyer and host(WD Forum).
I would like to make the following suggestions:
1.The Seller:Sets the reserve price.He is entitled to withdraw the item if the price is not reached.The seller takes the commercial risk in delivering the item and receiving payment.WD has no role in this.
The seller has no role in the auction.
2.WD Forum: They provide the bidding platform.There can only be one platform,the WD Forum website,to prevent time line disputes and to have an accurate record of the bidding.
WD appoints an online auction administrator/Moderator.This person is responsible for the auction process.They set out the time frame,confirm reserve price etc.
Suggested auction rules:
- One bidding platform
- Cut off time procedure: Admin/Mod is responsible for auction cut off.Bidding platform time is used.(Must be accurate)
Once final bid is called by Admin,then the preceding bid has 10 minutes to beat that final bid.This is used by some of the big outfits(Sothebys)for obvious reasons.It benefits the seller and allows a fairer system and reduces disputes.
-Admin calls the auction after the waiting time and his decision is final.
- The Buyer has 24hrs to satisfy the seller(deposit etc)otherwise he notifies Admin who moves the sale to the next bid.
3. The Buyer:
- Must register and pay a deposit to WD(5% of reserve price)
-Pay a 5% buyers commission to WD to cover cost of Admin/Moderator.
Please note,these comments above are suggestions and I would welcome debate on this subject.
The owner of the WD Forum is ultimately responsible for,and must make the rules,for any commercial activity on his business site.
Over to you Mr Kilroy.
The recent live auction of Fred's XR6OOR was a great success.Fred achieved a fantastic price,the bidders had a ball and the spectators enjoyed the fun.
However,this auction highlighted the potential pitfalls for the seller,buyer and host(WD Forum).
I would like to make the following suggestions:
1.The Seller:Sets the reserve price.He is entitled to withdraw the item if the price is not reached.The seller takes the commercial risk in delivering the item and receiving payment.WD has no role in this.
The seller has no role in the auction.
2.WD Forum: They provide the bidding platform.There can only be one platform,the WD Forum website,to prevent time line disputes and to have an accurate record of the bidding.
WD appoints an online auction administrator/Moderator.This person is responsible for the auction process.They set out the time frame,confirm reserve price etc.
Suggested auction rules:
- One bidding platform
- Cut off time procedure: Admin/Mod is responsible for auction cut off.Bidding platform time is used.(Must be accurate)
Once final bid is called by Admin,then the preceding bid has 10 minutes to beat that final bid.This is used by some of the big outfits(Sothebys)for obvious reasons.It benefits the seller and allows a fairer system and reduces disputes.
-Admin calls the auction after the waiting time and his decision is final.
- The Buyer has 24hrs to satisfy the seller(deposit etc)otherwise he notifies Admin who moves the sale to the next bid.
3. The Buyer:
- Must register and pay a deposit to WD(5% of reserve price)
-Pay a 5% buyers commission to WD to cover cost of Admin/Moderator.
Please note,these comments above are suggestions and I would welcome debate on this subject.
The owner of the WD Forum is ultimately responsible for,and must make the rules,for any commercial activity on his business site.
Over to you Mr Kilroy.
