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BUYING RUM AT AUCTION: A STEP-BY-STEP GUIDE

BUYING RUM AT AUCTION: A STEP-BY-STEP GUIDE

RumTrades makes it simple to bid on rums online. We strive to provide the most straightforward and user-friendly auction service possible. We provide the most competitive rates and service, allowing you to locate and purchase exquisite and rare bottles from all over the world.

 

STEP 1: SET UP YOUR ACCOUNT

 

By creating an account, you will gain lifetime access to our monthly and unique auctions.

To authenticate users and prevent illicit bidding, registration costs 5€ (+ VAT).

This is a one-time REFUNDABLE Amount; if you buy or sell a lot within 12 months of registering, we will credit the fee back to your account.

 

STEP 2: MAKE YOUR OFFERS

You have the following options when bidding on a lot at a live auction:

 

FAST BID: Press one of the light-blue buttons on the right of the lot page details to place a fast bid.

These buttons display the amount of the following increment.

After that, you'll be asked to confirm your bid.

 

DIRECT BID: Type in the amount you're willing to pay for the lot and click "Place your bid."

After that, you'll be asked to confirm your bid.

 

AUTOMATIC BID: Type in the highest bid you're willing to pay for the lot, then click "Place your automatic bid."

After that, you'll be asked to confirm your bid.

 

Our system will automatically put additional bids on your behalf each time you are outbid if you set up an automatic bid. You only need to enter the highest amount you're willing to pay for an item. Our algorithm will then continue to bid for you, increasing your maximum price by the lowest increment possible each time. Bid increments change depending on the current bid.

 

Please consult the table below for more information.

 

Min bid Max bid Step size
1,00€ 49,99€

2,00€

50,00€ 199,99€

5,00€

200,00 499,99€

10,00€

500,00€ 999,99€

20,00€

1.000,00€ 2.999,99

50,00€

3.000,00€ 9.999,99€

100,00€

10.000,00€ 29.999,99€

250,00€

30.000,00€ 99.999,99€

500,00€

100.000,00€ 499.999,99€

1.000,00€

500.000,00€  999.999,99€ 

2.500,00€

 

STEP 3: WHAT HAPPENS AT THE END OF THE AUCTION?

Bidding activity on any item will extend the auction by a further 5 minutes once 9.30pm CET is reached.

The auction must finish after 9.30pm CET has elapsed and a complete 5 minutes has passed with no bidding action on any of the auction's products. Auction ends at 9:30 p.m. CET (Central European Time) on the closing date. The two conditions required for the auction to close are 9:30pm CET has elapsed and the 5 minute timeout with no auction activity for any item in the entire auction.

 

STEP 4: COMPLETE AND PAY FOR YOUR ORDER

We will send you an email if you are the highest bidder on any of the lots at the end of the auction.

To complete your order, click the link in your email and follow the on-screen instructions.

More information on payment can be found here.

 

STEP 5: SHIP, COLLECT OR STORE YOUR ORDER AT OUR PREMISES

If you participated in one of our auctions and won a lot, you can pick between the following choices at the checkout stage:

SHIPPING: Find out all you need to know about shipping your order here.

STORAGE: Find out everything you need to know about storing your order here.

COLLECT: If you reside close to RumTrades, you may pick up your products at our Rome headquarters.

RumTrades | W-Trades srl, Via del fosso di s. Andrea 41, 00118 Rome, Italy +39 06 86357244. Service by appointment: please call us or send email (info@rumtrades.com) to make arrangements.

 

 

BACK TO HELP
FAQ
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AUCTION ONLINE: HOW DOES IT WORK?
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Bottles that individual sellers want to sell at auction are delivered to our office in Rome. The bottles are ready to be placed in our upcoming auction after being authenticated by our expert team and having professional images shot.

Every month, for ten days, RumTrades has rum auctions. Registered users from anywhere in the world can put a bid online at any time.

Individual sellers deliver bottles that they wish to sell at auction to our office in Rome. Once they have been authenticated by our specialists team, professional photos are taken and the bottles are ready to be listed in our next available auction.

RumTrades hosts rum auctions every month for 10 days and registered users across the world can place a bid online at any time during this period.

Following the auction's conclusion, the top bidder receives an email notification, and payment is due within 72 hours (3 days) from the end of the auction.

We pay Sellers after 14 days starting from the delivery of the order.

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WHAT MAKES BUYING THROUGH RUMTRADES SAFE AND SECURE?
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Your payment will run through the most secure method of payment.

RumTrades processes payments through our commercial partner Stripe, one of the most authoritative payment management platforms with the most advanced security systems in the world.

If there are any issues with the order you received, please inform us within 3 days after delivery. Please be aware that once the 14 day period has expired, your payment will be sent to the seller and we can no longer open a claim on your behalf.

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AUTOMATIC BID: HOW DOES IT WORK?
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By setting an automatic bid, you will be able to win your lot(s) even if you can't follow the auction.

If you are outbid, our technology automatically raises the bid level of the lot based on the table below when your maximum bid is submitted, increasing it incrementally until it reaches your maximum bid.

Based on the current bid, different bid increments are used. Take a look at the table below. 

 

Min bid                          Max bid                          Step size                       
1,00€ 9,99€

1,00€

10,00€ 29,99€

2,00€

30,00€ 99,99€

5,00€

100,00€ 499,99€

10,00€

500,00€ 999,99€

20,00€

1000,00€ 1999,99€

50,00€

2000,00€ 3999,99€

100,00€

4000,00€ 9999,99€

200,00€

10000,00€ 19999,99€

500,00€

20000,00€ 999999,99€

1000,00€

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WHAT IS THE RESERVE PRICE?
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The reserve price is the lowest price the seller is willing to accept before selling his item(s).

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THERE ARE TWO IDENTICAL HIGHEST BIDS. HOW IS THAT POSSIBLE?
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This could be related to an automatic bid placed by an earlier bidder. The automatic bid may be the same as a manual bid by a second bidder. It may also be the case that two automatic bids of the same amount were placed. In both cases, the (automatic) bid that was placed first will be listed as the highest bid.

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END OF THE AUCTION: HOW DOES IT WORK?
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The end date of the current auction will always be clearly displayed on the website.

Our auctions will end anytime from 9.30pm CET (Central European Time).  Once 9.30pm is reached, activity on any item will prolong the entire auction by a further 5 minutes.

This means that the entire auction will end when there has been no bidding activity placed within the last five minutes after 10pm.

This gives all bidders an equal opportunity to win a lot and avoid everyone placing their bids in the last seconds.

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WHAT ARE THE AUCTION FEES?
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Our buying commission is 10% of the final hammer price (+ VAT where applicable).

Find out more information about buyer's fees and payment terms here.

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DO I HAVE TO PAY VAT? 
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All fees, surcharges and delivery charges are + VAT, where applicable.

VAT is not applicable to the hammer price of the lot.

Delivery outside the Europen Economic Area: VAT is not applicable.

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I WON A LOT: WHAT ARE THE DELIVERY TIME FRAMES?
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If you win the auction, your lot(s) will be shipped within 7 working days, after receipt of payment by us.

If you want to know more, please visit our international shipping page.

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I WON A LOT. WHAT WILL BE THE FINAL PRICE?
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Example: 100€ final hammer price, you will pay:

-100€ (hammer price )

-10€ (10% commission)

-2,20€ (VAT calculated on the commission)

Total amount: 112,20€ + shipment

 

VAT is applicated only on the commission.

No VAT on the hammer price.

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