Auction Participation Policy

Effective Date: 25 June 2026 · Version 1.0

This policy sets out your rights and responsibilities when participating in auctions on vyete.com as a buyer. By placing a bid you agree to these terms alongside the General Auction Terms and the User Terms of Service.

1. Your Bidding Rights

As a registered user on vyete.com you may participate in any open auction subject to the eligibility requirements on the listing. You may:

• Place manual bids at or above the current bid amount.
• Set a proxy bid up to your maximum budget — Vyete bids on your behalf incrementally without revealing your maximum.
• Monitor your bid status in real time from the auction listing.
• Retract a bid before the auction closes where a valid reason applies (see General Auction Terms, Section 4).

2. Bids Are Not Binding Until Payment

Placing or winning a bid does not commit you to a purchase. The sale is only formed when:

1. The auction closes with your bid as the highest.
2. The reserve price (if any) has been met.
3. You complete payment within the payment window.

If you choose not to pay after winning, the item passes to the next eligible bidder through the cascade system (Section 5 below). You will not be charged simply for bidding or winning.

3. Winning an Auction

When your bid wins, you will be notified on the Platform and by email. The auction status changes to AWAITING_PAYMENT and you are shown a deadline for payment. You can view this at any time from the auction listing page or your orders section.

4. Payment Window

You must pay within the payment window displayed in your winning notification — typically 24–48 hours from auction close. All standard Vyete payment methods are accepted. If you need help completing payment, contact Vyete Support before the deadline.

5. If You Do Not Pay

If you do not pay within the payment window:

• The auction moves to FORFEITED status.
• Your claim to the item is cancelled with no refund obligation (no payment was taken).
• A forfeit is recorded on your account.
• Repeated forfeits may result in bidding restrictions.

6. Cascade Offers

If you were a runner-up bidder and the winning bidder forfeits, you may receive a cascade offer. A cascade offer:

• Is made at your own bid amount — not the winning bidder's (potentially higher) amount.
• Has a set expiry time, shown in the offer notification.
• Can be accepted or declined. Declining passes the offer to the next eligible bidder.

Check your platform notifications and email to avoid missing a cascade offer.

7. Reserve Price

Some auctions have a reserve price — a minimum the seller will accept. If the highest bid does not meet the reserve when bidding closes, the auction enters a RESERVE_WINDOW. During this window you may have the opportunity to meet the reserve directly. If the reserve is not met, the auction ends without a sale and no charge is made.

8. Anti-Snipe

To prevent last-second bidding, Vyete automatically extends the auction end time when a bid is placed in the final minutes. The extension details are shown on the auction listing.

9. Your Responsibilities

When participating in auctions you must not:

• Place bids you do not intend to honour if you win.
• Collude with sellers or other bidders to artificially influence prices (shill bidding, bid shielding).
• Use multiple accounts to gain an unfair bidding advantage.
• Retract bids for strategic reasons rather than genuine error.

Violations may result in account suspension and referral to relevant authorities.

10. Disputes

If you have a dispute about an auction outcome — including a listing that does not match the item received — raise it through Account → Help → Raise a Dispute or email [email protected]. See the Dispute Resolution Procedure for full detail.

11. Contact

Auction enquiries: [email protected]