Articles on: NFT Art Auction

Online Auction Bidding on RtistiQ


Art buyers and collectors who would like to participate and bid in Auctions could use this step-by-step flow to place an online bid for Auctions that would be running on RtistiQ platform.

Login to RtistiQ as a buyer
All artworks on RtistiQ - both physical & digital artworks are fully integrated with blockchain technologies and are digitally signed by a Gallery and/or an Artist to confirm the authenticity and provenance of the artworks. Once the artwork is sold there is a transfer of ownership of the digital certificate from Artist/Gallery to the new buyer. Due to this reason a potential buyer on RtistiQ should be logged into the platform and should have a Digital Wallet associated with their account. Dont be alarmed with too many jargons, once you signup on RtistiQ platform a default digital wallet on Torus is automatically assigned to your profile. RtistiQ also supports some of the other popular digital wallets like MetaMask and should you have another digital wallet, you may login and create a buyer profile on RtistiQ with your existing digital wallet.

When logged into RtistiQ for the first time, you may get a screen to select user profile - If you are placing a bid select the profile as an Art buyer

When logged into RtistiQ you would see a Wallet icon on the top right corner of your screen as shown in the screenshot below -

Go to Artwork Details page for which you wish to place a bid and verify the Edition, Reserved Price(refer to FAQ for definition of Reserved Price), Current bid amount, Step-up Price and the time when the Auction for current lot ends. Once you have verified all these details, click on "Place A Bid" button to place your bid. Extra care should be taken to verify the Artwork Medium to confirm if the bidding that you are placing is for a Physical asset or a Digital asset. There is no return policy for Digital Assets and once a bid is placed, it is considered final.

While placing a bid for the first time, the system may prompt for filling up the Billing Address for taxation purpose and to calculate shipping costs( Note that shipping cost is not applicable for Digital Assets) - if you havent already done so at the time of Profile Creation. In such instances a popup window will appear to key in the Billing Address & the Shipping Address that may look like the screen-shot below -

A new window will appear to place the bid amount, key in the appropriate bid amount in this screen. Ensure that the new bid being placed is greater than or equal to previous highest bid plus the Step-up price and click on "Place A Bid" button.

This will open a new window to key in payment details. RtistiQ platform supports multiple payment methods including Credit Card payments, PayPal & Digital currency payments(handled by a third party vendor - TripleA for Digital currency and Stripe for Credit Card payments).
Choose your preferred payment method and fill in the details. Note that while placing a bid, the equivalent amount of Fiat currency or Digital currency will be blocked/held from your account for a maximum of 5 days and it would be released if your current bid is being outbid by someone else with a higher price.

In case of a Digital currency payment, please ensure that your digital wallet has enough funds to cover the bidding cost. Similarly in case of Fiat payment, ensure that your Credit Card and/or you PayPal account has enough funds to cover the cost. Also note that in case of Digital currency payments the amount of Digital currency reserved may need to be reconsidered at the end of the Auction to confirm it your bid is still the highest bid depending on the prevalent conversion rates.

While doing a Digital Currency payment, the platform will generate a QR code when you start placing a bid and you will have to scan the QR code to transfer the funds to the intermediary(TripleA) who holds the funds on behalf of RtistiQ.

Once you have placed the bid successfully, you will see the status of your bid in the Artwork details screen and you may scroll down to view the full history of all active bids for the current lot.

Updated on: 30/06/2022

Was this article helpful?

Share your feedback


Thank you!