Olde Trade Auctions is the name of the online auction division of 1725036 Ontario Inc. It is essentially an offshoot of the Olde Trade Tools division.
Our auctions are entirely online and feature a primary focus on antique hand tools. Approximately half of each auction will feature hand tools and the other half will focus on smaller antiques and collectible glassware from our Glastonbury Glass House division.
We endeavour to catalogue our auctions in an order that gives bidders time to respond. We try to space out items that could fall under “soft close” conditions so that bidders are not scrambling to keep up with concurrent bid situations.
We invite you to come and enjoy the Olde Trade experience.
Upcoming Auction dates:
Auction 1: Oct 13-19, 2023
Auction 2: Nov 3-9, 2023
Auction 3: Nov 17-27, 2023
Typical Rules of Engagement for an Olde Trade Auctions Sale
1. The mechanism of an online auction
The internet provides remote access and the speed to allow bidding to occur in real-time. Computer software acts as the virtual auctioneer; controlling bids and when the auction will close.
For the bidder, an online auction format offers convenience in a number of ways:
- You generally have an extended period of time to place and manage your bids
- You can bid from any place that has internet access
- You do not have to expend time driving back and forth to an auction site
- You don’t have to wait for hours on-site between the items you are interested in
- You are under less pressure to bid from others around you
Olde Trade Auctions has chosen to work with the HiBid Auction Platform. That’s why you will see https://oldetradeauctions.hibid.com/auctions when you leave our website here.
2. Know when your target lots are closing…
To begin, you need to know the date when the auction will close. This can be found in the general auction description. For the specific time when the auction will close on that date, you need to look at the Lot description itself. The auction lots are catalogued in a sequence. Each lot closes in order and usually, there is a set time between items that are closing (for example 15 seconds). Note that if the auction has been set up for a “Soft” Close (bid extension) it could affect the sequence.
3. Bidding extensions AKA “Soft” Close
Many auctions are set up with a soft close. In the early days of online auctions, “Sniper Bidders” would time their final bids to go in during the last few seconds before close. Many auctions are set up with a bid extension feature. For example, if the bid extension feature is set for two minutes; any bid occurring during the last two minutes will result in a bid extension of two minutes from the time that bid is placed. This continues until there is a two-minute bidding period with no further bids. It can sometimes take a while before the lot closes. In the meantime, the lots in behind this lot keep starting at their scheduled times.
4. Problems Associated with the “Soft” Close and an Olde Trade Advantage
When a lot enters the “Soft” Close loop, this becomes a problem if there are other great lots following the lot that is “Soft” Closing. When Auction Houses set up their catalogues (sequence of lots) with little knowledge of what they are selling; it can result in bidders not being able to respond fast enough to multiple items in the “Soft” Close loop at the same time. Olde Trade Auctions tries to specialize in a small number of categories and catalogue the auction to give bidders time to respond.
5. How to set up an online bidding account?
When you register for a particular Olde Trade Auction; you are registering on the HiBid website. Olde Trade Auctions has already uploaded the various auction catalogues to the site and HiBid takes it from there.
We post our upcoming auctions here on this site. From there you can go to our HiBid site, and complete the Registration process.Upcoming Auctions
6. The bidding process…
Once you have registered for the auction, you can log on at any time you wish before the auction ends.
Once you have opened a lot that you want to bid on, you need to click on the “Place Bid” button. You then key in an amount that you want to bid at that time. You have the option to either “Confirm Bid” or “Cancel Bid”. By clicking on the “Confirm Bid” button, you are entering a legally binding contract with the auction house. You are agreeing that you will pay for applicable premium and taxes; in addition to your successful bid amounts.
When you bid in an online auction, the software holds your maximum bid in confidence. To top competitive bids, the software will bid on your behalf until your maximum is reached.
7. The auction is set up with minimum bid increments for various ranges of bid amounts. A sample table is shown below:
|Bid Amount||Bid Increment|
As an example, if a lot is currently at $100, and increments of $10 are required, and your top bid is $300, our system will accept and put in your bid at $110. Then if a $120 bid is received, our system will submit a bid of $130 on your behalf and so on, until the item sells and/or your top bid is reached.
8. Is there a way for me to see all my bids?
To log in to your bidder’s account, enter your username and password, and check your toolbox. There, you’ll find your current bids, bid history and bidder information.
9. As things happen quickly in an online auction, is it necessary for me to refresh my web browser during the active bidding?
The live catalogue refreshes automatically every 60 seconds. Current closing lots are shown with a countdown clock and the latest bidding information. We do, however, suggest that you refresh frequently in the closing moments of the items you are interested in. Remember, things do move quickly, especially toward the end.
10. When is the auction is over, and will I be notified?
If you refresh your page and the clock has run out of time: the auction is over. A statement that bidding is now closed will appear.
11. If you are the high bidder
Olde Trade Auctions will notify you by email with an electronic invoice. Then it’s up to you to complete your end of the deal.
12. How do I complete my end of the deal?
Before you join in the auction, read the terms and conditions so you know where you stand.
Buyer Premium: 10.00 % Buyers Premium in effect
Full Payment due upon in person pick up.
Payment options are:
ETransfer to: Doug@oldetradetools.com
All items not picked up or arranged for within five days of the close-of-auction will be deemed abandoned and revert ownership to the consignor.
We will process top bids according to the credit card information you provide. Add we will debit your credit card on file, typically 12 hours after close of sale. If you want to arrange payment differently, you must let us know at the time of bidding. When we receive your payment, we will send an electronic receipt by email.
13. How and when do I pick up my purchases?
In-person pick-up is available at:
Harcourt Memorial United Church
87 Dean Avenue
Guelph, ON N1G1L3
1st Auction Pick Up Date
Saturday October 21, 2023, 10:00 am to 2:00 pm
NB: If you chose to pick up on Sunday, The Aberfoyle Antiques Market is open and thus, you will be subject to a $5 per person entry fee.
For alternate date arrangements, call 519-820-4151
14. If I need items shipped, how does that work?
Please inform us at registration if shipping is required to allow us to provide a quote and organize.
We offer worldwide shipping for all items allowed on UPS or Canada Post. Canada Post is the preferred carrier. Canada Post has a standard limit of 60 pounds weight.
A 10% buyer premium plus a $CDN 10.00 handling fee charge per shipment will be added to your invoice to help cover costs to find your best postage quote, prepare packing and deliver package to drop off for shipping. Customer will pay for packing materials plus Canada Post or UPS rates. Most items ship in 1-3 days following sale.
If you require help or delivery of larger or heavy items, please contact us prior to sale and we will be happy to assist or direct you to a third party we utilize.
15. Can I consign items for a future auction?
Yes. Contact us at firstname.lastname@example.org.