Welcome to our online auction platform! Here's a breakdown of how auctions work for both sellers and bidders:

For Sellers: Listing Your Item

1. Create Your Auction: You'll start by filling out an auction creation form on our website, providing details about your item.
2. Review and Approval: Our team will review your auction details to ensure accuracy and compliance with our terms. Once approved, your auction will be scheduled to go live.
3. Auction Start: On the scheduled start date, your auction will become "active," and bidders can start placing bids.
4. Auction End: When the auction ends, we'll notify you of the outcome.
5. Successful Sale: If your item sells, we'll contact you with the winning bid amount and bidder's contact information.
6. Unsuccessful Sale: If the reserve price is not met or no bids are placed, we'll notify you.

For Bidders: Participating in Auctions

1. Create an Account: First, you'll need to create a user account on our website, providing your first and last name.
2. Register to Bid: Next, you'll register as a bidder, securely providing your payment information through our trusted payment processor, Authorize.Net.
3. Verification: Your bidder status will be verified. Only verified bidders can place bids.
4. Finding Auctions: Browse our active auctions and find items you're interested in.
5. Placing Bids: Place your bids, ensuring they meet the minimum increment amount. You can also sign up for notifications to stay updated. Sniping Clause: If a bid is placed in the final two (2) minutes of the auction, the auction end time will be automatically extended by two (2) additional minutes. This process will repeat if further bids are placed within those newly added minutes, ensuring all interested bidders have an opportunity to respond.
6. Winning an Auction: If you're the highest bidder when the auction ends, you'll be notified of your win
7. Payment Processing: We'll automatically process the buyer's premium using your registered payment method. This fee is paid to COLE Publishing and is calculated as follows:
   • For winning bids less than $50,000: 7% of the winning bid price.
   • For winning bids between $50,000 and $100,000 (inclusive): 6% of the winning bid price.
   • For winning bids greater than $100,000: 5% of the winning bid price.
   Regardless of final sale price, please note the minimum buyer's premium is $750.00 and the maximum buyer's premium is $15,000.00.
8. Information Exchange: Once payment is successful, we'll securely share your contact information with the seller and vice versa.

Key Auction Features

• Notifications: Receive timely notifications about auction updates, bid activity, and auction endings.
• Secure Payments: We use Authorize.Net to securely process payments, ensuring your financial information is protected.
• Bid Increments: Bids must increase by a predetermined amount.
• Sniping Clause: If a bid is placed in the final two (2) minutes of the auction, the auction end time will be automatically extended by two (2) additional minutes. This process will repeat if further bids are placed within those newly added minutes, ensuring all interested bidders have an opportunity to respond.
• Reserve Prices: Some auctions may have a reserve price, which is the minimum acceptable bid.
• Payment Method Validation: We periodically validate bidder payment methods to ensure smooth transactions.
• Dispute Resolution: If you encounter any issues, please refer to our User/Bidder Agreement for our dispute resolution process.

User/Bidder Agreement

Please review our User/Bidder Agreement for detailed information about our terms and conditions, including payment obligations, dispute resolution, and acceptance of terms.

We're committed to providing a transparent and secure auction experience for all our users. If you have any further questions, please don't hesitate to contact us.