Katexchange

How Bidding Works at KAT Exchange

Last updated: 7 June 2026

Effective date: 7 June 2026

1. 🌍 Time Zones

All auction times are displayed in UAE Gulf Standard Time (GST) as primary, with US Central Time (CT) shown for reference. KAT Exchange operates from Chicago, Illinois (USA), but serves a primarily international buyer base.

  • GST = UTC+4 (no daylight savings)
  • CT = UTC−6 (winter) / UTC−5 (summer)

2. How Bidding Works

  • Enter the maximum amount you're willing to pay (your proxy bid).
  • The system bids on your behalf, only as much as needed to lead — you are never charged your full maximum unless another bidder pushes the price that high.
  • If another buyer's maximum exceeds yours, we notify you so you can raise it.
  • The highest bid at close wins.
  • The winning bidder pays the final displayed price (not necessarily their full maximum), plus the buyer's premium and any applicable tax.

3. How to Place a Bid (Step-by-Step)

  • Step 1: Register and complete KYC.
  • Step 2: Browse active auctions.
  • Step 3: Review lot details thoroughly.
  • Step 4: Enter your maximum bid amount.
  • Step 5: Accept the current bidding terms and confirm your bid.
  • Step 6: Receive a confirmation email.
  • Step 7: Monitor and raise your maximum if needed.
  • Step 8: Win or lose at auction close.

4. Bid Increments

  • Minimum bid: the lot's starting price.
  • Minimum increase: a tiered increment based on the current displayed price — higher prices step up in larger increments. The exact increment is shown on each lot.
  • No maximum bid limit (your own bidding limit, if any, still applies).
  • All amounts are in USD.

5. Bid Modification

  • You CAN raise your maximum bid at any time before close.
  • You CANNOT decrease your maximum bid.
  • You CANNOT withdraw your bid.
  • All bid history is logged.

6. How Winners Are Determined

  • The auction ends at the exact stated close time.
  • The highest active bid wins.
  • The reserve price must be met (if set).
  • The winner is notified immediately via email.
  • Payment deadline: 5 days.

7. Tie Breaking

  • In case of identical bids, the earliest submission wins.
  • Timestamps use server time (UTC).

8. Reserve Prices

  • Some lots have a minimum reserve.
  • The reserve is hidden from bidders.
  • If the reserve is not met, there is no winner.
  • Admin may relist or accept the highest bid.

9. Pre-Auction Lot Inspection

  • Many lots offer viewing days.
  • Check lot details for viewing information.
  • Bring a valid ID for inspection.
  • Inspection is recommended before bidding.

10. "AS IS" Condition Disclaimer

  • All assets are sold as-is, where-is.
  • No warranties on condition.
  • No returns once won.
  • Inspect before bidding when possible.

11. Common Bidding Questions

  • "Can I bid on multiple lots?" Yes.
  • "What if I'm outbid?" You'll get an email and can increase your bid.
  • "When do I pay?" Within 5 days of winning.
  • "Can I see other bidders' bids?" Bidder identities stay private.

Questions? legal@katexchange.com

Last reviewed by counsel: 7 June 2026