Frequently Asked Questions
General
What is a Blind Dutch Auction?
A Blind Dutch Auction is the most fair and easy way to buy true collectibles like ghosts. Here’s how it works:
For buyers, it's dead simple: just place a bid for the amount you’re willing to pay. That's it. At the end of the auction, we select the winners, and if you're among the top bidders, you win.
Let's drill down a little deeper with a hypothetical. Consider a Blind Dutch Auction where there are 20 ghosts for sale. In that case, the 20th highest bidders win.
Here’s where it’s gets cool. In a normal auction, winners are charged the amount that they bid. But in a Blind Dutch Auction, all winners are charged the same Clearing Price. The Clearing Price is defined as the lowest winning bid. So, in an auction with 20 ghosts for sale, all winners will be charged the amount of the 20th highest bid. Even if their original bid was much, much higher, all winners will pay the same Clearing Price.
That means almost every winner will end up paying LESS than what they originally bid, and no one will end up paying more. The bidders who don’t win won’t be charged a cent, and they can try again next time (or try their luck on the secondary market).
That’s how a Blind Dutch Auction works. And yes, it’s as awesome as it sounds.
If you want to learn more, check out these explainers from StockX and zerocool. We're not personally familiar with these companies but they seem pretty legit.
How much should I bid?
The short answer is: just bid the most you’re willing to pay.
In a Blind Dutch Auction, you can’t see what other people are bidding. So there’s no need to spend time and energy trying to outbid people. The auction is ""blind"".
However, you DO have visibility into the overall balance of supply and demand. Pay attention to the total number of live bids (which will change in real-time as the auction proceeds). And compare that to the total number of ghosts being sold. That will provide some insight into whether your bid is likely to be a winner.
Finally, you might want to consider some comps. Check the prices of previous ghostwrite releases. Check the prices of ghosts on StockX. Or consider the retail and resale prices of other limited-edition collectibles (e.g. Bearbrick or Kaws) and let that inform your bid.
But at the end of the day, don’t overthink it: just bid the most you’re willing to pay. In a Blind Dutch Auction, you'll usually pay less than your bid. You'll never pay more.
Pricing Model
How do you determine the price of the ghosts?
In a Blind Dutch Auction, every winning bidder pays the same "Clearing Price", and the Clearing Price is defined as the lowest winning bid.
Let's play this out with some actual numbers. In our first public release, there were 20 ghosts for sale. The highest bid was $5,000, and the 20th highest bid was $1,026. So the Clearing Price was set at $1,026, and all 20 winners paid $1,026 for their ghosts - including the person who bid $5000!
What makes a Blind Dutch Auction great is that everyone pays the same Clearing Price. No one ever pays more than what they bid, and almost everyone pays less than what they bid - sometimes a LOT less.
Payment
Is a hold placed on my credit card when I bid?
Yes. After you bid, we will place a hold on your card equal to your max bid exposure - the maximum amount you could possibly owe under any possible Clearing Price scenario.
This amount will be clearly shown before you place your bid and will remain in effect for the duration of the auction.
Once the auction has closed and the Clearing Price is set, we will charge winners the amount that is actually owed (in most cases, it will be lower than the hold amount; it will never be more). If you don't win, the hold will be removed.
Please allow for 2-5 business days for your hold to be erased from your statement after you cancel a bid or the auction is over. Timelines will vary depending on your banking institution.
When will I be charged?
After the auction ends, the top bids will win ghosts. If you win, your card will be charged for the Clearing Price (plus shipping). This will typically happen within three business days following the end of the auction.
What does "Bid Exposure" mean?
Your Bid Exposure is the most you could pay under any possible scenario.
In this auction, you can only place one bid. So your Bid Exposure equals the amount of your bid (plus shipping). Simple.
SHIPPING & RETURNS
Where does ghostwrite ship?
Currently, we only ship product in the US. But we’ll be expanding in the near future.
What happens if I have an issue with my order?
If you have any issues with your order, email [email protected].