Auction tips

AUCTION TIPS AND HINTS

To help you make your auction experience more enjoyable and successful, we would like to share some basic information and tips about auctions:

– You can find a bargain at an auction if you know what you are doing.

– Before the auction, do your homework, make sure you know what you are buying.

– Preview the items for sale. There is usually a preview and it is wise to check the condition of the items of interest closely.

– Try to get an idea of the value of the items you are interested in.

– Decide on the maximum amount you want to spend on any item an stick to it!

– Remember that most items are subject to applicable taxes and most auction houses charge a buyers fee to help defray their costs, both of which will be added to the total of your bill.

– You will be required to register before a sale and will most likely receive a bidder number. When doing that you will be required to sign that you understand the terms and conditions of the sale, which will be on the bidder card or on a separate sheet.

– When registering, find out what methods of payment are accepted and make sure you will be able to pay by an accepted method when you have purchased your items or at the end of the sale.

AUCTION TERMINOLOGY

– CONDITIONS OF SALE: The legal terms that govern the conduct of the auction including acceptable methods of payment, terms, buyer’s premium, reserve bids or any other limiting factors of the auction.

– AS IS, WHERE IS: Selling the items without warranties as to the condition and/or fitness of the property for a particular use.

– BIDDER NUMBER OR PADDLE: The number issued to each person who registers at an auction.

– BID: A prospective buyer’s indication or offer of a price he or she is willing to pay to purchase an item at auction. Bids are usually in standardized increments established by the auctioneer.

– RESERVE BID: The minimum price that the seller is willing to accept for a particular piece of property to be sold at auction.

– MINIMUM BID: This is the lowest acceptable amount at which the bidding must start.

– ABSENTEE BID: Allows a buyer to participate in the bidding without being present by submitting in advance a written bid that is the top price they are willing to pay for any given item. The rules may very with each auction sales business.

– PREVIEW: A specified date, time and place the property is available for prospective buyer viewing and evaluation.

– BUYERS PREMIUM: Usually a percentage of the high bid, added to the high bid to determine the total contract price paid by the buyer.