Starting Bids

This article will cover how Starting Bids are calculated based on the auction event's setting, Market Value and how the Starting Bid will be adjusted when allocated to an event.

Starting Bids are auto-calculated based on the auction event settings that an item is assigned to. You can further edit the starting bid of the item on the Item Detail page. This is helpful for setting soft reserves that may not follow the standard percentage of Market Value rule.

*NOTE - It is important to configure the event settings such as Starting Bid % of Market Value and Bid Increment Tiers before allocating items to the event. If these setting are changed after an item is added to the event, the Starting Bid on the item will NOT recalculate.

When creating or editing an event, Starting Bids are determined by the value in the Starting Bid % of Market Value field.

In this example, items in this auction will be given a starting bid of 60% of their Market Value when they are allocated to the event.

When the item is allocated to the March Equipment Auction, the Starting Bid is calculated at 60% of the Market Value.

If an item does not have a Market Value, it will be given a Starting Bid of the lowest Bid Increment in the event:

These Bid Increments can be found, and adjusted, under Settings > Operations > Default Bid Increments. These Bid Increments are also used in Online and Simulcast auctions.