KALEKT Auction Settings: Starting Bids, Increments, Reserves

Understanding KALEKT’s Auction System

KALEKT offers two auction environments: Live Show Auctions and Marketplace Auctions. Both use the same bidding mechanics, but timing and strategy differ. Master these settings to maximize your selling success.

Starting bids set the floor. Increments control the pace. Reserves protect your investment. Let’s explore how to use each effectively.

Setting Your Starting Bid

The Mechanics

Access auction settings through your seller dashboard. When creating a listing:

1. Choose “Auction” as your selling format
2. Enter your starting bid amount
3. Select auction duration (Live Show: 30-90 seconds; Marketplace: 1-7 days)
4. Review and publish

KALEKT recommends starting bids between $1 and $25 for most coins. Lower starts attract more bidders. Higher starts filter serious buyers only.

Strategic Starting Bid Pricing

Smart sellers use different strategies for different coins:

Low-Start Strategy ($0.99-$5):

1. Creates bidding wars
2. Builds show energy during Live Shows
3. Works best for common dates or bullion
4. Attracts new collectors

Mid-Range Strategy ($10-$25):

1. Filters casual browsers
2. Reduces time-waster bids
3. Ideal for better dates and grades
4. Maintains profit margins

High-Start Strategy (50+ USD):

1. Targets serious collectors only
2. Protects valuable inventory
3. Best for key dates and high grades
4. Reduces payment failures

Remember: Live Show audiences respond to momentum. Start low early in your show to build excitement. Save higher starts for when viewers are engaged.

Understanding Bid Increments

How Increments Work on KALEKT

KALEKT uses dynamic bid increments based on current price:

1. $0-$24.99: $1 increments
2. $25-$99.99: $5 increments
3. $100-$499.99: $10 increments
4. $500-$999.99: $25 increments
5. 1000+ USD: $50 increments

You cannot customize these increments. The system applies them automatically as bidding progresses.

Working with Increment Psychology

Understand how increments affect bidder behavior:

Small increments ($1-$5) encourage multiple bids. Bidders think “just one more.” Perfect for building show energy.

Large increments ($25-$50) create decision points. Bidders pause before committing. Use this knowledge when pricing valuable coins.

During Live Shows, mention the next increment: “We’re at $45—next bid takes it to $50!” This transparency builds trust.

Reserve Pricing Strategy

Setting Effective Reserves

KALEKT allows reserve prices on Marketplace Auctions only. Live Show Auctions cannot use reserves—the excitement depends on real-time action.

To set a Marketplace reserve:

1. Create your auction listing
2. Toggle “Set Reserve Price”
3. Enter your minimum acceptable price
4. Note: Reserves remain hidden from bidders

Buyers see “Reserve Not Met” until bidding reaches your minimum. Once met, the message changes to “Reserve Met.”

When to Use Reserves

Reserves protect you but can discourage bidding. Use them strategically:

Good Reserve Candidates:

1. High-value coins (500+ USD)
2. Key dates with uncertain demand
3. Coins with subjective grading
4. Estate consignments with minimum requirements

Skip Reserves For:

1. Common dates and bullion
2. Low-value coins (under $100)
3. Coins you’re willing to let go
4. Building initial seller reputation

Pro tip: Set reserves at 70-80% of your target price. This encourages bidding while protecting your downside.

Live Show Auction Dynamics

Timing Your Auctions

Live Show Auctions run on compressed timelines. Standard durations:

1. Quick Sale: 30 seconds
2. Standard: 60 seconds
3. Extended: 90 seconds

Use 30-second auctions for coins under $50. They maintain show energy. Reserve 90-second auctions for premium pieces where bidders need thinking time.

Extended Bidding Rules

Every bid within the last 10 seconds resets the timer to 10 seconds. This prevents sniping and ensures fair competition.

Maximum extension: 3 minutes total. After that, highest bidder wins regardless of new bid attempts.

Communicate this to viewers: “Remember folks, late bids extend the timer. Don’t wait!”

Marketplace Auction Best Practices

Duration Selection

Marketplace Auctions offer flexible durations:

1. 1 day: Hot items, creating urgency
2. 3 days: Standard coins, weekend coverage
3. 5 days: Better material, allowing research time
4. 7 days: Premium coins, maximum exposure

Schedule endings for peak times: weekday evenings (7-9 PM EST) or Sunday afternoons. Avoid Friday nights and holiday weekends.

Managing Active Auctions

You can edit Marketplace Auctions until the first bid arrives. After that, only these actions remain available:

1. Add photos (improved angles, close-ups)
2. Update item description (clarifications only)
3. Answer buyer questions
4. Cancel (only if no bids exist)

Monitor your auctions daily. Quick responses to questions can mean the difference between one bid and ten.

Post-Auction Management

When Auctions End Without Bids

No bids? You have options:

1. Relist with lower starting bid
2. Convert to Buy Now listing
3. Move to next Live Show
4. Delete and reassess pricing

KALEKT’s quick-relist feature preserves your description and photos. Just adjust the price and duration.

Handling Payment Failures

When winning bidders don’t pay:

1. KALEKT notifies you within 24 hours
2. Buyer has 48 hours to update payment method
3. Cancel auction or wait for resolution
4. Contact runner-up bidder if available

Pro tip: Note buyers who fail payments. You can block problematic bidders from future auctions through Settings > Blocked Buyers.

Advanced Auction Strategies

Building Momentum During Live Shows

Successful Live Show sellers create bidding energy:

Start with low-value auctions to warm up the crowd. Build to premium pieces mid-show. End with exciting material to keep viewers watching.

Call out bidder names: “Thanks for that $45 bid, CoinHunter23!” Recognition encourages continued participation.

Marketplace Timing Tactics

Launch similar coins with staggered end times. If you have five Morgan Dollars, space endings 15 minutes apart. Losers on one might bid on another.

Use KALEKT’s scheduling feature to list during optimal hours even when you’re busy. Consistency builds buyer expectations.

Measuring Auction Success

Track these metrics through your Seller Dashboard:

1. Average number of bids per auction
2. Sell-through rate (completed vs. listed)
3. Average sale price vs. starting bid
4. Payment success rate

Adjust your strategies based on data. Low bid counts? Lower your starts. High payment failures? Raise minimums to attract serious buyers.

Your Auction Action Plan

Success with KALEKT auctions requires testing and refinement. Start here:

1. Run 10 test auctions with varying start prices
2. Track which starting bids generate most activity
3. Experiment with Live Show vs. Marketplace timing
4. Build a following through consistent scheduling
5. Analyze results and optimize

Remember: every market is different. What works for Morgan Dollars might fail for world coins. Document what works for your specific inventory.

Master these auction fundamentals, then layer in advanced techniques. Your buyers will appreciate fair starting bids, transparent increments, and strategic reserves. They’ll reward you with active bidding and successful sales.

Ready to auction? Open KALEKT, create your first listing, and watch the bids roll in.