GUIDE TO BUYING IN AN ONLINE ONLY AUCTION
The following short guidance is intended to give you useful information on how to buy in an Online Only Auction. We recommend that you read the guidance below carefully in order to familiarize yourself with the way that the Online Only Platform works before you start to participate in an Online Only Auction. It is also important that you read the Terms and Conditions which are also, in part, set out below. Terms defined in this guide shall have the same meaning as in the Terms and Conditions unless the context otherwise requires.
As indicated in the Terms and Conditions, the Online Sale Information for each Lot includes pre-sale estimates which are provided by Peter’s Gallery as a guide for prospective Bidders to assist them with determining the appropriate amount to bid for a Lot. In our opinion, any bid for an amount which is between the high pre-sale estimate and the low pre-sale estimate stated in the Online Sale Information for the Lot would offer a chance of success. Having said that, it is important you appreciate that Lots can realise prices which are above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid. Please note that the pre-sale estimates which are stated do not include buyer’s premium, VAT or shipping charges.
Condition of Lots
The online sale informations include the online catalogue description of the Lot; any online condition report provided in relation to the Lot by Peter’s Gallery solely as a convenience (and the online images of the Lot shall be deemed to form part of any such condition report).
All Lots are offered for sale in the condition which they are in at the time of sale in an Online Only Auction. Any reference to condition in the Online Sale Information will not amount to a full description of the condition and the absence of any reference to the condition of a Lot in the online catalogue description does not imply that the Lot is free from faults or imperfections. It is important that you appreciate that you will have an opportunity to inspect the condition of a Lot prior to submitting a bid in respect of such Lot.
In certain circumstances, Peter’s Gallery may publish in the online catalogue description for a Lot the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
Monitoring and increasing your bids
If you are outbid at any time you will receive an email notification informing you accordingly and providing a link to follow to increase your bid. We encourage you to monitor the bids on Lots throughout the duration of the Online Only Auction to ensure your status as the highest bidder up until the close of the Online Only Auction.
We encourage you to use the proxy bidding system (also known as automated bidding) as it is advantageous to the bidding process. The platform will place incremental bids on your behalf up to the maximum amount specified, assisting you in being competitive in a quick and easy manner.
Closing the sale
An end time is displayed for each Lot at Lot level. Lots will close at the time stated at Lot level unless a bid is placed within 5 minute of a Lot’s scheduled end time. If this occurs, Peter’s Gallery will extend the sale of that Lot by 5 minutes from the time of the last bid. The extension of any Lot’s closing time does not affect the closing time of the following Lots. This may result in Lots closing out of numerical order. Upon the closing of each Lot, you will receive another email notification indicating whether you have won each Lot on which you have placed a bid.
Paying for your Lot
If you are a successful Buyer of a Lot, Peter’s Gallery will email you the total amount due by you (together with payment instructions) as soon as reasonably practicable after the final Lot in the relevant Online Only Auction closes. Please note that we reserve the right to decline payments received from anyone other than the buyer of record.
A Buyer’s Premium are payable by the successful Bidder on a Lot in an Online Only Auction. The Buyer’s Premium are added to the Hammer Price and are included as part of the total Purchase Price payable by the successful Bidder. In an Online Only Auction conducted by Peter’s Gallery, the Buyer’s Premium rate is as follows: 10% of the Hammer Price of any amount. You will also be required to pay Value Added Tax (VAT) of 19% over the Hammer Price and the Buyer’s Premium (♦︎ symbol) or over the Buyer’s Premium only (# symbol). See the symbols (♦︎ and #) under the Lot’s title for more information. View glossary of terms to familiarise yourself with the language and symbols of auctions. Customs duty and any local clearance fees may be applicable for your country.
Peter’s Gallery is always happy to discuss any Lot in which you are interested.
You can bid manually, meaning one bid at a time or use automatic bidding. The Peter’s Gallery auctioning system provides proxy bidding (also known as automatic bidding). In this case the platform will place incremental bids on your behalf up to the maximum amount specified. This is advantageous for the bidding process, making it safer and easier for the bidder and their bidding strategy. Take a look at our glossary guide to get familiar with auction terms.
Also, if User 1 has set a specific maximum bid and if User 2 comes and places the same maximum bid, then the platform will show an alert message to User 2 and will place the bid on behalf of User 1 of the same amount as his maximum bid.
For example: User 1 places a maximum bid of €350 and User 2 places the same maximum bid, then User 2 will get an alert message saying “Your bid matches with maximum bid of a user. The bid of this item has been updated. Please check the latest bid and bid again.” The platform then places a bid on behalf of User 1 with the amount of his/her maximum bid. Now, User 2 will have to check the available bid price mentioned under the price-box and try bidding again.
Bidding Increment Table: