1stdibs Auction Terms (“Auction Terms”)
1. The Auction Platform
The Auction platform is a feature on the 1stdibs marketplace that allows Sellers to post an Item and designate it for sale by auction in accordance with these Auction Terms (“Auction Item”). Listing an Item as an Auction Item allows multiple parties to bid against each other to purchase the Auction Item.
2. Seller Obligations
Auction Item Listing. A Seller must list an Item intended to be designated for Auction to the 1stdibs marketplace in compliance with the User Agreement and Seller Agreement. Seller is responsible for payment of any fees associated with such listing. Seller is required to set the Auction start date and time, disclose any estimated shipping costs (or whether shipping is not available for the Item), set a Starting Price, set a Buy It Now Price and, where elected by the Seller, an Auction Reserve Price (as those terms are defined below).
Fees. Seller will not be charged any additional fees for designating an Item for Auction and may subsequently redesignate an Auction Item for sale on the marketplace. In the event the Item is not sold during the Auction Period defined below and the Item is unlisted from the marketplace platform, the Seller will be permitted to re-list the Item to the Marketplace platform by paying the re-listing fee in accordance with the User Agreement and Seller Terms.
Acceptance. Subject to the satisfaction of any Auction Reserve Price that may be set for an Auction Item and the terms of these Auction Terms, the User Agreement and the Seller Agreement, by listing an Item for Auction, the Seller agrees to automatically accept the Winning Bid of any Auction and sell any Auction Item to the Winning Bidder for a Total Purchase Price inclusive of the Winning Bid.
3. Buyer Obligations
Registration. Buyers are required to register for a 1stdibs account and have either a valid credit card or PayPal payment account on file in order to be eligible to participate in Auctions. 1stdibs will not pre-authorize or place any charges on the credit card or payment method placed on file in the registration process until an Auction ends and a Buyer is identified as the Winning Bidder. Successful Buyers can pay for Auction Items at check out with the payment method on file or with an alternative payment method. The Winning Bidder is responsible for paying the Total Purchase Price (each as defined below) within seven (7) days of the Auction’s close.
Fees. Buyers are subject to the fees set forth in the User Agreement. Participating in an Auction does not result in any additional fees payable by a Buyer, unless such Buyer becomes a Winning Bidder.
Purchase. By placing a bid in an Auction, the Buyer agrees that (a) such bid constitutes a binding offer to purchase the Auction Item, which cannot be revoked by the Buyer and (b), should the Buyer make the Winning Bid, they shall be obligated to purchase the Auction Item in accordance with and subject to the terms of these Auction Terms.
4. The Auction Process
Auction Items. 1stDibs in its sole discretion may make certain Items ineligible for Auction, including multi-quantity or customizable Items.
Initial Auction Period. Auction Items are initially available for bidding for seven (7) days. Auctions will end at the time and date that is exactly seven (7) days after their start date and time, unless the end time is extended in accordance with Section 5 (Bidding) of these Auction Terms (“Initial Auction Period”). By way of an example, an Auction that starts at 10:00 a.m. am on Monday will end at 10:00 a.m. on the following Monday. The last opportunity to submit a first bid would therefore be 09:59 a.m.
Auction Period. If an Auction Item is unsold at the end of the Initial Auction Period, the Auction end date and time will automatically be adjusted by an additional 7 (seven) days up to eight (8) times (i.e. for a total of 63 days of Auction) unless the Seller removes the Auction Item or redesignates it as a non-Auction priced Item (“Extended Auction Period”). Any Auction Item that remains unsold at the end of the Extended Auction Period will become unlisted from the marketplace platform unless it is relisted by Seller (which may incur a relisting fee in accordance with the Seller Terms).
Pricing. When designating an Item for Auction the Seller shall select a minimum opening bid price (“Starting Price”) which will be disclosed to all Buyers. The Seller may also, at its option, select a minimum price at which the seller is willing to sell the Item (“Auction Reserve Price”). The Auction Reserve Price will not be disclosed to Buyers, but the Auction Item will display a reserve status (either “No Auction Reserve,” “Auction Reserve not met,” or “Auction Reserve met”) once an initial bid is placed for the Auction Item. If the highest bid for an Auction Item is less than the Seller’s Auction Reserve Price, the Auction will terminate without a sale.
Buy It Now. The Seller shall also designate a price for which the Seller offers to sell the Auction Item immediately (“Buy It Now Price”). The Seller agrees to sell the Auction Item to any Buyer who agrees to pay the Buy It Now Price. A Buyer may elect to accept this offer and purchase an Auction Item for the Buy It Now Price only before any bids are received for the Auction Item. Once a bid has been received for an Auction Item, the Buy It Now Price will be removed and the offer for sale is withdrawn. An Auction Item purchased for a Buy It Now Price is immediately marked as sold and the Buyer becomes responsible for paying the Buy It Now Price together with all taxes, shipping and other charges.
