FAQ
The LuxPik — Frequently Asked Questions
The LuxPik app, the open and sealed bidding rules, what it costs, payment terms, and how a dealer joins — answered in one place.
FAQ
Frequently asked questions
What is the LuxPik app?
An online auction platform for dealers in pre-owned luxury. It went live in 2025, runs open bidding (price visible throughout) and sealed bidding (anonymous sessions), and lists handbags, jewellery, watches and apparel daily.
What is the difference between open and sealed bidding?
Open bidding shows the price throughout, opens and closes lot by lot, settles at the highest bid, and extends a lot by five minutes if a bid lands in the last two. Sealed bidding is anonymous and runs in scheduled sessions twice a day, settling at the second-highest bid plus one minimum increment.
How is a sealed-bid price calculated?
With a second-highest bid, the price is that bid plus one minimum increment; with only one bid, it is the reserve plus one increment. The reserve is the seller's lowest acceptable price, and the increment is set by the platform according to the reserve band.
Does bidding cost anything?
Bidding is free for buyers and the platform charges buyers nothing further. Terms for sellers listing and settling are set out in the trading arrangement.
What happens if I win and do not pay?
In sealed bidding, a winning bidder has four hours to place and pay for the order; after that the system closes the order and the deposit is forfeited. In open bidding a winning bid cannot be withdrawn.
How does a dealer join?
Complete identity and shop verification inside the LuxPik app. The documents and steps required are set out in the app's shop verification rules, and the trade desk can help you through it.