What is the minimum system requirement to attend live auctions?
How does reserve price auction works?
What is a proxy bid?
What is a hard bid?
Live Auction Cinemacast is a simple to use system to attend auctions via the Internet. The system was designed for widespread appeal. Buyers do not need expensive computers or telecommunication systems simply a Windows-based personal computer and a modem or high-speed DSL or Cable connection to the Internet.
Buyers who attend auctions via Live Auction Cinemacast receive instantaneous audio and colour video directly from the auction floor, providing them with the same setting as if they were actually at the auction location. Dealers follow the bidding on their display and can submit bids instantaneously.
Online bidders can interact with the auctioneer. The auctioneer can see a display that instantly lets him or her know when an online bid is submitted. Watch your Auction Status at all times during the bidding for Bid Acknowledgments.
Intel i3 or equivalent PC processor minimum with 2GB available memory.
No Additional Disk Space Required. No software downloads. Entirely Web based.
Windows 7 minimum (supports XP (with Chrome), Windows 7, 8, and 10).
Mac OS X minimum (supports any device with MacOS X or iOS 7 or above).
Android 4.4 minimum (specific Hardware may vary in stability and performance).
Internet Explorer 11 minimum, Chrome, Firefox, or Safari.
Adobe Flash Version 20 minimum (Check Flash Player and Download latest)
Sound - Integrated or sound card with speakers or headphones.
Internet Connection - minimum DSL, Cable, Wi-Fi, 4G, LTE
- Screen Resolution 1024x768 Minimum for PC (1920x1080 recommended.)
- TCP Ports 80, 443, 1935 and 8080 must be opened. (for IP addresses 18.104.22.168, 22.214.171.124, 126.96.36.199, 188.8.131.52, 184.108.40.206, 220.127.116.11) If you have a proxy server, it should allow non-http traffic through above ports.
Reserve Price Auction
In a Reserve Price Auction, the seller has a hidden reserve price that the bidding must exceed before the seller is required to sell the item. When a bidder's maximum bid is equal to or greater than the reserve price, the item's current price is raised to the reserve price amount.
You may also see listings where the seller has elected to include a Outright Purchase Price for the item. Whenever you see a Outright purchase price, you can immediately win the item by bidding the Outright purchase price.
How it works:
A reserve price is the minimum price a vendor is willing to accept for the item. As a buyer, you are not shown the reserve price, only whether or not the reserve has been met. The vendor is not obligated to sell the item if the reserve price is not met. The winning bidder must meet or exceed the reserve price and have the highest bid.
When you're bidding in a Reserve Price Auction, bid as usual, entering the maximum amount you're willing to pay for the item. Watch the label next to the current price to see whether the reserve price has been met. Until you see that the reserve price has been met, there have been no successful bids in the auction. Once the reserve has been met, the item will sell to the highest bidder when the auction closes.
If your maximum bid is the first to meet or exceed the reserve price, the effective bid displayed will automatically be raised to the reserve price. You may also see listings where the seller has elected to include an Outright purchase price for the item. Whenever you see a Buy it Now price, you can immediately win the item by bidding the Buy it Now price.
The Auction’s bidding system operates as a proxy bid system. This means that you can submit a maximum bid amount and the computer system will act as a proxy bidder in your absence, executing your bid for you and trying to keep the bid price as low as possible. This way you don't have to watch the auction every minute.
For example, if the current bid on an item is $500 and you are willing to pay up to $1000,
you would enter $1000 as your maximum bid. Your bid would be shown on the item page as
$500, but if another bidder places a bid for $600, then the system will
place a higher bid on your behalf. The bid would be just above the other buyers' bid.
This would continue until either you win the auction at or below $1000 or the bidding exceeds the
$1000 you were willing to pay. The Auction Notification System
will notify you via PC, email, Phone or Pager if you are outbid and you can respond from
your wireless device to raise your proxy bid if you like. Your maximum bid is never disclosed
to other bidders or to the seller.
The exact amount you'll pay for an item. A hard bid is visible to auction participants. When you place a hard bid, the computer will automatically raise the current bid to match your hard bid. Remember that you hard bid must be higher than the current bid. Whenever you use hard bids, you need to monitor the auction, watch the bidding process and increase your bids as necessary.