A refined guide to how bidding works at LANGTONS, including reserves, AutoBid and second chance offers.
LANGTONS auctions offer access to exceptional wines through a transparent and competitive bidding process.
How bidding works
When you place a bid on a lot, you are making an irrevocable offer to buy that lot if you are the successful bidder.
Total purchase price
The total purchase price is made up of:
the hammer price
plus the buyer’s premium
Buyer’s premium
The buyer’s premium is currently:
18% inclusive of GST
Reserve prices
Some lots may have a reserve. This is the confidential minimum price at which a lot may be sold.
If bidding does not reach reserve, the lot may be passed in.
AutoBid
AutoBid allows you to set your maximum bid and lets the system bid on your behalf only as required, up to that amount.
Second chance offers
If a lot is passed in, LANGTONS may offer eligible bidders or watchers the opportunity to purchase the lot at reserve for a limited period after the auction closes.
Technical issues
If a technical issue affects the fair conduct of an auction, LANGTONS may extend the auction and notify relevant bidders.
Content tags:
auction, bidding, buyer, reserve, autobid, buyers-premium, hammer-price, second-chance
Related articles:
What is AutoBid and how does it work?
How do I know if I’ve won an auction?
What is a second chance offer?