Auction deposits, refunds and forfeits

The bidding deposit is what separates an auction from a wish list. It is refundable, it is required before your first bid, and there is exactly one way to lose it.

How much

The deposit is set per lot as a percentage of that lot's reserve price — between 2% and 5%, never less than $100. The exact figure is shown on the lot page and on your deposit instructions, and it does not change once the lot is published.

It is per lot, not per account. Bidding on three properties means three deposits.

How to pay

The current method is bank transfer. When you start a deposit you are given the account details and a unique payment reference.

1. Transfer the exact amount shown.
2. Include the payment reference. This is how your transfer is matched to you — without it, confirmation is delayed while we track it down manually.
3. An administrator confirms receipt, usually within a few working hours on a business day.
4. Bidding unlocks on that lot the moment it is confirmed.

Card and online payment through ABA PayWay can be enabled on this platform; when it is, the deposit confirms automatically and the rest of the flow is identical.

Deposit states

• Pending — created, payment not yet received. You cannot bid.
• Paid — confirmed. You can bid on that lot.
• Refunded — released back to you.
• Forfeited — kept, because a winning bidder failed to complete.
• Failed — the payment did not go through. Start again.

When you get it back

Your deposit is released for refund automatically, without you asking, when:

• The lot closes and you were not the winner.
• The lot closes without meeting its reserve — nobody wins, so every deposit is released.
• The lot is cancelled, by the owner or by an administrator.
• The winner defaults and you are not the bidder the sale rolls down to.

Refunds are released the moment the lot closes. The money returns by the route it came in.

If you win

Your deposit is not refunded — it is applied to the purchase price when the sale settles. You have 7 days from the close to complete.

The one way to lose it

If you win and do not complete within the settlement deadline, your deposit is forfeited. Your bids are marked forfeited, and the sale rolls down to the next highest bidder whose bid still clears the reserve.

That is the only circumstance in which a deposit is kept. Being outbid, changing your mind before you bid, the reserve not being met, or the owner cancelling all return your money in full.

Records

Every deposit and every payment callback is logged with its reference, amount and status. If you believe a transfer was not matched to your account, contact us with the transfer reference and date and we can trace it against that log.