The concept of online bidding has been there for quite a long time, but it gained its popularity after the pandemic hit. Auction is something for which most individuals eagerly wait, and when it comes to wine auctions, the excitement level touches the highest peak. Online wine auctions are one of the trendiest things in the world, and people are willing to invest massive amounts to get their hands on the best-selling wines.
Online wine auctions are a bit tricky, but they can be accessed easily after knowing the process deeply. In this article, you will get a profound explanation of the process and how bidding works in online wine auctions. Keep on reading to know more!
ONLINE WINE AUCTIONS- MORE FUN, MORE EXCITEMENT!
Auctions are definitely exciting, but wine auctions are more fun. Unlike normal wine auctions, online wine auctions offer more advantages and thrills. Regular auctions only provide investors or participants with a bidding option during the live sale. Still, on the other hand, wine auctions held online will allow users to bid for several days. And if you are not willing to wait for so many days, you should opt for one wine auction.
WHAT IS PRE-BIDDING?
Pre-Bidding is an important concept to understand in order to make the process easy for you. An auction attracts every individual, but it also has some risks. As an individual, you should know your financial limit and invest based on that. Most people get with the flow, but it may risk their lives.
Pre-Bidding is a concept of the amount you are able to offer before the auction, and it is considered the starting price of the auction. Online wine auctions offer a premium collection of wine that attracts various people, but as they are exclusive, they come with a high value. It’s better for you to opt for something you can afford, and if you are willing to pre-bid, try to start with lower values in order to achieve the final price.
HOW TO BID FOR THE CORRECT AMOUNT?
In order to bid your amount, you need first access the auction house’s website to log in. As per the rules, an individual can put a maximum bid for each item they are interested in purchasing. Even the bidder will inform participants about whether their bid amounts are workable or not, so they can raise it accordingly. Various closeout houses utilize a comparative framework, and setting a most extreme bid can empower you to begin a kind of autopilot; the sale house will keep you somewhat in front of the pursuing pack by steadily raising your bid up to the worth of your expressed greatest sum, which will be hidden from different bidders.
BID INCREMENTS
It is advisable to start with a lower value and increase it according to the competing bidder. In this way, the other participants will not be able to guess the maximum amount you are willing to pay. Don’t cross the limit all of a sudden. Raise a small amount according to the situation.
HOW DOES BIDDING WORK?
Well, bidding is an easy process but includes a lot of understanding. According to various auction hosts, many last-minute bidders have also won due to correct bidding.
Certain sellers approach various auction hosts to sell any particular exclusive item. Auction hosts collect all the items and list them on their official website. Before listing, they have their own authentication team, which tests the items to ensure they are real. The online wine auctions are held frequently in weeks with several lots in order to make the products reach worldwide at an affordable price(based on the quality and brand).
The last and also the highest bidder wins the auction and has to make the payment in three days to receive the product. The seller receives the payment within 21 days.
CONCLUSION
Online Wine Auctions are a new concept, and it will take to time in order to understand them perfectly and be a pro. You should always try to keep your high amount hidden, raising small amounts according to situations, and, most importantly, checking on your financial ability.
A certain amount of fees are applicable on wine purchases. Buyers pay a 12 percent commission on the wine’s final hammer price if you are successful in winning a lot. And in the case of sellers, sellers pay a 5% fee on the final hammer price after a bottle is sold.
Online Wine Auctions are the ultimate future of exclusive wine. Get your hands on them without risking your life financially.
And if you are looking for the best host of online wine auctions, Crurated is all you need! Crurated provides authentic and premium wines through their online wine auctions. Register yourself and enjoy every moment of life with wine!
