HELP: Auction Formats
All CigarAuctioneer.com lots are posted in one of several auction formats:
- English Auction
- Wholesale Lots
- Yankee Auction - a variation on the "Dutch Auction"
For detailed descriptions of the different auction types, please see below.
An English Auction is the most common type of auction. In an English Auction, a lot is offered for sale at a given starting price. Bidders bid the highest price they are willing to pay for that lot. At the closing of the auction the lot is sold to the highest bidder at their bid price.
If the "Wholesale" icon appears, the lot consists of MULTIPLE identical items. All the rules of an "English Auction" still apply. Bidders bid the highest price they are willing to pay for the ENTIRE lot. At the closing of the auction, the ENTIRE lot is sold to the highest bidder at their bid price.
A Yankee Auction is a variation of the Dutch Auction where one or more identical items are offered for sale at the same time. In cases where a lot contains multiple identical items, at the closing of the auction, the highest bidders win the merchandise at their bid price as opposed to paying the price determined by the lowest qualified bidder (as in a Dutch Auction).
(NOTE: Auto-bidding is not available for a Yankee Auction)
Example: In a Yankee Auction the seller is offering 10 boxes of cigars with a starting bid of $100. Bidder #1 bids $100 on 5 boxes. Bidder #2 bids $100 on the remaining 5 boxes. (That would account for bids on all 10 boxes.) If a Bidder #3 enters, they would have to bid higher based on the bid increment level. Let's say the increment is $10 and Bidder #3 bids on 3 boxes at $110 per box. Assuming no other bidders come in and the auction closes, the winners would result as follows: Bidder #3 would get their 3 boxes at $110. The Bidder #2 would only receive 2 boxes at $100 because they were outbid by Bidder #3 who bid higher on 3 boxes. Bidder #1 would get their 5 boxes at $100 because they were the first to bid.