Adding Products - 'Other' menu Items: 4. Auction Product

4. Adding an Auction Product 'Other' menu items etc.

(Note: You can also firstly refer if you need to, to the article on the "main menu items" at this article link:

Adding Products - Main Entry Boxes

)

Notes on Auction Products:

What is Reserve Price?

The reserve price is the lowest price at which an auctioneer will sell the product via the auction process. The auctioneer is not obligated to accept a winning bid that is lower than this price. 

What is Buy Now Price?

Buy Now price gives an option to users to purchase the item immediately at a fixed price and bypass the bidding process. 

What is Proxy Bidding?

Proxy bidding refers basically to the automatic type of bidding. In an auction, when you place a bid and another user outbids you, you need to again come back and bid higher in order to remain the highest bidder. To avoid coming back, you can use automatic bidding which bids on behalf of you when someone outbids you. You can initially enter the maximum amount with which you are comfortable with then our plugin will bid on your behalf for you till that maximum amount is reached.

Auction Product Creation

Create an auction product: Navigate to Artist Vendor Dashboard > Artworks/Products > Add New and select "Auction Product" from the dropdown.

Complete in the normal way:

• Title
• Short Description
• Description
• Select a Category
• Add Tags
• Add Image(s)

Go tp the 'Other' Menu Items and complete as usual except we have a new 'other' menu item namely, Auction Data.

Complete the Auction Data entry as required and the only entry requiring further explanation is the "Bid Increment(£)" and the "Variable Bid Increment". 

You choose one or the other. If "Variable Bid Increment" is selected, the fixed increment amount at "Bid Increment(£)" is removed.

Bid increment is a Set amount from which the next bid should start. It is a fixed increment amount.

Variable Bid Increment is increasing the price according to a start price and end price in steps. The increment can vary in the steps through ranges progressively until the end price step is reached. See image data examples below:

Bidding example for the entries in the image immediately above: