In Testing: Auction Houses
September 19, 2006
The Coin Lords are pleased to announce
that they have teamed with House Kundarak and House Orien to open
several auction houses in Stormreach.
Auction Houses in Stormreach will allow you to both put items you no
longer want up for sale and purchase items you desire. Sellers will be
able to set an opening bid and an optional buyout price for their
items, and will also be allowed to cancel an auction if they see fit.
Buyers will be able to browse through items using the Auction House
user interface and place bids on items that they wish to purchase.
Please note: you will not be allowed to cancel a bid so make sure you
really want the item before bidding. Bids on items will be accepted
right up until the auction expires. The item will then be sent via mail
to the highest bidder and the money will be sent via mail to the
seller. In short, auction houses will function in a manner to which
most players are accustomed to.
Auction Houses will be located in every ward of Stormreach. The
Auctioneer will function much as the Banker does - by starting a
conversation with the Auctioneer, you will be able to access the
Auction System user interface. The Auctioneer charges two modest fees
for his services: a posting fee and an auction fee. The posting fee is
charged when an item is put up for auction, and the auction fee is
collected when the item sells. The fees are proportional to the
duration of the auction, as follows:
Auction Duration Posting Fee Auction Fee
(% of initial price) (% of sale price)
8 hours 5% 35%
24 hours 10% 30%
48 hours 15% 25%
72 hours 20% 20%
Be advised - if an auction is cancelled, the Auctioneer will not refund
the posting fee. The Auctioneer works hard to present your items to
their best advantage and earns every penny you invest.
The Auction System User Interface
The Auction window has three available panels: Auctions, Bids, and
The Auctions Panel
The Auctions panel shows a list of the categories of equipment you can
search through on the left. On the right, it shows items that fall
within your search parameters (see below for a screenshot). Hovering
the mouse over an item will bring up an item description tooltip.
Once an item has been selected by clicking on it, you may bid on the
item by either entering the bid amount in the currency fields and
clicking on the Bid button or simply selecting Buyout. You can then
track your bids using the Bids panel.
The Bids Panel
The Bids panel (see below for a screenshot) shows a list of all items
you currently have bids upon - you may have a maximum of twenty active
bids. You may select an item and enter a new bid or elect to buyout.
Bids placed on an auction must be at least 5% higher than the previous
high bid. The money you have bid is automatically deducted from your
currency. If you are outbid on an item, your money will be returned via
the Mail System when the new high bid is entered. However, there is no
way to cancel a bid.
The Post Panel
To sell an item, use the Post panel. You simply drag items from your
inventory into the Post panel and then select the duration, enter the
initial price, and, if desired, enter a buyout price for your auction.
Auctions can be posted for eight, twenty four, forty eight, and seventy
two hours. Remember, however, that the posting fee is dependent upon
this duration: 5% for an eight hour auction, 10% for twenty-four hours,
15% for forty-eight hours, and 20% for seventy-two hours.
Only items that can be traded may be auctioned. Thus, bound items and
items that are 100% broken and can never be repaired may not be
auctioned. Note: the minimum price for any item is 100g.
The lower pane of this panel shows all current auctions. You may have a
maximum of fifty auctions posted at one time. An existing auction may
be cancelled by selecting the auction and clicking the Cancel Post
button. See below for a screenshot of the Post panel.
When Your Auction is Successful
When your item has successfully been sold on the auction house, you
will receive an alert notifying you of your successful auction. This
letter is sent to you via the Mail System with the auction money
attached. A new letter will also be sent via the Mail System to the
High Bidder with the item attached. Auction mail does not count against
your mail capacity.
Note: The Auction House takes a cut of the final bid on successful
auctions. This cut depends on the duration of the auction: 35% for an
eight hour auction, 30% for twenty-four hours, 25% for forty-eight
hours, and 20% for seventy-two hours.
When Your Auction Expires
When your auction expires without selling your item, you will receive
an alert notifying you of the expired auction. This letter is sent to
you via the Mail System with your item attached. You will not be
refunded your posting fee, but neither will you be charged an auction
fee. Auction mail does not count against your mail capacity.
When You Cancel an Auction
If you cancel an auction your item will be returned to you via mail,
and the current high bidder will get his money back via mail as well.
Please note that you will not be refunded your posting fee. The
Auctioneer provides a valuable service and is unable to grant refunds
for a posted auction.
Winning an Auction
When you win an auction, by successfully bidding highest or by buyout,
the item will be sent to you via the Mail System, and your bid money
will be sent to the Seller via the Mail System.
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