Bidding Process. Buyers may register an amount with 1stdibs which represents the maximum amount the Buyer is willing to bid on an Auction Item (“Maximum Bid”). Maximum Bids cannot be cancelled or changed once placed. By registering a Maximum Bid, the Buyer authorizes 1stdibs to enter bids on the Auction Item in the Buyer’s name beginning with a bid equal to the Starting Price (if the Buyer is the first to bid on an Auction Item) or, if applicable, the Auction Reserve Price, assuming in both cases that the Maximum Bid is higher than such Starting Price or Auction Reserve Price. Thereafter, the Buyer authorizes 1stdibs to enter the Minimum Increment Bid and subsequent bids equal to the Minimum Increment Bid following any bid submitted by a competing bidder. 1stdibs will continue entering bids at the Minimum Increment Bid until either: (i) the Buyer’s bid is the highest bid or; (ii) the Maximum Bid is insufficient to cover the Minimum Increment Bid. The “Minimum Increment Bid” is the current bid plus the Bid Increment, as calculated based on the following table:
Minimum Increment Bids are calculated in USD and converted to other currencies where necessary.
Bids within 5 minutes of close of Auction. If a Buyer submits a bid within five (5) minutes of the designated end time for the Auction, the end time will be adjusted so that the Auction ends five (5) minutes after the originally scheduled Auction end time. The Auction end time will continue to be adjusted by an additional five (5) minutes for any additional bid placed within the last five (5) minutes of the adjusted Auction end time until no new bids are received in such five (5) minute windows. By way of example, if an Auction is set to end at 3:00 p.m. and a bid is received at 2:56 p.m., then the end time will be adjusted to 3:05 p.m. If another bid is received at 2:59 p.m., then the end time will remain 3:05, but if another bid is received at 3:03 p.m., then the end time will be adjusted to 3:10 p.m. This process will continue until no further bids are received within the last five minutes prior to the end time.
Close of Auction. An Auction is closed at its designated end time (as adjusted in accordance with the above section) unless it closes earlier by a Buyer accepting the Seller’s offer of a Buy It Now Price. The last bid placed during the Auction (which exceeds the Auction Reserve Price where applicable) is the “Winning Bid.” The Buyer who submitted the Winning Bid is the “Winning Bidder.” The Winning Bid is considered the Winning Bidder’s offer which is deemed automatically accepted by the Seller. At the close of an Auction which resulted in a Winning Bid, the Auction Item will be labeled “Auction ended” and the Auction Item will not be available for purchase. The Winning Bidder is responsible for checking out the Auction Item, selecting the shipping option, and paying the Total Purchase Price (defined below) within seven (7) days of the close of the Auction.
The Winning Bidder is responsible for paying the: (i) the Winning Bid; (ii) any applicable shipping fees; and (iii) any sales tax, use tax, VAT, Internet sales tax and/or any other taxes or levies that the Seller is required to collect from the Winning Bidder under applicable law at the time of sale (collectively, the “Total Purchase Price”). By placing a bid, the Buyer irrevocably agrees to pay the Total Purchase Price in the event their bid is the Winning Bid, subject to Section 7 (Auction Cancellation Policy) below. By posting an Auction Item, the Seller agrees to sell the Auction Item for the Total Purchase Price to the Winning Bidder or to any Buyers who agree to pay the Buy It Now Price prior to a bid being placed (where applicable).
7. Auction Cancellation Policy; Failed Auctions
By placing a bid, the Buyer irrevocably agrees to pay the Total Purchase Price in the event their bid is the Winning Bid; provided, however, (a) a Buyer may cancel or revoke a Winning Bid if it was made prior to the Total Purchase Price being fully confirmed by the Buyer and Seller (e.g. because the shipping fees were not fully known at the time of placing the Winning Bid), and (b) Auction purchases are eligible for cancellation in accordance with the 1stDibs Promise cancellation policy.
Notwithstanding the foregoing, if the Winning Bidder fails to consummate the purchase of the Auction Item within seven (7) days following the close of the Auction, then the Auction is deemed to have failed and the Auction Item will not be sold to such Winning Bidder.
In the event of a failed Auction, 1stdibs shall have the right, but not the obligation, to provide opportunities for the Seller to contact additional potential buyers of the Auction Item, including but not limited to continuing to list the Auction Item for the duration of the Extended Auction Period.
1stdibs expressly reserves the right to terminate the Auction feature, or to refuse to permit the use of the Auction feature by any person or entity, at the sole discretion of 1stdibs, for any reason or no reason at all, and without prior notice. In the event of termination, any rights or obligations regarding pending or completed purchases, or your indemnity obligations related to use of the Site, shall survive such termination.