How auctions work on xtingles

Auctions are a fun and exciting way to get started collecting artwork on xtingles.

You can run Scheduled Auctions that start and stop at a certain time, or Reserve Auctions that start when a specified reserve price is met, in addition to setting a "Buy Now" list price and receiving open-ended offers. Both of these frameworks provide much-needed context and organization. 

The purpose of auctions is to make bidding and selling easier and more productive for artists and collectors alike, while also adding an exciting element to the collecting process.

Scheduled Auctions

The seller of an artwork specifies three parameters in a Scheduled Auction:

• Date and time of the start
• Date and time of completion
• Price of the first bid (optional)

A scheduled auction can last anywhere from one to seven days. A countdown timer appears on the artwork when an auction is scheduled, indicating when bidding will begin. A countdown timer is started at the start of the auction to show how much time is left. Bidding is open for amounts that are equal to or greater than the beginning bid price. 

During an auction, bids cannot be cancelled. A bidder's bid is returned if they are outbid. When a bid is put within the last 15 minutes of an auction, the auction time is prolonged by 15 minutes.

The auction is won by the highest bidder at the end.

Reserve Auctions

When setting up a Reserve Auction, the artist selects a public reserve price, which, if fulfilled, initiates the timed auction. There is no set start time for Reserve Auctions. Instead, the artwork has a reserve price indicated on it, and it is available for auction starting at that amount. The reserve price must be met with the first offer. The auction is launched when the Reserve Price is met by the first bid, and the timer begins a 24-hour countdown to the end of the auction. Bids placed during an active timed auction are irreversible. A bidder's bid is returned if they are outbid. The auction time is extended by 15 minutes if a bid is placed inside the last 15 minutes of the auction. The auction is won by the highest bidder at the end.