We have created this glossary as a quick vocabulary recap to have on hand as you carry out your quest to bid and win!
Abuse Alert System:
Abuse Alert System:
- This system is available to all group members. It is for reporting intolerable behavior in the group such as swearing, offensive language, hate speech, bullying, rude or critical remarks, fraudulent activity, or anything else that is felt to violate group rules. Keeping a safe, positive environment is everyone’s responsibility. Type the word Mod! (add a description of the issue) in any Comment or Reply section within our group. Moderators will receive a Mod! alert notification and respond promptly. Group Moderators reserve the right to remove violators, without a fee refund. DO NOT abuse the alert system by using it to ask for advice on prices!
- To be the active bid the bidder MUST bid higher than the previous active bid and by the (MINC) minimum increase amount the seller posted. Bids higher than the previous active bid but lower than the MINC amount are NOT valid and definitely CAN'T win auctions! If the auction has no bids the posted starting bid is the active bid. To WIN an auction, your bid must be the highest active bid to come in BEFORE the auction's end time.
- An active bid can be withdrawn at any time with NO explanation required! Bidders must inform the seller by using the "Write a Comment" section and announcing their bid withdrawal intentions. The most recent and highest remaining bid becomes the active bid.
- The act of or process of estimating value.
- Selling an item without warranties as to the condition and/or the fitness of the item. Buyers are solely responsible for examining and judging the item for their protection. Also known as “where is” and “in its present condition”.
- Is a public sales event in which items are sold to the highest bidder. Buyers compete for an item by placing competitive bids.
- Group members in good standing may post 15 auctions per month.
- Group members in good standing may bump 5 posts per day.
- Group members in good standing have unlimited bidding.
- Sellers have the choice to post a 24-hrs, 48-hrs, or 1-week auction length within Ty Storage Wars "LOVE by Auction".
- A group that facilitates the buying and selling of an item.
- An auction in which the seller reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bids within a specified time.
- An auction where the item is sold to the highest qualified bidder with no limiting conditions or amount. Items will be sold on the bid amount reached at the auction end time.
- A bid is a binding proposal in an auction to buy an item at a specific price. Prospective buyers offer a price they will pay to purchase the item or lot. Bids MUST be entered in the "Write a Comment" section of the post. This is the ONLY way to enter a bid. The first bid on an item may be submitted at a lower price than the seller set as the starting bid. If there are no other bids on that item, the seller can choose to accept or decline that bid. Bidding on your items will result in a group suspension and/or your account being blocked from the group without a fee refund.
- We understand that accidental bids occasionally occur. If you bid too high or too low, this is how to correct the bid. Rebid (submit another bid) and state clearly in the comment that your previous bid was incorrect. Rebidding is the ONLY way to correct an incorrect bid. Editing bids in any way is NOT allowed.
- A bidder is an individual seeking to purchase an item at auction.
- All bids entered as a "Reply" to a comment are considered Blind Bids and are NOT valid. NOT everyone can see the Reply section.
- The buyer is the highest qualified bidder acknowledged at the auction end time.
- An expert is a specialist in a particular field of collecting.
- An individual item or group of items that are offered for sale at auction as a single unit.
- The minimum increase amount you must bid over the previous bid. The seller can select any dollar value for bidders to use as the minimum increase.
- Ty Storage Wars’ sellers must contact the auction winner as soon as possible after an auction has ended to notify them that they placed the winning bid and to make payment and shipping or pick-up arrangements. Ty Storage Wars’ auction winners are SOLELY responsible for full payment of purchase plus shipping.
- Provenance refers to the record of the chain of ownership, back if possible, to the date the item was created. Provenance can significantly impact the value of an item and can serve as proof of its authenticity.
- The minimum price that a seller is willing to accept for an item to be sold at auction.
- The owner of the lot that is being auctioned.
- Also known as the opening bid. It is the amount posted by the seller to open the bidding. If no bidders are interested in bidding at that amount, the seller may drop the opening bid by submitting post edits as many times as required until a bid is received.
- When two or more bidders bid exactly the same amount with the same timestamp and must be resolved by the Ty Storage Wars Admin.
- A detailed description and the current value of an item.