HiBid 101
What does “may have won” mean? - Well, that is a stock phrase used by Hi Bid and can mean a few things and is a bit confusing.
The phrase is used to let the bidder know that they have the highest bid. It is usually used with a lot that has a reserve price. However, that does not mean they have won the item if the item has a reserve price. Thus, the confusion.
It would be so much better if they used “won” or “reserve met” like Ebay does. However, they do not for a variety of reasons.
What does “winning” mean? - The same as above. The bidder has the highest bid. Usually, this is used with a lot that does not have a reserve price.
Why do they use these phrases? - They use it because Hi Bid is made up many Auction Houses that operate differently. Some houses use do Absolute Auctions. Others do Silent Auctions. In both scenarios, a reserve may be in place due to a Consignor’s request.
Therefore, the phrase “may have won” is used to bridge the gap between the various houses and bidder. It lets the Auctioneer know about the high bid as well as the bidder. It is then up the Auctioneer to declare a winner or to pass if the bid was too low or if the reserve was not.
This also gives the Auctioneer time to ask the Consignor to sell if the bid was close enough to the reserve price or to pass.
How do you feel about these phrases? - The are difficult, misleading, and add too much confusion. Things would be so much easier if they followed an Ebay scheme. Wish they could be changed but no…
So how do I know if a lot has a reserve price or not? - Look for it noted in either the description under the INFORMATION area on the lot listing. There is usually a graphic in the pics that mentions is as well.
Why don’t all auction types work the same way? - Again a variety of reason. Consignors who want a reserve. You can’t blame them can you? Why sell something at alow bid of $1 when it is split up into percentages with commissions, fees, and whatnot? Who would be happy? Would you be happy is you consigned an item and the highest bid was $1 and the lot was worth $500? No, probably not. The list goes on…
How does the Silent Auction work? - It is the same thing as a “Sealed Auction”. The bids are sealed to the public. The amount of bids and other bidder info as well. In most cases, the ots do not have reserve prices. If so, it will be mentioned.
Lots are won by the highest MAX BIDS rather than working incrementally form the starting bid like an Absulote Auction.
Please note that the starting bid will show the same if the lot has bid on it or not. It is just the way Hi Bid is designed with he Silent Auction feature. It keeps the bid sealed tight like drum.
TIP: Place a high MAX BID when prompted rather than trying to win incrementally a dollar at a time.
Why do you do Silent Auctions? - Well, we find the bids are more generous. The lots seem to find the collector/end user that way. Another reason is that we are charged by the bid and card verification at registration. So a $1 bid from a wishful thinker can actually cost us $1.25. If they registered and placed a bid won or not. Long story…
Why do I have to register for each Auction? - That is just the way it works. HiBid uses the Auction Catalog concept. It is not an ongoing time auction site like eBay or ShopGoodwill. The auctions are made up of grouped “catalogs”. Usually, they are live for a week or two. Catalogs are a good way for the Auction House to keep track of various consignors, Estates, or themed events.
Can you make a video of all of this info? - Yes, it is in the works to be placed on the You Tube Channel.
Other advise? - Yes, please read the T&Cs, descriptions, and other things in the Information area prior to bidding. There one will see if there is a reserve price or not as well as other meaningful information.
That goes for other Auction Houses on the platform as well. It’s always a good rule of thumb. Never think that all Auction Houses run the same way or even run the same type of auction each time.