Terms & Conditions

Please read the full Auction Terms & Conditions before placing a bid:

HOW THE PAYMENT REGISTRATION WORKS

In order to bid online you are required to submit details of a credit or debit card. This can only be done within 6 days of the auction’s scheduled end date – if you register before this time you be shown a holding page and once the payment window opens we will notify you by email.

When you register your card, we will be placing a hold on funds on your credit card (or bank account if you use a debit card), to the value of the bidder security deposit. This means that the amount we’re holding will affect the available amount you have to spend on your card, as the amount will be ring-fenced and you will not be able to spend it until the hold has been released.

If you are the winning bidder, then the amount will be taken in full from your registered credit card or bank account immediately following the close of the auction. If you are not a winning bidder then the hold on funds will be released from your card, but be aware that it can take anything from a few hours up to several days for the hold to be released (dependent on the card issuer). If in doubt, contact your card issuer. Please be aware that you will not have access to the funds until the hold has been released.

Two example payment registrations are shown below:

Scenario 1:

Tom has a credit card with an overall limit of £8,000, and a current available balance of £7,000

• Tom registers to bid on an online auction lot which has a ‘buyer’s premium’ of £5,000 applicable
• Tom registers his credit card – a hold on funds is placed on the card to the value of £5,000
• The available balance to spend on the card is now £2,000
• Tom goes out shopping and buys a new laptop for £1,500
• The available balance on Tom’s card is now only £500
• Tom bids on the online auction but is unsuccessful and doesn’t win. The auction closes and the
  system automatically instructs Stripe to release the hold on funds from Tom’s card
• The available balance on Tom’s card will revert to £7,000 once the ‘release’ has taken place

Scenario 2:

Jane has a debit card for a bank account with a current balance of £5,250

• Jane registers to bid on an online auction lot which has a ‘buyer’s premium’ of £5,000 applicable
• Jane registers her debit card – a hold on funds is placed on Jane’s bank account, to the value of
  £5,000
• The available balance in Jane’s bank account is now only £250
• Jane goes shopping and buys a new mobile phone for £300, pushing her £50 into an overdraft
• Jane bids on the online auction and wins the auction. The auction closes and £5,000 is immediately taken from her bank account
• Jane remains £50 overdrawn