Auction Rules
Auction rules
Version 1.0
8/30/2024
These auction rules are part of our terms and conditions for using the website https://www.isitgenuine.com ("Site"), operated by Genuine Inc. located at 2819 Crow Canyon Road, Suite 100, San Ramon, CA 94583, USA. The Site functions as a live marketplace enabling users to research, purchase, and sell specific consumer goods (“Items” or “Property”). These "Terms and Conditions," along with our other stated requirements on our Site (collectively referred to as "Terms"), outline the rules for using our Site, services, software, applications (including mobile apps), and tools (collectively, the "Platform"). In these Terms, "you" refers to (a) individuals using the Platform, (b) agents accessing the Site or Platform on behalf of an individual or business entity, and (c) the business entity using the Platform through an individual or agent.
Revisions to Terms and Policies
Genuine retains the right and has sole discretion to amend or alter these Terms, with notice provided on the Platform, through email, text or other methods of communication. Review these Terms to stay informed about any modifications. Continued use of the Site and/or Platform implies your acceptance of all changes.
Items and Inventory
Inventory may be amended, updated, withdrawn or altered at any time before or during the Auction by Genuine and/or the Seller, included but not limited to the lot location in the sale, the number of items in the sale, or a reserve for an item in the sale. Genuine reserves the right to reject any bid that, in their opinion, does not commensurate with the value of the lot.
Implied or Expressed Warranty
All items are sold “as is” and all sales are final with no exchanges or refunds. Genuine and its consignors make no representations or warranties as to merchantability, fitness for a particular purpose, the correctness of the catalog or other description of physical condition, quality, size, medium, importance, rarity, provenance or historical relevance of any property, and no statement made at the sale, or in the bill of sale, or invoice, or elsewhere shall be deemed such a warranty or representation or an assumption of liability. The purchaser assumes complete responsibility for items at the drop of the hammer. It is the responsibility of the buyer to make sure they make all inspections they deem necessary before bidding.
Account Registration Required
You must register to be able to participate in auctions, sweepstakes, or to make purchases. All bidders must be 18 years of age or older to participate in the auction. Genuine reserves the right to suspend the account of a bidder and/or cancel any bid for any reason. Bidders can only have one associated account for use, any attempts to create additional accounts will be suspended and may result in the suspension of all services. By creating an account or using the platform, the user accepts and agrees to be legally bound by and comply with this agreement. If you do not agree to the terms of this agreement, the user should not access or use the Platform.
Starting an Auction
Auctions are generally open to the public, however, some items may not be visible to users who are not registered and signed in. Promotional outreach will be sent to users announcing an upcoming auction. The item description page will display a pending auction, with the estimated start time displayed, and bidding will be allowed only after the auction has started. Participants are required to accept terms of use and pay applicable fees before placing their first bids.
Fees
Auction integrity is maintained in a number of ways. Our fee structure is intended to reduce fraudulent users, shill bidding, and bid sniping. As such, certain fees may be required to participate in a Genuine auction. All applicable fees will be displayed within the auction interface.
Joining Fee
On selected auctions, a joining fee may be required to participate in the auction. This is typically a nominal fee that is fully refundable at the end of the auction. It is intended to create a cost for single shill bidders and for bots attempting to artificially increase prices.
Reserve Price
On selected auctions, a reserve price can be applied for the auction. Typically, the reserve price is a function of percent of the fair market value for the item, and it is set by the seller. A winning bid must be the highest bid at the close of the auction and be higher than the reserve price. If a winning bid does not reach the reserve price at the close of the auction, the event will close and no winner will be declared.
Buyer’s Premium
On selected auctions, a buyer’s premium may be applied. In the event that such has been put in place, it will be clearly called out in the auction interface, and the total purchase price will be displayed to the bidder.
Authentication Fee
On selected auctions, Genuine may charge an authentication fee. Although not common, some items may require significant costs to authenticate. If an authentication fee is applied, it will be called out in the auction interface as an applicable fee.
