Set-up Auction defaults

Auction Defaults (Global settings the Administrator can set for each Auction Type):

Before "Auction Defaults" are established, you must set-up each "Auction Type". Once the "Auction Type" is set up under Settings / Auction Type, these auctions will populate as TABS at the top of the "Auction Defaults" page. For each Auction Type the admin can adjust these parameters:

• Set default Bid Increments based on ranges
• Set multiple Buyer’s Premium Rates for each Auction Type and associated Bidder Type
• Each Bidder Type can be assigned a default buyer’s premium rate for every auction type; plus, you can add a Reduced Buyer’s Premium rate for items that sell over a certain sum, for example:
• Up to $200,000 = Buyer’s Premium rate of 20%
• Over $200,000 = Buyer’s Premium rate of 15% on that additional portion of the Hammer price (only) (See Appendix B)
• Set Terms and Conditions for all auctions of this Type (this will automatically populate to each auction established as this Type upon setup under section Auction Information/Auctions