Counter Offers are an excellent way to suggest a price you are willing to pay in response to an offer you receive on an artwork, whether you are looking to buy it or sell it. This provides an on-chain negotiation tactic for arriving at a sell price that both parties agree on, and an excellent way to manage your collecting and/or selling strategy with a bit more ease.

Let's assume you receive an Offer of 2 ETH on an artwork you own, but you think this amount is a bit too low. Without needing to chat with this potential collector, you can send a Counter Offer with your preferred sale price (perhaps 3 ETH). If this is too high for the potential Buyer, they can respond with another Counter Offer in return, like 2.5 ETH.

The history of this negotiation is recorded in the artwork's provenance, meaning it will take a bit of gas to submit a Counter Offer, and will hold the proposed funds in escrow (just as it does for sending regular Offers). This on-chain back and forth to arrive at an agreed price is an exciting new layer in recorded collector history – let's take a closer look at how they work.

How do Counter Offers work?

For Artwork Owners:

When you receive an Offer, you can suggest a Counter Offer to the potential buyer. To make a Counter Offer:

Go to your Dashboard and view the “Incoming Offers” tab
Click on “Counter Offers”
Enter your preferred price in response to the Offer.
Click on “Send Offer”
If you haven’t enabled the SuperRare marketplace before please do so via a blockchain transaction prompt (if this is the case you have to click on “Counter Offers" again on the incoming Offer tab & select a re-price)
Confirm your Counter Offer in Metamask. Keep in mind, you are not sending any funds to the potential buyer, you are just proposing a new price to them!
The person who had made the Offer will be notified of your Counter Offer. They can also return with another Counter Offer based on the one you sent.

For Artwork Buyers:

You can propose a Counter Offer in response to Counter Offers. Say you made an Offer on an artwork, and the owner of it returns with a Counter in response: you can accept this new proposed price, or suggest another new one.

Go to your dashboard and view the “Incoming Offers” tab
Click on “Counter Offers”
You can choose to withdraw your escrowed funds from your previous Offer if need be. Your original offer will automatically be returned if you proceed with submitting a Counter
Select your new proposed price
Click on “Send Offer”
Confirm your Counter Offer in Metamask
Your funds will be escrowed
The Artwork Owner who had made the Offer will be notified of your Counter Offer
We suggest to give the Owner at least 24 to 48 hours to see your Counter Offer before you withdraw it

FAQs

What happens to the Buyer's initial Offer when I make a Counter Offer? (Owner)

The potential buyer’s initial Offer won't expire unless they choose to withdraw it, they make a Counter Offer, or someone else makes a higher Offer. We recommend giving the Buyer at least 24 to 48 hours to see your Counter Offer.

What happens to my Offer when I make a Counter Offer? (Buyer)

If you make a Counter Offer in response to an Offer from the Artwork Owner, your initial Offer no longer stands. You can withdraw your escrowed funds before you make the Counter Offer. If your Counter Offer is higher than your initial offer, your previously escrowed funds will be automatically returned to your wallet.

Can I still accept the initial Offer after having made a Counter Offer? (Owner)

As long as the potential Buyer has not withdrawn their Offer, made a Counter Offer, or someone else has made a higher Offer, you will still be able to accept the initial Offer.

Will any ETH get deducted from my wallet if I make a counter offer (Seller)

As all transactions are stored on-chain you will have to pay gas fees to make a Counter Offer. The Counter Offer price you set for a Buyer won’t be deducted from your wallet.

What happens with my escrowed funds when I make a Counter Offer ? (Buyer)

If you make a Counter Offer in response to an Offer from an Artwork Owner, your initial Offer will expire. You can withdraw your escrowed funds before you make a Counter Offer. If your counter offer is higher than your initial offer your previously escrowed funds will be automatically returned to your wallet.

Can I withdraw a Counter Offer? (Buyers & Owners)

Just like a regular Offer, Counter Offers can be withdrawn from both Artwork Owners and Buyers at any time as long as they haven’t been accepted.

How long is a counter offer active? (Buyers & Owners)

Counter Offers don’t expire, unless the Owner or Buyer chooses to withdraw it, they make another counter offer, or someone else makes a higher offer. We recommend giving both the Owner and Buyer at least 24 to 48 hours to see your Counter Offer.