FAQ Bidding in NFT-Auctions

How do I bid online via My VAN HAM in an NFT-auction and what is that?

What's an NFT?

NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art. They can only have one official owner at a time and are secured by the blockchain.

NFT stands for non-fungible token. Non-fungible is an economic term that describes that certain things are not interchangeable for other items because they have unique properties.

What is a Blockchain?

A blockchain is a public database that is updated and shared across many computers in a network.

"Block" refers to data and state being stored in consecutive groups known as "blocks". If you send ETH to someone else, the transaction data needs to be added to a block to be successful.

"Chain" refers to the fact that each block cryptographically references its parent. In other words, blocks get chained together. The data in a block cannot change without changing all subsequent blocks, which would require the consensus of the entire network.

Every computer in the network must agree upon each new block and the chain as a whole. These computers are known as "nodes". Nodes ensure everyone interacting with the blockchain has the same data. To accomplish this distributed agreement, blockchains need a consensus mechanism.

What is a Smart Contract?

A smart contract is simply a program that runs on the blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the blockchain.

What are Royalties?

The rights of the artist can also be specified on the smart contract. Royalties (equivalent to the German resale right under Section 26 of the German Copyright Act) enable the author to continue earning money from his digital object if it is sold again.

Do I need a Wallet to purchase an NFT?

No, you do not need a wallet to participate in the auction. Only after a successful auction you must be technically ready to receive the NFT. A wallet that is NFT-enabled is a mandatory prerequisite for the transfer of the NFT. 
If you do not yet have a wallet, we recommend MetaMask, an NFT-enabled wallet that can be installed on the browser (Firefox and Chrome) as well as mobile. The following link will take you to MetaMask's guide, which explains exactly how to install a wallet: https://metamask.zendesk.com/hc/en-us/articles/4404722782107-User-guide-Secret-Recovery-Phrase-password-and-private-keys
We are also happy to personally assist our buyers after the auction.

Can you recommend a wallet?

We recommend MetaMask as a wallet, an NFT-enabled wallet that can be installed on the browser (Firefox and Chrome) as well as mobile. 
The following link will take you to MetaMask's guide, which explains exactly how to install a wallet: https://metamask.zendesk.com/hc/en-us/articles/4404722782107-User-guide-Secret-Recovery-Phrase-password-and-private-keys
We are also happy to personally assist our buyers after the auction.

How do I receive my NFT?

In order to receive the NFT, a wallet that is NFT-enabled is a mandatory prerequisite for the transfer of the NFT. Should you specify a wallet for transmission, you must be the owner of the digital wallet and have access to it. Please note that not every digital wallet can receive and store NFT. Please ascertain that your digital wallet has the required capabilities, as there is a threat for the loss of access to the NFT.

If you do not already have a wallet, we recommend MetaMask, an NFT-enabled wallet that can be installed on the browser (Firefox and Chrome) as well as mobile. 
The following link will take you to MetaMask's guide, which explains exactly how to install a wallet: https://metamask.zendesk.com/hc/en-us/articles/4404722782107-User-guide-Secret-Recovery-Phrase-password-and-private-keys
We are also happy to personally assist our buyers after the auction.

The transfer will only be made to the digital wallet address specified by you, which VAN HAM will not examine. Since the transfer cannot be reversed, we will closely supervise the transfer and contact the buyer personally.

What kind of bidding options do I have via My VAN HAM?

Via My VAN HAM you can submit an absentee bid with a maximum price, register for a telephone bid (with or without a maximum price that has been saved as a precaution) before the auction or bid yourself live on the day of the auction.

Read how this works in our guide for bidding via My VAN HAM. 

How do I register my personal client account on My VAN HAM?

An online guide is available for all questions regarding bidding via My VAN HAM before or during an auctions. 

Register on My VAN HAM
Register using the gray „REGISTER“ button to create your personal client account on My VAN HAM.

Enter your personal information in the registration form. We need a copy of your valid identity card (front and back) with your current physical address stated on it. If your billing address differs from your physical address or if you only have a valid passport without a valid address, we would also have to ask you to provide proof of your billing address (e.g. in the form of an electricity or telephone bill). If you wish to bid on behalf of a company, please also provide us with a current and valid proof of organisation (e.g. your extract from the commercial register). Select your desired credit limit (that is your bid limit) that applies to all of your bids within an auction. If you wish a higher credit limit than 50,000 euros, we ask you to send 2 – 3 references in the form of paid auction invoices or a credit rating of your bank. Read and accept our GTC and privacy policy and submit the form using the button „Register now“.

After your registration you will receive a confirmation email. Follow the link provided in the email to activate your client account. Please also check your spam folder. If you have not received an email your client account cannot be activated neither. In this case please contact us via: online@van-ham.com

Please note that once you have registered your client account on My VAN HAM, you will need to enrol to bid for every individual auction up to 24 hours prior to the start of the relevant auction.

After you successfully activated the confirmation link you can log in to My VAN HAM with your access data.

How do I register for bidding via My VAN HAM?

An online guide is available for all questions regarding bidding via My VAN HAM before or during an auctions. 

Register to bid

Each auction requires you to register to bidding separately via your client account in order to receive a bidder number.

Log in to My VAN HAM with your access data. Go to „MY VAN HAM“ on the navigation bar and select „Online Catalogues“ (appears in a pop-up window). Select the auction you would like to register for. Move your mouse to this auction and enrol for it using the button „REGISTER TO BID“.

Alternatively you are also welcome to submit your absentee bid or your telephone bid directly via the online auction catalogue. This does not apply to „Live Online Bidding“.

After your registration you will be approved for the auction by us manually and only on working days. The registration for the auction as well as the submission of absentee and telephone bids can take place up to 24 hours prior to the start of the auction. We will do our best to confirm your registration also shortly before an auction, but we cannot guarantee this.

After our approvement of your registration for the auction you have the option to submit an absentee bid with a maximum price, to register for a telephone bid (with or without a maximum price that has been saved as a precaution) or to bid live on the day of the auction.

In which currency are the lots called?

The NFT lot numbers are called in euros. Nevertheless, payment of the hammer price and the premium is also possible in cryptocurrency (exclusively ETH). The conversion rate is the rate at the time of the hammer.

Do special conditions apply to the NFT auctions?

Yes. Via the box "GTC NFT" you can access the special terms and conditions that apply in addition to our GTC.

How can I pay?

The amount shall be made via Electronic Cash, by wire transfer or by bank certified cheques. 

For the objects covered by these special conditions, payment may be effected in EUR or in cryptocurrency (section 1 para. 11 sentence 4 of the Banking Act, KWG). As cryptocurrency, VAN HAM exclusively accepts ETH. The amount to be paid in the cryptocurrency is determined by converting the invoice amount into the corresponding cryptocurrency at the time of the award of the auction. In addition to the invoice amount, the customer shall also pay surcharges due to the use of the cryptocurrency,
in particular network fees.

 

Sales & Dates

Sales & Dates

All upcoming auctions, previews etc. can be found here.

Contact

Our experts are always available to answer any questions you may have about a particular object.

If you have any other question about online bidding please contact us via: online@van-ham.com

Janine Breidenbend
+49 221 925 862-105

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Call us at +49 (221) 92 58 62-0or write to us. We will process your request promptly and get back to you as soon as possible. If you would like us to call you back, please specify a time slot within our business hours (Mon-Fri 10 a.m. to 5 p.m.).

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