LuxAuc Whisky Auction utilizes the "Vickrey Auction" mechanism (also known as a second-price sealed-bid auction) to ensure a fair, transparent, and efficient bidding environment.

This guide explains the logic behind our platform：

1. What is a Vickrey Auction?
In a Vickrey Auction, the bidding process follows three core principles designed to protect the buyer:

- Sealed-Bid Auction: Bidders submit their maximum bid via the system. All bids remain confidential and are not disclosed to other participants.

- Winning Rule: The highest bidder wins the item.

- Payment Rule: The winner pays the "second-highest bid" (the next highest price) rather than their own original bid.

【Bidding Case Study】

- Bidder A: Submitted a bid of HK$ 3,800 (Unsuccessful).

- Bidder B: Submitted a bid of HK$ 4,500 (Unsuccessful, second-highest bid).

- Bidder C: Submitted the highest bid of HK$ 5,000 (Winning Bid).

Winner and Final Payment: 【 Bidder C. Payment Amount: HK$ 4,500 】
Reason: According to the rules, Bidder C only pays the second-highest price in the auction (Bidder B's bid). The final total consists of HK$ 4,500 + a 12% buyer’s premium.

2. Closing Time & Anti-Sniping Extension

- Standard Closing: 8:00 PM (HKT).

- Auto-Extension: If a bid is placed within the last 5 minutes (after 7:55 PM), the auction for that specific lot will automatically extend by an additional 5 minutes.

- Finalization: The auction concludes only when no further bids are placed within the final 5-minute window.

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