Auction Terminology

Amy -

Auction Start Time

Cracka Wine Auctions are generally scheduled to start every hour from 1pm to 8pm AEST/AEDT, and run for one hour or until all cases in the auction are sold.

Starting Price

The starting price is the price of the product before the live auction begins and the price starts to fall. Typically the price of all wines start falling from their RRP.

Current Price

The Current Price is the price of the product being auctioned at a particular point of time during the live auction process. The price of auction items in Cracka WInes' auctions reduces throughout the 'live' auction process, so the longer you wait the cheaper it gets. Beware; if you wait too long you might just miss out!

Reserve Price

A reserve price is the lowest price at which the seller is willing to sell a product. Cracka encourages all sellers to list their products without a reserve price so that you get to set the price that you want to pay.

Price Reduction

The main difference with the Cracka auction process is that the product for sale will have a starting price - usually the Recommended Retail Price (RRP) - which continually reduces throughout the live auction until all cases are sold or until the reserve price is reached. Each price reduction step is determined by the “Current Price” of the product at the time. The higher the product’s current price then the larger the price reduction steps.

Sealed Bids

Other buyers will see that you have made an offer, but the dollar value of your offer will always be ‘sealed’ when viewed by all other buyers - the value of your offer will, however, be visible to you when you are signed in. This is part of what makes Cracka Wines’ Auctions fun. It’s a game of skill as you try to guess what the other buyers have offered or what they are willing to pay as you watch the price fall.

 

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