Absentee bid
Absentee bidding allows a bidder to participate in bidding without being physically present at an auction. Absentee bids are represented at the live sale by a noted Purple Wave representative. Purple Wave does accept absentee bids. While we will make every effort to implement absentee bids effectively, we do not make any guarantees. Bids will be made based on bidding increments as listed on the web site and used during the auction. If you would like to place an absentee bid, please request an Absentee Bid Form.
Absolute/no reserve
Nearly all of Purple Wave’s auctions are without reserve. This means that the item or property will sell to the highest bidder regardless of price.
As-is
All auction items are sold "as-is" – meaning that the item’s current condition is the way in which it will sell. It is the responsibility of the bidder to personally inspect merchandise prior to bidding. See full condition explanation for details.
Bid assistants
Bid assistants consist of Purple Wave staff who aid the auctioneer in collecting bids. They are usually positioned throughout the crowd at auctions and can provide information to assist in forming a purchasing decision. They may also be known as bid consultants, bid spotters, ringmen or groundsmen.
Bid rigging
Bid rigging is fraudulent bidding by an associate of the seller in order to inflate the price of an item. This may also be known as shilling or collusion. Purple Wave does not tolerate bid rigging and takes the necessary procedures to conduct a fair and honest auction.
Bidder number
A bidder number, also known as a customer number, is issued to each registered Purple Wave customer. The five-digit number allows for Internet bidding at www.purplewave.com and quick registration at live Purple Wave events. At a live sale, bidders receive a three-digit number printed on a bid card, which allows him or her to place bids on the auction floor.
Buyer’s agent commission
Purple Wave offers a commission program for REALTORS that assist their clients in purchasing a property at auction. Contact a Purple Wave REALTOR to learn more about the buyer"s agent commission program.
Buyer’s premium
The buyer’s premium is an advertised percentage of the high bid added to the bid to determine the total contract price to be paid. Purple Wave charges a 10% buyer’s premium on all merchandise sold at auction.
Feedback
Customer feedback allows Purple Wave to make adjustments in its services and business to provide the best possible auction experience for its customers. Tell us about your experience.
Hammer price
The term "hammer price" is inspired by the traditional auctioneers’ use of gavels. It is the price established by the final bidder, and acknowledged by the auctioneer before dropping the hammer/gavel.
Maximum bid
A maximum bid allows you to set a high bid on an item and leave the sale, yet still participate in the bidding. As bids are placed, Purple Wave’s system represents your bid until reaching your maximum.
Registration
Purple Wave requires customer registration for all bidders. Registration provides you with a five-digit customer number that allows Internet bidding at www.purplewave.com. Live bidder registration is also necessary to obtain a bid card; however, is greatly simplified if you have registered for a customer number. Register now.
Sniping
A bid may be sniped if the current winner is outbid in the closing minutes or seconds of a sale. Purple Wave has stopped bid sniping by implementing an automatic extension system that increases the available bid time by minutes when a bid is placed within the last five minutes of an item selling at Internet auction.
Terms
Auction terms are a legally binding agreement that outline the auction’s operating policies. All bidders agree to the terms before bidding.
