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BIDDER GUIDE




BIDDER TERMINOLOGY


SOFT GAVEL: An automatic time addition on the auction clock when a bid is placed. The “soft gavel” allows all bidders time to place their next bid.

CHIP: An incremental advance in bidding that is below the current ask.

COUNTER or RESPONSIVE BID: An advanced incremental bid placed by the auctioneer in order to move the bidding closer to the Reserve. Counter bidding is common practice throughout the auction industry to help the buyer and seller reach a price that works for both parties, so the auction is successful.

In a reserve auction, Concierge Auctions may place counter bids until the Reserve Price is met. When bidding reaches the Reserve, Concierge Auctions will no longer counter bid.

FLOOR BID: A bid placed by the auctioneer to establish the starting price for a Reserve auction.

WITHOUT RESERVE: The property will sell to the highest bidder regardless of price on auction day. There is no minimum bid that must be reached to purchase the property.

RESERVE: The property will positively sell at or above a predetermined price threshold on auction day.


AUCTION TIMELINE


​​BIDDING OPEN:

  • Bidding is usually open for one to two weeks.
  • Once you are registered, you may bid at any time during this window via our website.
  • On the last day of the auction, you will be assigned a bid assistant (SEE: Auction Roles, Bid Assistant), who can communicate directly with the auctioneer. You may also continue to place bids directly via our website or app.

CLOSING OF AUCTION:

  • As the clock winds down, bids typically become more frequent. The soft gavel ensures all bidders have plenty of time to respond accordingly after another bid is placed.

GOING ONCE:

  • This signifies that the auction is about to end—bids may still be placed.

GOING TWICE:

  • A second call by the auctioneer for any additional bids.

LAST CALL:

  • The last and final call by the auctioneer for any remaining bids.

SOLD:

  • The auction has concluded, and the highest bidder is declared the Winning Bidder. The second-highest bidder is declared the Back-Up Bidder.

AUCTION ROLES


AUCTIONEER: Auction conductor who is the deciding factor on bid increments, acceptance of all bids, and the timing of extensions.

AUCTION CLERKER: Auction clerk in direct communication with the auctioneer.

BID ASSISTANT: A dedicated assistant assigned to offer phone support to bidders in the last 15± minutes of an auction. Bidders have the option to join a private, recorded line. Bid Assistants are in direct communication with the Auctioneer. Bid Assistant support includes:

  • Time extension requests
  • Bid increment requests than the current ask
  • Bidding strategy
  • Auction FAQs/process explanation

BIDDERS: Individuals who have registered to bid on the property. The registration process has three steps:

  1. Complete and submit the Terms & Conditions of Sale.
  2. Wire a Bidder Deposit, typically $100,000, which is credited towards the purchase of the winning bidder, or is returned within 3-5 business days.
  3. Provide a letter of reference from a bank or financial institution (sample included with the Terms & Conditions).
  4. Provide a copy of a government issued ID.

BACK-UP BIDDER: If the winning bidder defaults under the Terms and Conditions and/or the applicable Purchase and Sale Contract, Concierge shall have the right to declare another bidder to be the back-up buyer of the property within no more than five business days after the completion of the auction. In that case, the back-up buyer's highest bid shall remain effective and irrevocable during this five business-day period. Once the back-up bidder has been declared the buyer, it shall comply with the Terms and Conditions as if it had been declared the buyer at the auction.

TIME EXTENSIONS


​​Bidders may request more time to be added to the clock via a bid assistant. This is often requested by a bidder so as to have additional time to decide a bid amount and/or contact a spouse or financial partner.

The auctioneer may limit the number of times the same bidder can request a time extension, and may also let all bidders know when there will not be any more time extensions without an incremental advance.

Time extensions are typically between 3–5 minutes. Time extensions are at the auctioneer’s discretion.

BIDDING STRATEGIES


​​POWER BID: A power bid is a bid placed above the current ask price. Many bidders find the placing of a Power Bid to be a strategic move in that it can send a strong message to other bidders that you are serious about owning the property.

MAX BID: Providing a max bid allows the auctioneer or a proxy bidder to bid up to but not exceed the high end of this bid amount.

PROXY BID: As a registered bidder, you may choose to appoint an individual to place bids on your behalf and execute all contracts.

STARTING BID INCENTIVE: An incentive that serves as a credit to reduce the Buyer's Premium by 50% related to the Starting Bid Amount, encouraging buyers to submit a starting bid prior to the start of the auction.

FAQ


​​HOW DO I PLACE A BID?

​Bids may be placed on our online marketplace (conciergeauctions.com), via our app, or by phone with a bid assistant. Note: A bid assistant is assigned for support approximately 15 minutes prior to the auction close time.

WHAT IS MY BIDDER NUMBER?

All bidders will be provided a paddle number in a confirmation email from our dedicated Client Services team prior to the close of an auction.

HOW LONG DOES AN AUCTION LAST?

​Bidding is typically range from one to two weeks. Refer to the property page for timeline specifics and the most updated information.

WHAT IS THE BENEFIT TO BIDDING WITH A BID ASSISTANT?

​We offer support to all bidders during the auction. Bid Assistants have a direct line to the Auctioneer should you need help with strategy, bidding increments, time extensions or any other questions you may have.

DOES THE SALE HAVE CONTINGENCIES?

No Contingencies. Buyer's purchase of the property is a cash transaction and is not subject to or dependent upon any contingencies or conditions of any kind, including, without limitation, a contingency for financing, due diligence or inspections.

DOES THE BUYER PAY A VAT TAX?

If any VAT (value added tax) or similar tax is due in connection with the payment of the Buyer’s Premium, it shall be Buyer’s sole obligation to pay all VAT and similar taxes. The term “Purchase Price” shall mean the High Bid, excluding other amounts payable by the Buyer in connection with closing, such as customary closing costs, escrow/closing fees, VAT, property taxes, insurance, transfer fees/taxes in accordance with the Purchase and Sale Contract. Therefore, Buyer’s total obligation toward the purchase of the Property is equal to the Purchase Price, the Buyer’s Premium and those customary closing costs, including without limitation payment of any VAT in connection with Buyer’s purchase and the Buyer’s Premium. To that end, all Bidders are strongly encouraged to review the Purchase and Sale Contract prior to bidding and to consult with an attorney or other professional.




Concierge Auctions, LLC, (“Concierge Auctions”) is an auctioneer. Concierge Auctions’ principal address is 228 Park Avenue South, Suite 70835, New York, NY 10003, and its phone number is (212) 202-2940. If required, Concierge Auctions (or its representative) is registered, licensed and/or bonded in the U.S. state where the property to be auctioned is located. Concierge Auctions (in certain jurisdictions) and certain Concierge Auctions subsidiaries, employees, and representatives may possess real estate broker or salesperson licenses in various jurisdictions and may, in some circumstances, perform functions that may be deemed brokerage services, however, neither Concierge Auctions nor its agents, employees, and affiliates are acting as a broker in any capacity for any party in connection with this auction. Bidders must seek brokerage services or advice from their own real estate agents or professional advisers. Our brokerage licenses are held solely for compliance purposes to further our auctioneering services. Concierge Auctions, the Listing Agent, the seller of the property and their respective agents, employees, and affiliates do not represent, warrant, or guarantee the accuracy or completeness of any information and shall have no liability for errors or omissions under any circumstances in this or any other property listings or advertising, promotional or publicity statements, and materials. This is not meant as a solicitation for listings or an offer to sell real property. Cooperating brokers are encouraged to participate as set forth in Concierge Auctions bidder terms and conditions.