Starting Price
On all items, the starting price will be determined by Genuine. The starting price is intended to speed up auctions and is calculated as a function of the percentage of the fair market value of the item. Generally speaking, the starting price is about 30% of the market value of the item. For higher valued items, the starting price may be closer to 50 percent of the market value.
Participating in an Auction
Bidders must complete registration and be logged in to participate in a Genuine auction. Additionally, bidders must acknowledge our terms of use and pay all required fees. Genuine auctions are online auctions; phone bidding or absentee bidding is not allowed. Once a bid has been placed, it may not be retracted or rescinded.
Bidding Messaging
While the auction is live, status messages will be sent to the users’ email accounts. Users can expect to be notified about:
Auction results will remain visible on the item page, and results will be published to all bidders.
Bidding Increments
Auctions open with a starting bid value set by Genuine. The first bid will be for the starting value. Each subsequent bid will be based on a set increment, and will be displayed in the auction interface. All bids must meet either the starting bid value or the required bid increment. The following table reflects bid increments and are subject to change by Genuine without notice.
|
Auction Bidding Increments |
||
|
Item Value |
Bid Percent |
Bid Increment |
|
$0 - $500 |
6% |
$15.00 |
|
$501 - $1500 |
5% |
$50.00 |
|
$1,501 - $5,000 |
4% |
$90.00 |
|
$5,001 - $10,000 |
4% |
$300.00 |
|
$10,001 - $20,000 |
4% |
$600.00 |
|
$20,001 - $40,000 |
3% |
$900.00 |
|
$40,001 - $70,000 |
3% |
$1,650.00 |
|
$70,001 - $100,000 |
3% |
$2,550.00 |
|
$100,001 - $500,000 |
2% |
$6,000.00 |
|
$500,001 - $1,000,000 |
2% |
$15,000.00 |
|
$1,000,001 and above |
2% |
$20,000.00 |
Proxy Bidding
On selected auctions, proxy bidding will be available in the auction interface. Users can enable proxy bidding and set a max bid value. This places a new and higher bid whenever you are no longer the highest bidder, and the max bid value sets the limit for proxy bidding.
Extended Bidding (30-minute rule)
On selected auctions, Genuine will implement a 30-minute rule. If at the end of a selected auction, two or more bidders have placed bids in the last 30 minutes, the auction will remain open until 30 minutes pass without a bid being placed.
Winning the Bid
On each auction, the highest bidder at the close of the auction will be declared the winner. The auction results will remain on the item page, with complete bid history. Winners and runners-up will be notified via email.
Payment
On all auctions, winning bidders must pay the hammer price, fees, shipping fees, and sales tax within five (5) business days after the auction closes. Winners will be reminded to complete the transaction by the system, however, the winning bidder is solely responsible for making payment within five (5) business days. Acceptable methods of payment are Visa, Master Card, American Express or Discover, PayPal.
Verification
On selected auctions, winning bidders will be asked to validate shipping address and identity using a photo ID and facial biometrics. Winners will be reminded to complete verification by the system, however, the winning bidder is solely responsible for completing verification and items will not be shipped until this step has been completed. Genuine will attempt to resolve any issues, however, failure to provide verification may result in voiding the bid, and declaring the runner up as the new winner. Additionally, failing to complete verification may result in the related account being flagged as unverified, and the account may not be able to participate in future auctions.
Failure to pay
Payment is due within 5 days of the close of the auction. Failure to pay will invalidate the bid. Genuine will attempt to resolve any issues, however, failure to make payment will result in voiding the bid, and declaring the runner up as the new winner. Additionally, failing to pay may result in the related account being flagged as invalid, and the account may not be able to participate in future auctions.
Shipping
The Genuine application will provide a number of shipping options from multiple providers.
Sales Tax
Buyer is responsible for all shipping costs.
