Two types of Auctions
Whether viewed via the search engine, in the sections or categories, the auctions are always divided into two clearly distinct areas, both in terms of graphics and the guarantee offered:
1- "Memorabid Auctions" - identified by a gold graphic design
These are auctions that are promoted and authenticated by our auction house, which guarantees every aspect of the item as described in the accompanying text, including its authenticity.
All the items presented in this section are stored in the Memorabid warehouse and are photographed by the in-house team.
When a customer wins a “Memorabid Auction” will have the chance to purchase a COA “Certificate Of Authenticity”, an official document in which the authenticity of the purchased product is guaranteed as well as every detail described or any images shown, at the cost of 25 euros.
2- "Marketplace Auctions" - identified by a blue graphic design, are uploaded directly by sellers who choose to sell an item using Memorabid.
The platform does not guarantee the veracity of the description and nor does it guarantee the authenticity of the item’s characteristics; this is a “marketplace” section that gives the seller a space or shop window in which to sell their item by putting it up for auction online and it works exactly like the leading digital auction platforms that offer any user the chance to sell their goods.
The Memorabid team examines and pre-approves every candidate seller, exactly as every auction that is uploaded, refuse to publish those that fail to meet standards of form or ones that may need editing (if the photograph or description is missing and/or unsatisfactory, for example).
When a user is interested in an item can contact the seller directly via the site’s built-in messaging function to receive clarification or further information regarding the lot in question.
When a customer wins a Marketplace auction they will have the chance to purchase a COO “Certificate Of Origin”, a document that guarantees that the item was purchased on Memorabid.com, at a cost of 19 euros at check out.
These certificates are linked to a serial code and to a pair of NFC tags:
- one applied on the paper version
- one applied in/on the object
So buyer will have the chance to access to the digital version of his super-innovative certificate, were all the images of the product and its description are stated and shown.
Charity Auctions
In case of charity auctions, Memorabid's ethical choice is to raise the entire amount to the charity organization.
Memorabid is guaranteeing to any user or participant that only the service fee will be deducted from the amount raised, with no exceptions considering only the case Memorabid renounce to this too, thus raising the entire proceeds to the charity organization, concerning of a corporate social responsibility (CSR) operation that aims to make Memorabid not only a fundraising vehicle for charity organizations but also an active supporter of charitable projects.
Memorabid is, therefore, not just a charity auction house but ALSO a charity auction house, managing this aspect with the total transparency: there are no partial percentage raised for the charity organization. If an auction is shown as a charity one, identified by the wording "Charity Auction supporting...," the user can be certain that at least the 85% of the proceeds are raised for the charity organization.
Beyond current auctions: the direct purchase proposal
At Memorabid the user can consult the complete list of all the previously closed auctions and has the exclusive opportunity to send a direct purchase proposal to the winner to attempt to buy directly he item that has already been sold at auction at a price equal to or superior to the winning bid, an action protected by Memorabid as intermediary.
If the auction closed under the reserve price, user can also send a direct purchase proposal to the seller to met it and win the lot not awarded previousely.
The catalogue of items that can be bought on Memorabid will be constantly updated and expanded.
The winner of each auction will be sure of their investment, having the chance to receive offers on the item that they won automatically and with no commitment to sell.
If said offer or successive bids are accepted Memorabid will take possession of the item from the first winner, who in turn becomes the seller, to ascertain that the item still conforms perfectly to the text / photographic description of the original auction; in this way the client will be able to make a risk-free purchase with the guarantee that the item will be in exactly the same condition as it was in for the original auction, even if years may have passed.
To win a lot the user can:
- Bid immediately by offering the listed price;
- Insert a maximum amount to raise automatically: The system will automatically bid for the user (making an offer equal to the minimum raise) to outbid all bids made by other users until the maximum automatic raise amount has been reached. If the amount you enter exceeds the reserve price, at the end of an auction closed under reserve, you will win with a bid equal to the reserve price.
To bid is necessary to register a credit card trough Stripe (https://stripe.com)
Stripe totally cares about any data or infos, Memorabid never store your credit card data or any infos, using an International and extra-safe online payment provider is the best way to respect your privacy and keep you safe.
The buyer has 48 hours to pay for the lot he won. If he will not proceed himself through the checkout within this time we will proceed ourself charging, thruough Stripe, his credit card for the total amount.
Auction values and prices:
- The minimum reserve of every lot is set at 30 euros, no auctions can have a lower reserve;
- The starting price is the opening amount for the auction, bids start at this amount
- The auction reserve is the price chosen by the seller as the minimum sale price for the lot. The auction cannot be won with bids below this figure.
Only users who have made at least one bid on the auction will be able to see whether the reserve has been met or not.
Only the user who is the highest bidder will receive a notification/email revealing the auction reserve if said auction closes below the required figure.
They will then have 48 hours to decide whether to make up the difference to reach the reserve price to win the lot.
The Timer:
Our timer shows remaining time before an auction opening or its closure.
If a user bets when an auction ends within two minutes, the timer will be extended by other two minutes; this feature gives to our digital auctions a traditional auctions background, let user imagine a physical auctioneer who gives to all interested bidders the chance to make a last-minute raise at their turn.