4th Meridian Auctions partners with Biddify, a white-label auction platform designed to provide a user-friendly online experience.

Below is a comprehensive explanation of how bidding works, including key features like standard bids, auto bids, bid preemption, soft closes, staggered closing, and payment handling.

Types of Bids:

1. Place Bid (Standard Bid). A Place Bid (or Standard Bid) is a one-time manual bid placed by the user.

  • Standard Bids must follow the bid increment schedule, users cannot place arbitrary amounts.

  • If valid, a Standard Bid becomes the current highest bid if no higher bids are already in place.

  • Standard Bids cannot "jump over" a hidden auto-bid if that auto-bid is capable of matching or beating them, the auto-bid will immediately respond according to its limits.

Example:

  • Current bid: $100

  • Minimum next bid: $110 (based on increment)

  • You can bid $110, $120, $130, etc., following increments.

2. Auto Bid (Proxy Bid). An Auto Bid allows users to set a maximum amount they are willing to pay, and the system will automatically place incremental bids on their behalf up to that maximum.

  • Auto Bids can be set to any amount, but when the system places an auto bid, it rounds down to the nearest valid increment, never up.

  • Auto Bids follow increments when placed but never exceed the user's max.

  • Auto Bids are hidden until challenged by another bid.

  • Auto Bids respect bid preemption logic (explained below).

Example:

  • User sets Auto Bid to $157.

  • If current bid is $140, Auto will place $150 (next increment).

  • If someone bids $160, the Auto Bid cannot respond because $157 is max.

3. Quick Bid. A Quick Bid is a one-click bid for the next increment.

  • This allows bidders to act fast without entering a manual amount.

  • Quick Bids always follow increments and are considered a quicker way to place a Standard Bid.

Auction Closing Features:

Soft Close: If a bid is placed in the final 120 seconds of a lot's scheduled closing, the lot’s closing time extends by 120 seconds. Prevents sniping and ensures fair competition.

Staggered Close: Lots close 20 seconds apart, allowing bidders to participate in multiple lots without overlap.

Summary of Bidding Logic

Place Bid (Standard): Manual, follows increment, no "off increment" bids allowed.

Auto Bid (Proxy): Bids up to max, rounds down to increment, hidden until triggered.

Bid Preemption: First auto bid at same amount wins.

Double Bid Transparency: All placed bids shown, even if bidder is competing with themselves.

Soft Close: Extends lot if bid placed in final 120 seconds.

Staggered Close: Lots close 20 seconds apart.