• What are Traditional Auctions?
Bidding on Hard Rock Auctions is easy and fun—but it's also serious business. Use of all services of our website is governed by our Privacy Policy and our Terms of Use. Please note: underlined words and phrases are links to these pages and websites. By accepting the Auction Terms & Conditions, you also agree that your use of other Hardrock.com websites will be governed by the terms and conditions posted on those websites. We may amend this Agreement at any time by posting the amended terms on our site. See Additional Terms below for more information.
• What are Dutch Auctions?
From the Hard Rock Auction page in the Shop section of HardRock.com, visitors will now have two options from which to choose -- the Traditional Auction and the new Dutch Auction.
The Dutch Auction is similar to the Traditional Auction process; however, it has been modified to handle the sale of multiple identical items at the same time. As in the case of Traditional Auctions, the auction item detail will specify the minimum price (or starting bid). With Dutch Auctions, the item's detail will also specify the quantity of items that are available at the minimum price. Bidders who are interested in bidding on Dutch Auction items must decide how many of the items they want plus how much they are willing to pay for each item and then place their bid. Each bid has to be equal to or above the minimum bid. In contrast to Traditional Auctions, the bid amounts and quantities are not hidden during the Dutch Auction. This allows the auction progress to be tracked throughout the duration of the auction.
At the end of the auction, the bidders who have placed the highest bid for the items will earn the right to purchase the number of items they have effectively bid on at the lowest successful winning bid price. The entire quantity of items for sale can be sold at the same time to a single bidder or to multiple bidders who will all pay the lowest successful bid price. If you are one of the lucky winners, the checkout process is the same as for Traditional Auction items. (Please note that the winning quantity displayed in the shopping cart cannot be changed.) There is a chance that the lowest bidder's original bid quantity will not be available at the end of the auction. If this is the case, the lowest bidder is not obligated to purchase partial quantities and will not be penalized if they choose not to complete the auction. To ensure that this does not occur during your bidding process, bid accordingly to prevent yourself from being the lowest bidder!
• Here are a few examples to better illustrate the Dutch Auction Process:
Example 1
Lets say Hard Rock has 15 pins for auction at $25 a piece. 15 people bid $25 for one pin each. In this case, all 15 bidders will win one pin for $25.
OR
Example 2
We will use the scenario above and say that there are 15 pins to auction with each pin starting at a minimum bid price of $25. Lets say that 15 people bid $25 for one pin each and 5 others bid $30 for one pin each. The minimum bid to enter the auction will now be raised to $26 because demand for the item exceeds the supply. Because the $30 bid is higher than the $25 bid, the last 5 bidders will be guaranteed a pin. Out of the first 15 bidders, the remaining 10 pins will go to the earliest of the $25 bidders. The final price will be $25 for each pin. How does that work? Even though some of the bidders placed a high bid of $30, the lowest successful bid is still $25; so all bidders will pay the same price, which would be the lowest successful bid.
• Bid Monitoring
Please check the MyRock HomePage to see the status of all your current Auction bids.
• Additional Terms
For more information please refer to our Auction Terms and Conditions.
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