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This article describes how Reserves can be applied to lots in Wavebid, as well as how they be imported, clerked, and tracked.

This article contains the following sections:

 

Adding Reserves to Lots

Please note, Reserves may export to all online bidding platforms. Please review the help article related to the specific online bidding platform to determine if the Reserve will be exported.

To add Reserves to lots, the attribute must first be enabled on the event. 

  1. Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
  2. Under the Auction Attributes tab (or Adv. Attribute Settings tab), check the Any Reserve Prices checkbox. Reserves1.jpg
  3. Click the Disk in the top right corner of the page to Save the changes.

Enabling this attribute will add a Reserve field under the Lot Details tab in Lot Builder. Reserves can then be entered into each lot individually in Lot Builder, or in bulk via Lot Bulk Actions.

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Reserve prices can also be added to the catalog via import, however the dollar values on the imported .CSV cannot contain dollar signs or commas. If the Reserve field contains a dollar sign or a comma, the system will report an error. 

 

Clerking and Post Sale

When importing post-sale results, Wavebid will not know that the reserve on a lot was not met. Wavebid will know that the lot was not sold, but will not know why. As such, auction companies may wish to re-clerk the impacted lots from 'Pass' to 'Reserve Not Met' in order to accurately maintain records.

When a lot is clerked as 'Reserve Not Met', it should automatically be assigned to paddle 9902 (or whatever number is assigned to the Reserve Not Met customer profile).

An invoice will not be generated for lots clerked to the Reserve Not Met profile.

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If lots are manually clerked to paddle 9902 (or the designated Reserve Not Met profile), they should automatically be considered as 'Reserve Not Met'. However, if sale data is imported, the Reserve Not Met profile must be checked into the sale before the lots will accurately reflect as not being sold.

Seller Settlements

Reserve Not Met lots will appear on the Seller Settlement with a $0 hammer.

Lots will only be listed as being 'Reserve Not Met' if the Bidder or Status column is added to the Seller Settlement. If the Bidder column is enabled, 'RNM' will appear rather than the paddle number. 

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Reporting

The total number of lots clerked as 'Reserve Not Met' will appear on the Auction Summary Report.

A list of Reserve Not Met lots can be found on the Unsold Lots List.

 

Reserve Not Met Profile

Wavebid automatically creates a customer profile under each auction house for tracking lots that were not sold because the Reserve was not met. The Permanent Bidder Number for this profile is 9902, though this number can be changed at any time.

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When a lot is clerked as 'Reserve Not Met', it should automatically be assigned to paddle 9902 (or whatever paddle number is assigned to the Reserve Not Met customer profile).

To view or edit the Reserve Not Met profile:

  1. Navigate to My Links > Company > Customers > Create/Edit.
  2. Enter 'Reserve Not Met' into the Find Customer field at the top of the page.
  3. Click on the account from the Search Results list to open it.
  4. Make any edits needed to the account.
    • If the Permanent Bidder Number is edited, it should be changed to a number that will not be used by any other bidders.
    • For more information about customer fields, see Managing Customers.
  5. Click the Save button in the top right corner of the page to save the changes.

 

Exporting Reserves

Reserves entered into Wavebid will be exported to the integrated online bidding platforms as well as Universal Exports.

Auction houses have the option to refrain from exporting reserves to marketplaces. To make sure reserves are not exported:

  1. Navigate to My Links > Company > Profile.
  2. Click on the Preferences tab.
  3. Click on the Cataloging option on the left side of the page.
  4. Check the Do Not Export Reserve Values box.
  5. Click the Disk icon in the top right corner of the page to save the changes. 

 

Troubleshooting

Reserves Didn't Export to Online Bidding Platform

If Reserve amounts were entered into Wavebid, but they did not export. Confirm that the company level catalog settings aren't preventing the export of Reserve amounts.

  1. Navigate to My Links > Company > Profile.
  2. Click on the Preferences tab.
  3. Click on the Cataloging option on the left side of the page.
  4. Uncheck the Do Not Export Reserve Values box.
  5. Click the Disk icon in the top right corner of the page to save the changes. The event can now be exported again.

Line Processing Error

If the Reserve field contains a dollar sign or a comma, the system will report an error. To correct the issue, remove all dollar signs and commas from the spreadsheet and attempt to upload again.

Unsold Lots Showing as Sold on Seller Settlements

If lots were clerked to paddle 9902 (or any other Reserve Not Met profile) via import, the Auction Preview, or Lot Builder, the Reserve Not Met 'bidder' profile will need to be checked into the sale in order the lots to show as unsold on Seller Settlements.

 

 

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