SuperRare 💎
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SuperRare 💎

How SuperRare Timed Auctions Work

Deep dive into our next-generation system for digital art auctions, secured by Ethereum

Why timed auctions?

Three years of learning and community feedback built in ❤️

Secure, on-chain auctions powered by Ethereum

What’s New, What’s the Same

Scheduled Auctions

Overview

  • Start date & time
  • End date & time
  • Starting bid price (bidders won’t be able to bid below this amount — optional)

Scheduled Auctions Step by Step– Seller’s perspective:

  1. Configure and save auction parameters: start time, end time, and (optionally) starting bid price (ETH)
  2. Artwork now displays a timer counting down to the auction start. No bids can be placed during this time. Your followers are notified of the Scheduled Auction.
  3. Auction starts at scheduled time. Artwork now displays a timer counting down to the auction end. Bidding is available for bids that at least match the starting bid price.
  4. You get notified as bids are placed. If a bid is placed within the last 15 minutes of an auction, the auction time is extended to 15 minutes after the time of the bid.
  5. At the end of the auction, it closes automatically. You and the buyer are notified that it needs to be settled. (Settling is a one-time action taken at the end of each auction, which just releases the artwork and ETH from the auction smart contract)
  6. If the buyer doesn’t do it first, you can settle the auction via your dashboard page or via the artwork card 3-dot menu, and the money and artwork change hands.

Scheduled Auctions Step by Step– Buyer’s perspective:

  1. Get notified that an artist or collector you follow has scheduled an upcoming auction. Offers are not available on the work until the auction starts.
  2. At the time of the auction start, the work is available for bidding. If the seller has set a starting bid price, your bid must meet or exceed it.
  3. If you get outbid, your funds will be returned immediately and you can place a higher bid.
  4. If a bid is placed within the last 15 minutes of an auction, the auction time is extended to 15 minutes after the time of the bid.
  5. At the end of the auction, it closes automatically. You and the seller are notified that it needs to be settled. (Settling is a one-time action taken at the end of each auction, which just releases the artwork and ETH from the auction smart contract)
  6. If the seller doesn’t do it first, you can settle the auction via your notifications page, and the money and artwork change hands.

Reserve Auctions

Reserve Auctions Step by Step– Seller’s perspective:

  1. Configure the public reserve price in ETH. If there is a standing offer on the artwork, your reserve price must exceed it.
  2. Your followers are notified of the Reserve Auction. Artwork now displays an indicator that a reserve auction is set and displays the reserve price. Artwork is available for bids starting at the reserve price.
  3. When a bid is placed that meets or exceeds your reserve price the auction is triggered, starting a 24-hour countdown to the end of the auction
  4. Your followers are notified of the timed auction kickoff and bidding is available until the end of the auction.
  5. You get notified as bids are placed. If a bid is placed within the last 15 minutes of an auction, the auction time is extended to 15 minutes after the time of the bid.
  6. At the end of the auction, it closes automatically and notifies you and seller that it needs to be settled. (Settling is a one-time action taken at the end of each auction, which just releases the artwork and ETH from the auction smart contract)
  7. If the buyer doesn’t do it first, you can settle the auction via your notifications page or via the artwork card 3-dot menu, and the money and artwork change hands.

Reserve Auctions Step by Step– Buyer’s perspective:

  1. Get notified that an artist or collector you follow has set up a reserve auction on an artwork with X reserve price
  2. The artwork has an indicator that it has a reserve auction set with X reserve price.
  3. You cannot bid beneath the reserve price
  4. If you place a bid that meets or exceeds the seller’s reserve price, the auction is triggered starting a 24-hour countdown to the end of the auction
  5. If a bid is placed within the last 15 minutes of an auction, the auction time is extended to 15 minutes after the time of the bid.
  6. At the end of the auction, it closes automatically and notifies you and seller that it needs to be settled. (Settling is a one-time action taken at the end of each auction, which just releases the artwork and ETH from the auction smart contract)
  7. If the seller doesn’t do it first, you can settle the auction via your notifications page, and the money and artwork change hands.

FAQ

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