Under PriorityBid, bidders can submit their maximum bid for a lot up to one week before the auction begins. Bids are binding and cannot be retracted. ProrityBids will close a few minutes before the auctioneer introduces the lot in the live sale, and bidders can increase their maximum up until that point.
During the auction, Ritchie’s system will then automatically bid the minimum amount needed for a bidder to stay in the lead up to their maximum.
Bidders are notified by email if they are outbid during the auction, and if they lose or win a bid. In case of a tie, the first PriorityBid placed wins.
Several upcoming auctions are using the new system, including Edmonton, Alberta on Sept. 10-14; Atlanta on Sept. 11 and Williston, North Dakota on Sept. 13.
Ritchie released this video to explain the feature: