SuperRare supports three ways to sell artworks: Auctions, Offers and Buy Now prices.
If you wish to run an automated timed auction, you can set up a Reserve Auction or Scheduled Auction.
In a Reserve Auction, a public reserve price is set which when met kicks off a 24-hour countdown timer to auction end, allowing other collectors to bid before the time is up. Reserve Auctions are good for when you're not in a hurry to sell a work, but want to get at least a certain amount of money for it. Once the reserve price is set, there is no specific timeframe in which it must me met– but when it is, the timer kicks off.
In a Scheduled Auction, specific start and end times are chosen, along with an optional starting price. The auction will start and end at approximately the specified times, whether or not any bids meet the starting price. Scheduled auctions are good for when you know you want to sell a piece during a specific time frame, as part of an event, or in order to make the auction an event of its own.
Additionally, there is an open Offers system which allows collectors to make an offer on any piece that is not under auction.
An offer is essentially a collector saying, "Hey, you may not be intending to sell this work, but in case you are, here's my offer for it."
You don't have to do anything to make an artwork available for offers– anyone can make one at anytime as long as it is at least as high as any existing offer, and as long as it isn't under auction.
If you're interested in accepting an offer, you should do so sooner rather than later, because offers can be withdrawn at any time. (In contrast, auction bids, cannot be withdrawn.)
Offers are useful for price discovery and for letting collectors indicate interest in a piece–but if you're really looking to sell something you should use Auctions or set a Buy Now price.
*Note* Prior to the launch of Auctions, the Offers system was known as "Bids" – so if you're familiar with how "bidding" worked in the early days of SR, this is the same system, just now called Offers.
As you might imagine, Buy Now purchases involve setting a list price at which an artwork can be purchased.
If you have a price set, you can still receive and accept offers on the piece.
Setting a price is a good idea if you don't want to run a timed auction but know specifically what price you'd like to get for an artwork.
FAQ: How Auctions, Offers and Buy Now systems interact
Q: Do Auction bids and Offers interact at all? E.g. if an offer exists on an artwork when it is configured for an auction, will that offer be part of the auction?
A: No. There is no interaction whatsoever between Offers and Auction bids– they're actually different smart contracts and totally separate systems.
Q: If an artwork has a Buy Now price set, can the owner still receive and accept offers?
Q: Can an artwork have a Buy Now price while under auction, or counting down to a Scheduled Auction?
A: No, Buy Now prices will be hidden from the UI as soon as an auction is configured
Q: If an artwork has an auction of either type configured, can the owner still receive and accept offers?
A: No. The offers and auction bidding systems are separate and do not interact. If you configure an auction, you are opting out of the Offers and Purchase features for the duration of the auction.
Q: Is an artwork available for offers if it is counting down to a Scheduled Auction?
A: No. If an artwork has a Scheduled Auction, offers are closed until the auction bidding starts.
Q: Are bids placed in an auction able to be withdrawn?
A: No, bids placed in an auction cannot be withdrawn for the duration of the auction. If a bid is outbid, it will be returned.
Q: Can open offers still be withdrawn outside of auctions?
A: Yes, offers can always be withdrawn
Q: Is there a minimum offer or bid?
A: Sellers can set a global minimum offer amount for all of their artworks. There is also a minimum increase amount of 10% over the previous open offer or bid.
Q: What if I have an open offer on an artwork and the owner sets up a Scheduled Auction or Reserve Auction on it– can I withdraw my offer?
Q: Can auctions be cancelled?
A: Scheduled Auctions can be cancelled before they begin. Reserve Auctions can be cancelled before the timed auction has been kicked off. If a timed auction in a Scheduled or Reserve Auction has begun, it cannot be cancelled.
Q: Can I set up an auction if a piece has an existing offer?
A: Yes, but the existing offer will be hidden from the UI as soon as the auction is configured. The person with the existing offer will be able to withdraw it, even during the auction.