When you arrive at the auction site you will need to register with the auctioneer in order to obtain a bidding number. The information required is usually your name and address, and you may also need to pay a returnable deposit. You should be familiar with the registration requirements for the particular auction before you arrive in case a large deposit is required. We will also need to see a valid driver's license or state identification card.
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. Note, some auctions may not allow you to view the lots other than at specified viewing dates and times, and with some "brochure" auctions, you may not be allowed to view the lots after the auction has started. You should confirm these details with the auctioneer prior to the auction date.
When a "lot" you are interested in bidding on comes up for sale, the auctioneer will announce the lot number ( either found in the brochure next to the item or placed on the item during the viewing period ) and give a brief description of the item similar to the description given in the brochure.
A starting bid will be suggested by the auctioneer. Usually bidding will start below this price so do not assume the auctioneers 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. The auction brochure will often display a guide price for the item which is above the item's reserve price.
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.
If similar lots are listed together in the brochure and you are the buyer of the first lot you may then have the option to purchase similar lots at the same price as the first lot.
When bidding you will 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 than auctioneers announced price. Once you start 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.
Bids go up in steps controlled by the auctioneer and until the bid nears the assumed final price. A bid of less than this amount will not usually be taken.
If your bid is the final bid and the price reached is above the items reserve price you have been successful in your purchase.
After you have won the bid, you will have to settle with the cashier in one of the stipulated payment methods before leaving the auction. Terms for payment are normally defined in the brochure.
Remember, the goods are the responsibility of the purchaser after the hammer has fallen! The buyer is responsible for removing their newly purchased items from the premises, within the specified time frames. In the case of auctions with large, heavy or difficult to move items, there may be representatives available on site to assist you with the removal process. |
An Auction:
- Creates an urgency for the buyer to make a quick decision
- Creates competitive bidding
- Brings together an audience of qualified buyers
- Brings market value
- Puts the process into the hands of professional
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