How Do The Auctions Work?
Our auction runs on a monthly cycle always ending at -2 UTC (9p EST) on the 15th with the new one starting immediately after. All sellers work on the same cycle with these coordinated start and end dates. All items listed during an auction cycle will go in with a pending status to go live at beginning of the following cycle and so on.
How Does Bidding Work?
Venerable Music uses a unique mixture of straight and proxy bidding. All bids placed at $25 or below are recorded as straight bids. This means that if you place a bid at $25 or under for any item and that item ends with you as the high bidder, then you will be responsible for the entire amount of the bid placed. However, if a bid comes in at $25.01 or above, that bid will be placed as a proxy bid. This means you will only pay 10% above the next highest bid (or the minimum bid if you are the only bidder) or your maximum bid if that bid is not 10% above the next highest bid. If the item has a minimum bid of under $25 and your maximum bid is over $25, then your bid is placed as a proxy bid at $25.01.
What Happens At The End Of An Auction?
When an auction closes, high bids for those items are calculated and placed in the shopping carts of the winners. A buyer is then allowed 7 days to complete the checkout process or request an invoice for those items won. Sellers then have 7 days to respond to those invoices as well as pack and ship buyer orders. Both sellers and buyers have the right to cancel those orders if either party is unable to meet the guidelines, but this cancellation is optional. Payments can only be made via Credit Card (Stripe) or Paypal.
Guidelines on Refunds & Returns
When registering as a seller on Venerable Music, we ask that they agree to stand behind their grading accuracy with a money back Guarantee (including original shipping costs). A buyer can request a partial refund or a full refund and return of the item for any reason. A seller may choose to cover the return shipping charges, but ultimately this responsibility falls to the buyer. A seller can refuse any request for a partial refund and insist on a return before granting that refund. If a seller is unresponsive or if there are problems agreeing on an outcome, a refund request can be escalated for mediation by Venerable Music. Both buyers and sellers can be permanently suspended for ignoring or abusing decisions made by mediation. Please keep all communication within the site as this can be used during mediation.