Luxury Link Auctions offers different types of auctions, which our most commonly offered are listed below:
Dutch Auction - occurs automatically when a seller has multiple individual items available for sale. The seller specifies the minimum price (the Opening Value) and the number of individual items for sale. Bidders can then bid at or above the minimum price for the quantity of items they wish to purchase. At the close of the auction, all winning bidders purchase the items at the same price, which is the lowest successful Bid.
Open Auction - buyers bid until the auction ends. The item is then sold to the highest bidder at the end of the auction period. There is no reserve price in an Open auction. The seller must sell the item to the highest bidder. Bidding can start as low as the Opening Value (minimum price or starting amount) of the auction. Once the auction closes, email notification providing contact information is sent to the buyer and seller automatically so that arrangements for payment and shipment of the item can be determined.
On the bid history page, the quantity specifies the number of nights or number of packages that have been bid on. Some of our auctions are set packages (i.e. 5 nights, 3 nights, etc.); others give the clients a chance to bid on two or more nights (2nights, 3nights, 4 nights, etc.); this is the information that "quantity" is telling you.
All auctions are based on EST time zone.