PROXY BIDDING: FREQUENTLY ASKED QUESTIONS

Q.

What is a proxy bid? How does proxy bidding work? [ View Answer Hide Answer ]

A.

A proxy bid is sometimes called an absentee bid. It is a convenient option for people who aren't available to bid in person or online on auction day. Proxy bidding also makes it easier for you to bid on two different items being sold at the same time. When you place a proxy bid, we will bid on your behalf, up to and including the amount you specify. You can place a proxy bid by contacting the auction site directly (by phone or in person). Your bids are input into our electronic auction clerking system, which ensures a best effort that your bids are relayed quickly and accurately between our auctioneers, clerks and administrative staff.

Q.

How can I be sure I'm not paying too much when I place a proxy bid? [ View Answer Hide Answer ]

A.

To make proxy bidding as fair as possible, we never start the bidding with a proxy bid – unless two or more proxy bids have been placed on an item. The auctioneer always accepts the first bid from a live on-site or online bidder. He will then accept your proxy bid at the next bidding increment. We will continue to bid on your behalf until a bid from another bidder exceeds your maximum bid, or until the other bidders stop placing bids and you are the highest bidder. We always place bids for proxy bidders at the next bidding increment, so you can be sure you are not paying any more than you would if you were bidding live in person.

Q.

How can I place a proxy bid? [ View Answer Hide Answer ]

A.

Placing a proxy bid is easy: just phone the auction site or go to the registration counter at the site. If you place your proxy bid by phone, a proxy bid form and bidder's registration agreement will be faxed to you. Once you fill out and sign the form and the agreement, just fax it back to the auction site to place your bid. You will need to place a refundable bid deposit equal to 25% of the amount of your proxy bid or 10,000 in the currency of the auction (1,000,000 Yen in Japan), whichever is greater. 

Q.

When can I place a proxy bid? [ View Answer Hide Answer ]

A.

You can place a proxy bid as soon as an auction has gone to catalog (that is, when lot numbers are assigned to the auction items – this usually happens two to five days before the auction). To ensure that you don't miss an item you're interested in buying, we recommend that you place your proxy bids at least the day before the auction – although we will accept proxy bids on auction day. Please note that we can't guarantee that your proxy bid will be submitted. We do our best to process and submit proxy bids; however, please note that all proxy bids are submitted on a "best effort" basis.

Q.

Are there any fees for placing a proxy bid? [ View Answer Hide Answer ]

A.

Payment terms and fees are the same, whether you bid in person, online or by proxy. There is no charge for registering or placing a proxy bid. You may need to place a refundable bid deposit. See Deposit & Payment Information in the auction details on our web site for more information.

Q.

Is there a minimum or maximum amount I can bid? [ View Answer Hide Answer ]

A.

The minimum proxy bid we will accept over the phone is 10,000 (in the currency of the auction, or 1,000,000 Yen in Japan). However, if the bidding stops at a lower bid price, you will only pay that price. There is no maximum amount you can bid.
Proxy bids must be placed in the following increments (in the currency of the auction):
 

  Valid Bid Amounts:   Increments:
  10,000 - 25,000   500
  25,000 - 150,000   1,000 or 2,500
  150,000 - 300,000   2,500
  300,000 - 1,000,000   5,000
  Over 1,000,000   10,000

Consult the sale day catalog for bid increments for auctions in Japan.

Q.

Do I have to place a deposit when I place a proxy bid? [ View Answer Hide Answer ]

A.

If you are placing your proxy bid by phone, you must place a refundable deposit equal to 25% of the amount of your proxy bid or 10,000 in the currency of the auction (1,000,000 Yen in Japan), whichever is greater. We cannot accept your proxy bid until we have received your refundable bid deposit. If you have registered and are placing your proxy bid in person at the auction site, normal deposit rules apply.

See more deposit and payment information.

Q.

How do I know if I've successfully bid on an item? [ View Answer Hide Answer ]

A.

If you placed your proxy bid by phone, we will contact you by phone to advise you of the selling price. If you would like to find out sooner, visit the registration counter at the auction site or phone the site directly. Our staff can tell you almost immediately if you were the highest bidder. 

Q.

How do I pay for proxy bid purchases? [ View Answer Hide Answer ]

A.

You can pay for your purchases in person at the auction site, online by credit card (using our Online Payment Service) for most Ritchie Bros. auctions, or by wire transfer. Payments options differ at each auction site. See more deposit and payment information.

You may also want to read a summary of the terms and conditions of proxy bidding.