Below is a list of some Frequently Asked Questions regarding auctions, how they are conducted, and how to best approach them as both a buyer and seller. For specific information on how we can best assist, please contact us.
What is an Auction?
An auction is defined as a public sale of good or property in which prospective purchasers bid until the highest price is reached.
What type of goods are auctioned?
Just about anything can be sold at auction here are some examples:
GOVERNMENT
Armed Forces - Government Department Stock - Seized & Confiscated Goods
How does an auction work?
When you arrive at the auction site you may need to register with the auctioneers in order to obtain a bidding number , the information required is usually your name, address, and phone number.
If you have not viewed the lots for auction prior to the auction day you will need to allow yourself time to inspect your prospective purchases before the auction starts.
When a lot you are interested in bidding on comes up for sale the auctioneer will announce the lot number and give a brief description of the item.
A starting bid will be suggested by the auctioneer and usually bidding will start below this price so do not assume the auctioneer's starting bid is the lowest price available. If the item has a reserve price the auctioneer will often start the bidding above this price and reduce the start bid towards the reserve price until a bid is made.
You are free to start bidding at any time after the auctioneer has announced the starting bid. Some auctions especially liquidations, bankruptcies and receiverships have no reserve prices so give it a little time before you start your bidding, if there are no other bidders your first bid may be the price you pay.
When bidding it is usual to get the auctioneers attention by raising your hand or making some other clear gesture to the auctioneer followed by the amount you wish to bid if different to the auctioneers announced price. Now you have started bidding the auctioneer will return to you every time the bid is against you to see if you wish to raise your offer, a clear shake of the head will indicate to the auctioneer that you do not wish to continue bidding.
After you have won the bid you will have to pay the cashier at the auction. The clerk will give you a ticket stating the items that you purchased and the amount you need to pay. We accept cash and approved checks.
Auction Tips
You should inspect the items thoroughly as most auction items are sold without guarantees, if items are described as faulty check that the faults can be easily repaired, sometimes you can test the goods before the auction starts, ask the auctioneer if this is possible.
Some motor vehicle auctions give you a period of time after the sale in which to return the vehicle if it is found to be faulty, again check this with the auctioneer prior to bidding.
Think about setting yourself a price limit on the goods you are interested in and "stick to it", how much would the item cost new with a guarantee?
Remember a "buyers premium" may be added to the final bid price at some auctions and local taxes may also be added to the price ( check the "conditions of sale" in the catalogue or consult the auctioneer before bidding)
Bills of Sale (newspaper advertisements for the sale) are not set in stone and items listed can change.
Listen out for any changes stated by the auctioneer in the description they give of the item at the start of bidding.
If you bid for the wrong lot, tell the auctioneer immediately, although you have a legal obligation once you have won the bidding the auctioneer may present the item for auction again, but this is purely at the auctioneer's discretion and you may have to make up any difference if the final price is lower than your original successful bid.
