What is the 3-minute rule at John Pye auctions?

The 3-minute rule at John Pye Auctions is an anti-sniping mechanism that extends a lot's closing time by three minutes if a bid is placed within the final three minutes. This process repeats with every subsequent bid made during the extended period, ensuring all bidders have a fair opportunity to increase their bid.

What is the buyers fee for John Pye?

Buyer's Premium of 25% (plus VAT of 20%) is also payable on all lots in addition to the Hammer Price. Buyer's Premium of 25% of the Hammer Price (plus VAT at 20%).

What happens if you don't pay on John Pye?

John Pye Luxury Assets may cancel the Sale Agreement if the Buyer fails to provide such an undertaking upon request. In this event, John Pye Luxury Assets will be entitled to re-auction the Lot at any time.

What happens if you win a bid but can't pay?

You're liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction). If you can't pay the deposit, you may face legal consequences. The auction house and seller can demand that you pay the amount specified in your contract.

Can I cancel my bid on John Pye?

4.4 The Bidder may retract its Bid at any time before the auction is concluded (see clause 4.6) by notifying JOHN PYE AUCTIONS. If a Bid is withdrawn, JOHN PYE AUCTIONS may accept a lower Bid received for the Lot. Neither JOHN PYE AUCTIONS nor the Seller shall be bound to accept any offer for the Lot.

Bidding Basics | How to Bid at John Pye Auctions

Where does John Pye get their stuff from?

Our suppliers vary from manufacturers and high-street retails to pawnbrokers and private individuals, sources include ex-display, bankruptcy, proceeds of crime and repossession goods.

Can you back out of an auction after winning?

This agreement clarifies that bids can not be retracted and that if they are the winning bidders, they must accept and pay for that item. However, from time to time, there are extenuating circumstances that keep a bidder from honoring this agreement.

What is the auction sniping rule?

Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.

What happens if you are the only bidder?

The current bid would simply sit at the starting price, and the hammer would eventually come down at that price. The sole bidder would have won the auction, but it wouldn't have been enough to actually win the property! (Because they're still short of the reserve price).

How common is bid sniping?

Most previous studies, however, have focused on sniping in the final minutes or seconds of auctions. Indeed, although there is a clear increase starting in around the last 20% of the time of most auctions, by far the largest spike comes in the last few minutes.

Can buyers pull out of an auction sale?

"until the announcement is made [i.e. the fall of the gavel] any bidder may retract his bid." This means that you can still withdraw your bid during the auction, but not once the hammer has fallen. If you place the highest bid and the hammer falls then you're in a legally binding contract with the seller.

What happens if an item doesn't sell at auction?

Post-Auction Sales

One of the most common outcomes for unsold properties is a post-auction sale. After the auction concludes, interested parties who didn't bid during the event or who bid below the reserve price may approach the Auctioneer to negotiate a purchase.

How much does a top auctioneer make?

While ZipRecruiter is seeing annual salaries as high as $62,000 and as low as $37,000, the majority of Auctioneer salaries currently range between $42,500 (25th percentile) to $52,000 (75th percentile) with top earners (90th percentile) making $60,000 annually across the United States.

Who pays the auctioneers' fees?

Modern Method of Auction fees are paid by the buyer of the house. If an online auction house is working in partnership with an estate agent, they will usually split the fee between them, although you should check this. By comparison, with a traditional house sale, the seller pays the estate agent's fees.

What are common auction mistakes?

The 8 Most Common Mistakes Buyers Make at Auction (And How to Avoid Them)

• Bidding Without Finance Pre-Approval. ...
• Skipping the Contract Review. ...
• Ignoring Building & Pest Reports. ...
• Forgetting Strata Rules (Apartments & Townhouses) ...
• Forgetting Stamp Duty & Extra Costs. ...
• Emotional Bidding Wars. ...
• Not Understanding Auction Rules.

What sells most in an auction?

The best-selling items at auctions are typically luxury goods, fine art, jewelry, classic collectibles (like vintage toys, comics, sports memorabilia), and unique experiences, driven by high demand, scarcity, and brand recognition. Nostalgia also fuels sales for items like retro video games and classic advertising, while modern design furniture (Mid-Century, Art Deco) and designer fashion also perform strongly, attracting passionate collectors and buyers seeking investment or unique pieces.
 

What happens if you don't pay John Pye?

If you don't pay John Pye Auctions, they will close your account, keep your security deposit, and may impose a Defaulter's Entry Fee if the item needs to be re-auctioned; you'll be restricted from future bidding, and they can pursue you for costs, as auctions are legally binding contracts. Non-payment is a serious breach, leading to penalties like account closure and potential re-sale of the lot with you liable for losses. 

Can I accept a bid before the auction ends?

If you decide that an offer is acceptable to you then a deal can be agreed prior to the auction ending. Your buyer will still be bound by the Auction Terms and Conditions of the auction.