What is an Auction?
An Auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction is a method for determining the value of a commodity that has an undetermined or variable price.
What are the benefits of an auction?
The auction method of selling real estate and personal property has been part of American culture for years. The popularity of auctions has increased over recent years due to the advantages it offers to sellers. By selling your assets at public auction, you are offering your property to the highest number of potential buyers possible thus giving you the greatest opportunity to achieve fair market value. The company that you decide to conduct your auction will develop a marketing plan giving your personal property and real estate proper exposure to the marketplace.
How do I bid?
The auctioneer will auction off the item by giving a description. You simply need to raise your bidder number or signal the auctioneer that you are bidding. When you win the bid, it is required that you show your bidder number to auctioneer.
How do I get a Bidder Number?
Each person who wishes to place bids needs to register. Your name, address, phone number and photo id (license) are all necessary to acquire a bidder number to bid with.
What is an Absentee bid?
An Absentee bid is a bid made by someone who is not physically present. This must be done prior to the start of an auction. The bidder writes the top price they will pay for a given item. You will see a must of the time a mark in the items that an absentee bid is placed on.
How can I preview items before the sale?
There are specific dates and times to preview property which is listed in our ads and on the Auction link of the auction website. Inspection should take place prior to the start of the auction or during the auction.
What does it mean “As-Is”?
The buyer is responsible for inspecting the item before purchasing/bidding. Items are sold without warranties as to the condition. In most cases the item is called “as-is and where-is, meaning that after the item has been auction is no longer the auctioneer responsibility.
Is there any particular order of sale?
No, but usually the auctioneers start with some small items, artwork, furniture and others… then they go to the outside items. The Catalog Sale will show you if there is any specific order, but not every auction has a Catalog Sale. What type of payment do you accept? In most cases, the acceptable methods of payment are Cash, Visa, MasterCard, American Express, and approved checks through the check system.
Is there Sales Tax?
Sales Tax is applicable in every state. The amount will be determined by the County where the auction takes place.
What is a Buyer’s Premium?
There is a 10% buyer’s premium that is added to the high bid to determine the price to be paid by the buyer.
Example: Item sells for $10.00
Buyers Premium $0.10
Total Cost Price $10.10
When do we pay?
At the close of the auction day or when finished purchasing items, the buyers should cash out and then take their items.
When do items need to be removed from the building?
All items need to be removed at the close of the sale. You are responsible to take your items right a way unless other arrangements are made. Please be sure that you only take the items you have purchased.
How to you can determine value?
Value is whatever someone is willing to pay. But is 10 basic criterias to determine an estimated value of an item: 1) The item is Real or Fake 2) The Conditions of the item 3) The Rarity 4)The Provenance (history of the item) 5) Historical significance 6) The Size 7) Type of item 8) Subject of the item 9) Style of the item 10) Quality
Which are the world largest auctions?
The world's three largest auction houses are Christie's, Sotheby's and Bonhams. Internet auctions have become very popular; the world's largest auction online site is eBay.
What is an Antique?
Antiques (Latin antiquing, old) are objects which have reached an age which makes them a witness of a previous era in human society. Antiques are usually objects which show some degree of craftsmanship, or a certain attention to design such as a desk or the early automobile. In a consumer society, an antique is above all an object whose atypical construction and age give it a market value superior to similar objects of recent manufacture. Any historical museum makes a considerable use of antiques in order to illustrate historical events and give them a practical context.
What are Commodities Auctions?
The most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level. Examples of this type of auction include: • sales of businesses • spectrum auctions, in which companies purchase licenses to use portions of the electromagnetic spectrum for communications (for cell phone networks, for example) • timber auctions, in which companies purchase licenses to log on government land • electricity auctions, in which large-scale generators and consumers of electricity bid on generating contracts • environmental auctions, in which companies bid for licenses to avoid being required to decrease their environmental impact • debt auctions, in which governments sell debt instruments, such as bonds, to investors.
What is Commission to Seller?
This is the fee charged to the seller by auctioneer to provide services established prior to the sale with a contract, most cases this fee do not apply.
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