KAT Exchange

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. What is a Sealed Bid Auction?

  • All bids are submitted privately.
  • No one sees other bids during the auction.
  • The highest bid wins at close.
  • This is different from live or open auctions.

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: Confirm your bid.
  • Step 6: Receive a confirmation email.
  • Step 7: Monitor and increase if needed.
  • Step 8: Win or lose at auction close.

4. Bid Increments

  • Minimum bid: the lot's starting price.
  • Minimum increase: $50 or 5% (whichever is higher).
  • No maximum bid limit.
  • All amounts are in USD.

5. Bid Modification

  • You CAN increase your bid at any time before close.
  • You CANNOT decrease your 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?" Never — all bids are sealed.

Questions? legal@katexchange.com

Last reviewed by counsel: 7 June 2026