I thought I knew how the auction works

[BillM]

My inventory is all bulked up with stuff that I should probably TT, but has some market value and I thought I had the opportunity to unload one thing.

I have 8 Ignisium Ingots, and there is an Auction Order from someone for 279 Ignisium Ingots for a "max markup" of 180.00.
If I understand, they will automatically buy (due to their Action Order) any amount <= to 279 units for any price <= to 180% markup.

I created an Auction Offer for my 8 Ignisium Ingots (with a value of 16.80) for 30.00.
The auction system shows a markup of 178.75%.

I submit it. I thought it should be instant. There it sits. (If anyone wants to buy 8 Ignisium Ingots for 30 PED, it's on the auction for you.)

What don't I understand?

The price an quantity was less then the Auction Order. Shouldn't it have transacted (almost) instantly?

-William Smoke Meiller-

 

[Baldurn]

It could be that the specific auction order already has bids currently on other ongoing auctions

 

[Sirhc]

It should automatically be sold if you entered a BO in the auction at or below the auction order. The only other thing I could think of is the order is for stones and not ingots. Unless the order was fulfilled or removed before you placed yours up for sale.

 

[BillM]

Oh!! Ok!
I think I needed to have a "buyout" price. Not just a biddable action.
I didn't. That makes sense. You don't want someone swiping away your stuff at close to your minimum bid, when your hopping it might sell for much more.
I think "buyout" was the key.
I'll go pull if off and put it back on and see what happens.
-WSM-

 

[BillM]

Oh!! Ok!
I think I needed to have a "buyout" price. Not just a biddable action.
I didn't. That makes sense. You don't want someone swiping away your stuff at close to your minimum bid, when your hopping it might sell for much more.
Loged in and, that did it.

I removed the Auction Offer and made a new one. Same price, but clicked "Yes" in the buyout area with the same price.
I worked. I got my money. Before I could look or click anywhere else.
-wsm-

 

[The Mind]

Order will BO (instant sell) if:
1. Price is below ordered.
2. There are no bids already placed by this order that make remaining quantity less than what you are trying to sell.
3. You have BO set in line with the above.

Order will participate in Bids if:
1. There are still enough quantity left in the order.
2. Time of the order is greater than the time your listing will expire. That means: if order will expire in less than 24 hours you will never trigger bidding by it since new listing will always be 24 hours or more.

 

[BillM]

Thank you both.
To Sirhc, I DID actually make an Offer for STONES first, before all this and realizes that I needed to refine it and offer ORE.
So, The Mind, you said, "Time of the order is greater than the time your stack will expire."
I'm thinking that If I failed to place a buyout price and my auction expired in 24 hours and the auction order was days longer,
then when my mine expired, there would be a possibility (all other factors considered) that the auction order would buy it
when mine expired.

But what is meant by, "no bids already placed by this order that make remaining quantity less than what you are trying to sell"?

So like, if the order is for 250 units and I am selling 5 units (with or without a buyout price, but less then their maximum markup),
and there is another Offer of 249 units that has bid or minimum bid that is also less than their maximum markup, then
my 5 units won't sell right away, but might sell later if the above becomes untrue.
(Like if that Offer gets bought by someone else, or gets bid to a higher price)

(I already know more than I did before!!)
-wsm-

 

[The Mind]

1. Stones and ingots are different item IDs, and order for ingots wont trigger on stones.
2. Order participates in bids instantly as long as criteria is met, and not at the moment when your listing is expiring.
3. I think you got it right. Sorry im a bit tired, will make an example to be sure:

There is an order of 300 ingots at 200% with 48 hours left on it.
This order will bid, instantly, on everything that is below 200% and will expire in less than 48 hrs. Lets say it bids on 2 stacks of 150 ingots. If you place 5 ingots for sale, doesnt matter if it meets the criteria, order is virtually full by now and will not BO/Bid anything else till those (2 listings of 150 ingots):
A. Expire in favor of the order, reflecting remaining quantity in the order tab (since order effectively purchased them).
B. Will expire because someone else BO/outbid them beyond order price effectively freeing space in this order again (which has been reserved before to this bid).

It will NOT show anywhere if there are active bids that exhausted the order. You just need to manually check if this is the situation and basically guess if there is room left. Easy way to do it is by verifying if bidding time is the same as the order placement time.

TLDR: Active Bids placed by the order virtually consume its quantity, but it is not reflected in the order tab till it is actually acquired by this order.

P.S. This is done so the order never ends with more material than its requested. Doesnt matter if it is via Bid or BO.