Entering Secret "Max Bids" Can Save you Time and Money!
At Psychedelic Art Exchange we work with alot of collectors that are highly successful individuals in their given field.
A common frustration we often here from these collectors is that they are often too busy to be available to bid in our auctions at a specific day and time.
"Isn't there a way they I can simply just buy this poster I want?", is a question we hear repeatedly every time we launch an auction. While we cannot sell a lot privately that has been consigned to our auction, we do have a solution for those too busy to bid during the closing hours of our sale.
The Limitations and Advantages of Straight Bids-
As a registered bidder in our auction, you have the ability to enter two different kinds of bids, "straight bids" and "max bids". Entering a "straight bid" enters your bid at the next increment for the lot.
An advantage of "straight bids" is that a collector can gauge "the heat" of the market, and adjust their bids up and down "on the fly," based on how values are being revealed in real time compared to their expectations prior to the sale.
However, if the "straight bid" you entered is topped, you MUST be online and available to make an additional bid before the auction closes, or you will miss out on the lot you are interested in acquiring. Since many bids come in during the closing minutes of an auction, it is all but essential that you be available at this time, if you wish to win a lot utilizing "straight bids".
It's all but impossible to enter a straight bid days before an auction closes, walk away, and win that lot. It almost never happens.
Max Bids - The Collector's Digital Assistant-
A solution to this predicament, is the secret "max bid". When you enter a secret "max bid", you are asking our platform to bid up to a set amount on your behalf. Your current bid will be entered at the lowest possible increment, NOT AT YOUR MAX BID, and no other bidders will be aware of your max bid.
If someone tops your current bid, the platform will automatically bid again on your behalf, up to the "max bid" you previously entered. It's like having your own personal assistant monitoring the auction for you!
Of course, if your "max bid" is topped, you still have the right to enter a "straight bid" or another "max bid" if you want to stay in competition for the lot.
2 Major Advantages You Gain With Max Bids
1) Utilizing "max bids" alleviates the need of you being available for online bidding at a specific date and time. The platform serves as your digital assistant, and will attempt to win you the lot for the least amount of money possible without going over your "max bid.'
2) Utilizing "max bids" prevents you from getting caught up in "auction fever". You figure out the most you want to pay for a lot, enter it as your secret "max bid" and walk away. You will either win the lot or not, but your bids will be based on your carefully considered calculations, and not on emotions that can and do bubble up during the auction.
Try It You 'll Like It!
Make not mistake about it, the utilization of "max bids" is no secret among knowledgable collectors. In every one of our auctions, about half our lots are won by collectors utilizing secret "max bids". In almost every case, the lot is won for less than the secret "max bid" entered, often MUCH less!
If you are bidding in our sales, or are too busy to bid, try utilizing the "max bid" option on just one lot. We think you'll find this the most convenient way to participate in our auctions and you just may win a lot that you would otherwise be too busy or unavailable to bid on!
