FAQ's Buying at Auction

I have never attended an auction before what should I do?
Upon arrival to the auction preview all the items of interest. Review the Terms & Conditions of the auction. Register to bid at the auction. Ask questions about the items of interest prior to bidding. Determine what the lot is worth to you and bid accordingly. Once you have been successful in your bidding pay your invoice promptly and remove your purchases from the auction sale.

Why would someone sell at auction instead of pricing their items?
Auctions are fast, efficient and produce fair market value. When an item is "priced" it is either under priced or overpriced. Either way, the seller loses. If the price is too low it sells to the first bargain hunter who flips it for the profit that could have been retained by the original owner. If the price is too high, the item does not sell. It then has to be advertised again at a lower price or negotiated through negative haggling with one person at a time. The auction creates a sense of urgency. All serious people are brought together to compete for the item. The seller is assured of fair market value, and so is the buyer, by having bought the item at only one bid over the next interested person.

What are Previews?
Previews are exhibitions of property to be auctioned Previews are pen and free to the public at published times. The Preview is an opportunity for buyers to examine closely individual items prior to the actual auction. It is strongly recommended that all buyers preview items prior to bidding on them as all auction sales are final.

Why and what do I need to do to Register?
Registration is a process of identifying yourself as a potential buyer. You will need to sign the standard Terms & Conditions for the auction then you will receive a bid card with a bid number which is used to identify yourself as the successful bidder.

Can I come to the auction just to watch?
Absolutely, attend and watch the bidding. You will be entertained and amazed at the process. Best of all, it is free and fun.

What is a "lot"?
A lot is either a single object or a group of objects offered for sale as a unit.

Do items come with guarantees?
No. All items are sold as, is where is. It is important to preview items of interest, prior to bidding.

What is a Buyers Premium?
A Buyers Premium is that portion of the commission paid by the buyer. The Buyers Premium is added to the bid to become part of the total sale price.

Do I have to attend an auction to bid on a lot?
No, you may bid by utilizing an Absentee Bid Form. This form must be filled out with your personal information for proper registration, as well as the lot number and maximum bid for each lot of interest.

How do I bid in the "live auction"?
Simple. Just signal the Auctioneer or one of the "bid assistant" to start or participate in the bidding. It is best to use your bid card to get attention. After the auctioneer/bid assistant has acknowledged your bid they will be watching for subsequent bids. If you are the successful bidder, hold up your bid card so that they can record your bid number to the clerk and mark your bidder number on the tag of the lot you purchased. If the bidding exceeds your limit, simply nod your head "no" and the auctioneer/bid assistant will look elsewhere for bids.

What is a "bid assistant"?
A staff member, usually one of the auctioneers not currently selling, that is watching the crowd for bids. Sometimes called "bid spotters" or "ringmen", they are extensions of the auctioneer. Often it is difficult for the auctioneer to see all the bids coming from a large crowd in a big room. The bid assistant listens to the "chant" of the auctioneer and scans the room for the current bid. If a bid assistant yells out "yup" the auctioneer knows that he has the current bid being asked for and will proceed to ask for the next bid.

What is an auctioneer's "chant"?
The auctioneer's chant is the rhythmic talk that orchestrates the sale of each lot. Dissected, the chant is comprised of numbers and filler words. To start the chant the auctioneer describes the item up for bid, lot number and suggests and opening bid. Once he has an opening bid he will repeat what he has and ask for a higher bid. Example: I have twenty-five dollars who will bid $30? I have $30 now $35 - do I hear $35? - Sold $30 to buyer #...

Where does the bidding start?
Anywhere the auction audience wants to start it. An auctioneer might ask for $100 to start. If no bid at $100, he will drop the asking increment until someone starts bidding. The item might start at $25 and soar to $400 or end at $50. depending on market value. The item sells to the highest bidder regardless of price.

What is market value?
Fair Market Value is the price, which an item will sell for on the open market between a willing buyer and a willing seller neither being under compulsion to buy or sell as of a specific date. Generally, it is the price that an item will fetch at a well advertised auction. Factors that come into consideration are age, condition, quality and rarity. Auctions are one of the oldest known marketing methods where the laws of supply and demand prevail.

Is it possible to get a bargain at auction?
Absolutely. However, keep in mind a "bargain" is like "beauty" it is in the mind of the beholder. One person might say "That guy is nuts to pay $800 for an old doll", while the buyer is thinking "I just got a bargain at $800, saw one just like it in an antique shop for $1,000". Don't be fooled by those late night television shows that promise you can make a million dollars by buying at government auctions. It might be possible to buy a battleship for $1, but you have to move it from the bottom of the ocean by the end of the week!

What happens to an item once it is sold?
A staff member puts the buyer number on the lot tag.

What do I do when I am done bidding?
Whenever you want to checkout proceed to the same location where you registered. Show your bid card to a cashier. You will receive a listing of each lot that you successfully bid on. After making payment you will receive a copy of the paid invoice. Take the paid invoice to one of our checkout staff. He will assist you in finding and removing your purchases.

What if I decide to bid again after I checked out?
Have fun. Often people checkout, and return to bid for more. Sometime people need to check out and leave for other obligations but are still interested in items coming up later in the auction. We accept absentee bids. Simply fill out the form with the lot number, indicate your maximum bid and drop it off at the registration window.

How soon do I need to remove my purchases?
Removal is possible during and after the auction.