What do you think about Online Bidding With HotLotz - How Does It Work??

Please contact Hotlotz with any questions Here

HotLotz is Singapore’s premier destination to buy new, vintage, antique and one-of-a-kind furniture and collectibles for your home. 

Located in Tiong Bahru, HotLotz hosts weekly auctions, “Interior and Antique” auctions on Thursday evenings and monthly “Late Lotz” auctions which are all fun and inviting. HotLotz curates an eclectic and hand-picked selection of treasures that have been sourced from Europe and consigned by local clients.

Each week prior to the auction, customers can view the catalogue online and bid absentee with ease on the Hotlotz website. The HotLotz showroom welcomes visitors during the week to view pieces up close.  

HotLotz

So, How Does Online Bidding Work?

When you bid online you must register, or if already registered, Sign In. Once you have Signed-In and selected the lot you wish to bid on, the 'maximum bid' you nominate is the highest amount that you are willing to pay for the lot. You can increase your maximum bid amount at any time up until the published start time of the auction.

It is important to note that the bid amounts are exclusive of buyer's premium; this is an amount equal to 19.5% of the final 'hammer price' that is added to your bill if you win the item.

HotLotz

In-Room Auctions 

Pre-auction bidding on lots in live In-Room Auctions will start at the lot's published minimum bid amount. If any higher pre-auction online bids are received, we will increase your bid in line with Hotlotz published bidding increments. The system will only bid as much as is necessary to ensure that you remain in the lead going into the live In-Room Auction, and it will never go above your stated 'maximum bid'.

Prior to the published start time of the live In-Room Auction Hotlotz will send you an email if another bidder places a bid that is higher than your maximum bid and you are outbid, so that you can log into hotlotz.com and increase your maximum bid if you wish to.

Hotlotz

Auctioneer Matthew Elton

Similarly once the live In-Room Auction has started the auctioneer will bid as much as is necessary to ensure that you remain in the lead but will never go above your stated 'maximum bid'. Please note that the only way to ensure that you win the lot is to attend the live In-Room Auction and bid in person.

Online Timed Auctions 

Bidding on lots in Online Timed Auctions will start at the lot's published minimum bid amount. If any higher online bids are received, we will increase your bid in line with our published bidding increments. The system will only bid as much as is necessary to ensure that you remain in the lead, and it will never go above your stated 'maximum bid'.

Prior to the published ending from time of the Online Timed Auction Hotlotz will send you an email if another bidder places a bid that is higher than your maximum bid and you are outbid, so that you can log into hotlotz.com and increase your maximum bid if you wish to.

Hotlotz

Lots in Online Timed Auctions close in numerical order in 30 second intervals starting from the Online Timed Auction's published ending from time. If you are outbid in the last two minutes of an individual lot’s ‘end time’, the ‘end time’ of that particular lot will be automatically extended by a further two minutes to allow you to increase your maximum bid. This process will continue until the bidding stops – just like it would in a live In-Room Auction.

Please note that HotLotz advice is to leave your maximum bid; the system will only bid as much as is necessary for you to stay in the lead. If a lot attracts no other competitive bidding you will win the item at the minimum bid amount, no matter how high your maximum bid was.

Buy Now Prices

Many items in weekly ‘Interiors & Antiques’ auctions also have a ‘Buy Now’ option. This allows Hotlotz customers who are prepared to pay a premium to take an item out of auction by paying a fixed price. ‘Buy Now’ prices are available online and in-room up until the published start time of the auction only, they are higher than the published high estimate and are inclusive of Buyer’s Premium. 

Thanks for reading.  If you have any questions please contact Hotlotz Here

Comments

Rated
8
John
ELITE
53 comments
20 August 2018
I've had a lot of contact with HotLotz over the past couple of years and have both been a buyer and an observer. The buzz in the Auction room - when a live auction happens is nothing short of electric. A Lot of the Auctions these days are conducted in a virtual Auction room online. It is a sophisticated system and allows you to bid anytime of the day from anywhere as long as you are hooked up to the internet. Congratulations to the founders and the team who bring this all to life.

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