Methods of conducting the auctions

The auction consists of 3 consecutive phases:

1. Online Pre - Auction
2. Online and Internal Auction
3. After - Auction

Online Pre - Auction

• The Pre-Auction takes place before the Internal one and opens on the date and at the hour specified into the auction information or by the auction section;
• When the Pre-Auction is opened, the registered users can bid at any time and revive at will;
• Alternatively, users can bid in writing form (by fax, letter, completed form with us); in this case, however, is not guaranteed the timeliness of compliance for online bidders;
• For each bid, the Bidder specifies the maximum amount he/she is willing to offer. The system will automatically perform raises, seeking to overcome the competing bids, until the maxim specified amount.
   
  1. If the highest bid does not overcome the competing bids, the absolute bottom line is updated and the offer lapses.
     Example: current absolute bottom line 100, increase 10, new maximum bid 150, max bid 180 by a competitor, the current absolute bottom line goes to 160 and the new offer lapses;
  2. If the maximum bid exceeds the competing ones, the current bid wins, listing the minimum offer necessary to overcome all the other competing bids.
     Example: current absolute bottom line 100, increase 10, new maximum bid 150, max bid 120 by a competitor, the current absolute bottom line goes to 130, the competing offer lapses and the new bid becomes the provisional winner;
• At any time, You can raise your maximum bid even when the bidder has already begun an offer for the same item;
• The online Pre-Auction absolutely ends on the date and at the hour specified in the auction information or by the auction session, but always before the start of an internal one;
• The winning bid is not final until the end of the internal auction for the specified item, i.e. until the Auctioneer will not have declared the item as sold;
• During the internal auction, the provisionally winning bid of this online pre-auction is always good. The current absolute bottom line achieved online is given by the internal Auctioneer. One of our staff has to relaunch on behalf of the online bidder until the maximum amount specified in the offer.
  Example: maximum online bid 200, the nominee relaunches to compete with people in the room up to 200, after which he/she will relaunch no more;
• At the end of the internal auction:
   
  • if the raises don’t exceed the internal ones, the online bidder wins the item at the price obtained by our staff person.
    Example: maximum online bid 200, increase 10, internal raises 150, and the online bidder wins the item at 160;
  • if the online bid exceeds the internal one beyond the maximum bid, the online bidder wins no object.
    Example: maximum online bid 200, increase 10, internal raises 250, and the online bidder doesn’t award the item;
• The online bidder will be informed by email about the result of the internal auction, in case the bidder won or lost the item;
• Finally, we remember that the online offers have the same value and are equally binding for all purposes as the internal offers;

Online and Internal Auction

• The internal auction is opened and coordinated by the Auctioneer, as specified in the  conditions of sale
• During the internal auction, for each batch, the Auctioneer:
  1. collects the online offers
  2. stops collecting the online offers and the internal ones
  3. assigns the batch to the highest bidder
• During the internal auction, remain always valid the pre-auction bids which are also competing with the online and internal offers
• During the collection of online offers, the users can bid at any time and revive at will;
• For each online bid, the Bidder specifies the maximum amount he/she is willing to offer. The system will automatically perform the raises, seeking to overcome the competing bids, until the specified maximum amount.
   
  1. If the highest bid does not overcome the competing bids, the absolute bottom line is updated and the offer lapses.
     Example: current absolute bottom line 100, increase 10, a new maximum bid 150, max bid 180 by a competitor, the current auction price goes to 160 and the new offer lapses;
  2. If the maximum bid exceeds the competing ones, the current bid wins, listing the minimum offer necessary to overcome all the other competing bids.
     Example: current absolute bottom line 100, increase 10, a new maximum bid 150, max bid 120 by a competitor, the current auction price goes to 130, the competing offer lapses and the new bid becomes the provisional winner;
• Before the Auctioneer closes the collection of online offers, it is possible at any time to raise the maximum bid even when the bidder has already begun an offer for the same item;
• The collection of online offers for the specific batch absolutely ends at the discretion of the Auctioneer who starts the same by collecting the bids for the same batch. Now, the online participants cannot make further offers;
• The winning online bid is not final until the end of internal auction for the specific batch that is until the internal Auctioneer will not have declared the item as sold;
• At the end of internal auction  
  • if the online bids and raises don’t exceed the internal ones, the best online bidder wins the item at the lowest price for the sell.
    Example: maximum online bid 200, increase 10, internal raise up 150, the online bidder wins the item at 160;
  • if each online bid exceeds the internal one beyond the maximum bid, the online bidder wins no object.
    Example: maximum online bid 200, increase 10, internal raise up, the online bidder doesn’t win the item;
• The online bidder is informed by email about the results of the internal auction, in case he/she won or lost the item;
• Finally, we remember that the online offers have the same value and are equally binding for all purposes as the internal offers.

After - Auction

• For the lots put up for after-auction sale, the sell is made to the first bidder who immediately wins at the basic price;
• The bids are simultaneously collected both online and internally;
• Alternatively, the users can bid in writing form (fax, letter, completed form with us); in this case, however, it is not guaranteed timeliness of the bids with respect to the online and internal bidders;
• The term of the post-auction is completely at the discretion of our auction room, regardless of batch to batch;