It has been announced that the first bid-to-buy auction site for certified watches, called Hautebid.com, will officially launch today.
The site is the brainchild of 30-year TV-shopping veteran, Marvin Segel, and UX strategist and product-driven entrepreneur, Domenick Propati.
From its launch today, every Wednesday the site will offer a different high-end timepiece to its bidders.
To participate, customers sign up and purchase one of three bid packages, each with a different value.
Once the auction timer begins, customers have 10 seconds to use their bids and when the timer ends, the final bidder can purchase the watch for the final auction price.
The final auction price starts at $0.00 and increases by $.01 for every bid placed meaning initially, no item will have a reserve.
Each bid returns the countdown timer to its original position, giving every customer an equal chance to take home a statement timepiece.
Hautebid.com co-founder Marvin Segel, said: “Dom and I are a true ‘marriage of science meets art.’ Dom’s human-centred approach to product design and management combined with my passion for marketing and video/online retail are the perfect match for bringing a platform like HauteBid to life.”
Domenick Propati added: “Marv and I make a perfect team because we both share a deep passion for the design and love of watches. Marv and I truly hope that the user experience will be unprecedented.”
The company has also confirmed that shortly after the launch, a celebrity brand ambassador will be announced.