Page 10 - Sidharta Auctioneer

Artfordable Live & Online Auction
Young Artist & Charity Artwork

Auction Notification

SIDHartA Auctioneer is an official auction that is monitored by the Office of
Auctions of the Direktorat Jendral Kekayaan Negara Indonesia . An Auction Registrar,
Chitra Mukhsin is present on behalf of the Office of Auctions to monitor that the
auction is run properly, provide an official report to the government and ensure that
the winning bidders comply with their part, ie make payment in full and in due time.

This auction is a regular Continental Style auction. Bidders bid the lots they
desire until the highest bid is reached. There is a 22% buyer’s premium charged on
top of hammer price that is to be paid by the winning bidder in addition to the
hammer price itself.

You will find the lots to be auctioned in sequence, starting from the lowest
number to the highest number. Live online auction usually goes at a rate of 50 lots per
hour. 82 lots should take around 1 hour, 38 minutes.

The estimate price of the lot reflects roughly the current price of the artworks,
meaning in normal circumstances, a bidder placing a bid within the range of the
estimate should be able to win the lot, unless there is unusual competition. However,
depending on demand, a bidder may also be able to win the lot at a price either lower
than the low estimate (at the reserve price), or even win the piece at a price higher
than the high estimate.

Most of the lots do have a reserve, a minimum limit price at which the owner/
vendor of the lot agrees to let go of the lot. Auctioneer is allowed to execute bidding
up to the reserve, on behalf of the owner/vendor of the lot. That is what is going on
when bidding has started, and the Auctioneer counters the bid by saying that a bid of
a certain lot is still “with me”. Until bidding reaches the reserve, a lot cannot be
considered sold. So a lot is only considered sold if it has already reached the reserve.

Bidding does not stop only until the reserve is reached, but it continues until
the highest bid has been reached and the auctioneer will count up to three to make
sure that there are no more bids. The Auctioneer will strike the hammer strike is to
signify that the lot has been sold and call out the paddle number of the bidder and the
hammer price.

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