Sealed Bid auctions at ukbackorder

[RobM]

Just introduced sealed bid auctions. Good for low value sales or maybe domains approaching expiry that you're not renewing.

How do sealed bid auctions work?
In a sealed bid auction nobody (including the seller) can see what anyone else has bid. The seller sets a minimum bid price for a buyer to be able to submit a bid. At the end of the auction the highest bidder is awarded the domain. In the event of there being multiple equal high bids the first bid placed is the auction winner.

Can I change my bid?
If you want to change your bid before the end of the auction you can only increase it via the auction page. As with all auctions bids cannot be removed.

Are there any fees?
The fee for listing a sealed bid auction is 5% of the minimum bid amount. Note this is not the final amount. So if, for example, you list a sealed bid auction with a minimum bid of £20 and the domain sells for £500 you will still only pay a £1 listing fee at the start of the auction. This fee is applicable to list the auction and is not refundable whether the domain sells or not. The buyer doesn't pay us any fees. We will also check and include statistics from Moz and Majestic if applicable.

Are there any auction limits?
As a fee is payable to list an auction there are no limits on the amount of domains you may list.

Any questions please email me at [email protected]

 

[super-whois]

The fee for listing a sealed bid auction is 5% of the minimum bid amount.

The "Create Sealed Bid Auction" form mentions 10%, I suspect this is a mistake?

 

[RobM]

Yes. Thanks for that - fixed now.

 

[3gmedia]

That's a great idea

 

[newguy]

Great idea, keeps things interesting!

 

[RobM]

Question - do you think the seller should be able to see what bid values have been placed before the end of the auction or just the amount of bids?

 

[boxfish]

Question - do you think the seller should be able to see what bid values have been placed before the end of the auction or just the amount of bids?

I think them not being able to see gives less opportunity for unfair practices/headaches for you

 

[dee]

That is a good idea. Think number of bids is good. I like the idea of blind. Anyone who's really after something with have to go what they would be prepared to pay from the get go. Anyone who just fancies it may get a bargain, so i guess the quaility of domain will speak for itself.

Can you up your bid value later ?

 

[RobM]

Yes you can increase your bid - just can't lower it. Just I'm seeing some bids coming in and I think it could be open to sellers telling people what the high bid is and therefore really turning it into a normal auction.

 

[Adam H]

Nice feature Rob, was there a reason as to why the "multiple equal high bids" rule goes to first bidder?, was it just an incentive to submit bids early doors? Would possibly be nice to give the seller the option to allow equal winning bids to submit a new high offer to maximise sale value.

 

[RobM]

The early bid was the way to determine a tie - the 'more keen' person gets the domain. I don't want to get into the realm of having an auction at the end of the auction. I've made it totally closed now with just a notification of how many bids there are for the seller to see. That way it's like opening a Christmas present at the end I have to say it's interesting though to see what bids are coming in - people are bidding what they think the domain is worth to them. There's only likely to be ties on minimum bids... so don't bid the minimum bid

 

[diablo]

When the sealed bid auctions ends, will winning bid be disclosed publicly?

 

[RobM]

Yes all bids will be disclosed and the auction page will show normally for 2 days before being removed so people can see how much they got beaten by and wonder why they didn't get two 3 letter domains for £30

 

[ian]

Think the same as house buying, the seller sees the bids, and the final price is disclosed....but you might want to entitled the buyer to hide the price for true confidentiality, which is in a way, part of the reason why sealed bids are favoured by some.

 

[armistice]

I've made it totally closed now with just a notification of how many bids there are for the seller to see. That way it's like opening a Christmas present at the end

So you've changed the process after auctions have been started and the change applies to the existing auctions? I don't want to be awkward but that's they type of thing that's caused bad feelings with another auction site.

 

[RobM]

Well only two people had listed. However in those cases if they really need to see the bids (not sure why) they can email me and I'll let them know what they are. However this will stop post after post of 'hey bid for this domain - current high bid is only £x' towards the end of the auction. The bad feelings elsewhere were due to the sudden introduction of a fee during the auction (although that didn't seem to make a difference anyway), not due to something that makes no difference to the outcome.

 

[armistice]

I guess I'm one of those people as I posted an auction this morning.
Being able to see the bids does indeed make a difference to the outcome for the exact reason you state.

 

[RobM]

Ok I shall refund you and remove the auctions. It is pointless having sealed bid auctions if someone wants to divulge the information towards the end of the auction. PM or email me your username.

 

[armistice]

Ok I shall refund you and remove the auctions. It is pointless having sealed bid auctions if someone wants to divulge the information towards the end of the auction. PM or email me your username.

What is it with auction site owners throwing their toys out the pram at the slightest questioning?

 

[RobM]

Lol I am not 'throwing my toys out of the pram'. This is a sealed bid auction. I have offered to refund you which I would like to do before you get any bids so as not to annoy even more people. You are more than welcome to list your domains at normal auction for free if you want the bids known.