3.6 Reserves & Sales at Auction
(a) All Property offered at auction will be sold subject to a minimum sale price (“Reserve”). The designated Reserve for a lot may exceed the Starting Price, but will not exceed the Estimated Value of the Property as stated in the auction catalogue.
(b) Subject to our discretion and as otherwise described in these Conditions of Sale, the bidder who places the highest bid will be the buyer of that lot, and the striking of the auctioneer’s hammer marks the acceptance of the highest bid and the formation of a contract for sale between the Seller and buyer. If there are no bids received before or during the auction, we may offer the Property for sale via the Online Shop for a post-auction sale. Any such post-auction sale in the Online Shop shall incorporate these Conditions of Sale. Upon purchase, you shall assume full risk and responsibility for the Property as set forth in Clause 4.4 below.
(c) The final sale price for Property sold at auction (“Purchase Price”) as described in Section 4.1
(d) Auctionata is entitled to bid confidentially on behalf of the consignor up to the potential minimum selling price determined by the consignor (“Reserve”). Auctionata displays these as anonymous bids (either “Live Bid” or “Commission Bid”). If the auction goods are knocked down for the consignor, consignor must pay the general buyer’s premium as stated in the table of fees for buyers.
(e) Auctionata may knock down an item as a "Conditional Knockdown" when the highest bid for an item is below the Reserve. A "Conditional Knockdown" is subject to the approval of the consignor within eight (8) days after the auction. During this approval period, the highest bidder is bound to his bid; if the consignor agrees within the approval period, a purchase contract is concluded for the hammer price. If the consignor does not consent to the sale at the hammer price within the approval period, no purchase contract will be concluded.