HOW TO PARTICIPATE (BID) IN THE NAFA / FURCHINA ONLINE AUCTION

Transcription

1 HOW TO PARTICIPATE (BID) IN THE NAFA / FURCHINA ONLINE AUCTION Now that you have received your account accreditation, as outlined in our previous document (entitled: How to View and Participate in the NAFA Online Auction), you are now in a position to bid at the live auction. Follow the instructions below to secure your bid. 10/17/2017

2 STEP 1A: Begin At The Pipipai Auction Home Screen Note: All buyers who wish to participate in the October Auction are required to preregister and complete their credit arrangements with NAFA prior to the auction. For more information on Selling Terms for this sale, visit: To access the PiPiPai home screen, select the PiPiPai account and click Auction Open WeChat to enter the PiPiPai account Click Auction to get to the PiPiPai home screen. PiPiPai home screen.

3 STEP 1B: Begin At The Pipipai Auction Home Screen Pictured below are the PiPiPai home screen options. The button on the top right-hand corner is to toggle back and forth between languages (English and Chinese) 1. The Auction Preview icon (yellow) displays the goods catalogues by variety. 3. The Special Auction icon (pink) is unrelated to this auction, and can be ignored. 2. The Private Treaty icon (red) shows goods that can be sold via private treaty, or lots that can still receive bids 4. The NAFA-FURCHINA icon (green) is about this auction. Select it to view the auction.

4 STEP 2: Select the NAFA-FURCHINA icon to view the auction After clicking on the NAFA FURCHINA icon (green), you will enter the Auction section. From there, you will see three columns. The first column, Auction, will display the lots that are being sold. (Note: this information will only be displayed when the auction is in session) The second column is called Auction Preview. This is where the available lots will be displayed prior to being auctioned. The third column is called History Auction. Lots that have been sold can be found in this section.

5 STEP 3: Place a Bid See below to bid on available lots: When the auction is in session, you will see a list of available lots for sale. When you find the lot you wish to bid on, select it and place your bid by clicking bid. Enter the amount you wish to bid, and click Bid. Once you have bid successfully, you will receive a confirmation. Note: you can place a proxy bid on a lot as it is offered. More on this, on the next page. *Bidding Increments = 2 RMB from the starting price* LOT SELLING PROCESS: Each lot is offered for a minimum of 15 seconds. If there are no bids within the first 15 seconds, the lot will be Bought Back and will immediately be offered on the Private Treaty page at the Buy Back price. (see STEP 6) If there are bids within the first 15 seconds, the offer time will be extended to 20 seconds. If there are bids within the final 10 seconds, an additional 5 seconds will be added to the selling time to allow for further bids. When there are no bids in the final 5 seconds, the bidding process will terminate.

6 STEP 4: Place a Proxy Bid Setting up a proxy bid makes bidding easier and less time consuming for buyers. Proxy bids can be placed on each lot as it is offered. Once you set the maximum amount you wish to spend on a specific lot (ie. by entering your proxy bid amount), PiPiPai will automatically and incrementally continue placing bids on your behalf, until the price reaches your maximum, or until no counter bids are placed. This will allow you to remain the highest bidder on that lot until it has been sold. Your proxy bid will remain confidential. Proxy Bid allows you to choose a maximum bid. By setting a maximum bid, the app will continue to bid for you automatically until the price reaches your maximum, or until no counter bids are placed. You can cancel your proxy bid at any time by re-clicking the blue button, which now says Stop proxy.

7 STEP 5: View The Bidding Record After bidding, view the bidding record. After bidding, your bid order will be displayed at the top of the Bid record, as the highest price. Click More bids to view the list of bids. When a lot has closed, the successful bidder will receive a notice of confirmation. Click the red button to close this notice. Please note: all sales are final.

8 STEP 6: View Private Treaty to Bid on Unsold Lots All lots that are not sold in the main auction are automatically moved to the Private Treaty (P.T.) Catalogue. The P.T. Catalogue is accessed by pressing Private Treaty icon on the home screen. This will take you to a bidding screen with one or more lots listed. Scroll and pick the lot or lots that you are interested in and enter a qualifying bid. As long as your bid exceeds the minimum, it will be accepted, and you will win the lot. The Private Treaty catalogue s bidding closes at midnight local time (China Standard Time CST) on the final day of sale (October 19). All sales are final. Select Private Treaty catalogue to view available lots Available lots will be displayed on the Private Treaty bidding screen. Click the red bid button to place a bid.

9 STEP 7: View Your Account and Lots Purchased After the auction or bidding is complete, buyers can click on the bottom menu bar Personal to view their account. PLEASE NOTE: As the sale progresses on the FURCHINA platform, NAFA will be entering the sale information into the NAFA buyer account system (pictured below). Once the information is entered into the NAFA buyer account system, all regular NAFA buyer services functions including reports and invoicing will be available on the NAFA website. The auction is conducted in RMB. All sales are recorded in RMB and upon entry into the NAFA system, purchase price will be listed in US$. Invoices will be automatically made in US$ but can be created in RMB upon request. All payments received in RMB after the Prompt Day of November 9, 2017 will be exchanged by NAFA at the prevailing RMB/US$ exchange rate. Buyers will be responsible for paying any balance still owing in US$. Personal account section in PiPiPai account. NAFA Buyer account system on the NAFA website.