Auction Facts and Tips

What is an Auction?

Auctions are a time-honored method of bringing buyers and sellers together.  In no other type of selling situation can actual fair market value on a given day be realized.  Everyone attending the auction has an equal opportunity to make a purchase.  They are an excellent marketplace for "shopping".  Buyers actually determine the final price and value of the items purchased.  They get exactly what they want, at a cost of only one bid higher than someone else was willing to pay.  An auction can be the best place TO BUY what you're looking for - or TO SELL what you have - for a fair market value.

Auctions come in all categories, all sizes and types.  They can be casual country auctions or very regimented events at major auction houses or cataloged specialty auctions of unique collections, etc.  They range from household liquidations to large estate settlements.  The reason is simple--with an auction, time-consuming private negotiations are eliminated and the Auctioneer's focused marketing skills bring in the maximum number of interested and qualified buyers.  The competitive bidding process is being used to sell everything from real estate to personal property.

Auction marketing has long been recognized as the most fair and quickest method of sale in many areas of the free economy.  The New York Stock Exchange is an example of a long-standing auction.  The auction method of marketing has proved an effective price-setting mechanism that take into account current market variables.  This holds true for whatever commodity is being sold.  The pricing of such raw materials as grain, wool, tobacco and livestock are directly tied to the auction block, yet the Auctioneer's gavel also helps establish the value of more glamorous commodities such as fine art and antiques.

While the auction method has long been associated with rural America, now auctions are being used more and more in major metropolitan areas.  

Today's Auctioneer is equally skilled at home selling classic cars, lifetime accumulations of antique furniture, rare and specialized collectibles, art, jewelry, real estate and much, much more!  

Auctions are playing an increasingly important role in today's economy.  Buyers actually determine the final price and value of the items they purchase for what it is worth at the very moment-not at someone else's predetermined selling price.  They are becoming the first choice of many buyers looking for antiques and collectibles, as well as many other types of merchandise.

What should I do if I have never been to an auction before?

You should plan on getting to the auction well before the announced starting time.  This would be the the time to inquire about all the “ins and outs” of the auction, such as payment methods accepted, pick up times, etc.  Also be sure you've checked the auction flyer for terms and conditions.  You might even want to tell the auction personnel that you are new to auctions.  They will be glad to assist you and answer any questions you might have.  They will explain the order of sale to you, direct you to particular items, even explain the bidding process if you feel unsure of yourself.  They can even introduce you to the Auctioneers and Ring Men, who can then take care to be considerate of your inexperience during bidding.

You should come prepared!  Both mentally (bring your sense of humor, your patience and your courtesy) and physically.  If your are on a limited time schedule, remember an auction can only run so quickly and depending upon the number of items to be sold, it may make for a long day.

What is bidder registration?

This is a standard auction procedure that records an individual's personal information and assigns a unique "Buyer's Number" to that person.  It is required whether you intend to pay by cash or check.  This information is kept strictly confidential as part of that particular auction company's records and is not to be disclosed or distributed.

Most auction companies require that potential buyers provide photo identification, their physical address (PO Boxes are not acceptable), phone number and driver's license information.  This registration process is necessary to insure protection for both buyers and sellers at auction in collection of funds and assurance that those who bid at auction may be contacted if necessary.  Auction companies do not give out information as to who purchased an item or what they paid for it.  

Registration at an auction signifies the potential buyer's agreement to abide by all terms and conditions as state by the auction company.  Purchases made on the registered number are a binding contract.  Under certain circumstances a deposit may be required or have payment secured ahead of time as financial protection for the seller and the auction company in collection of funds.  This is the usual procedure when the auction company accepts absentee bids.

Just have a good time and be sure to ask the Auction Personnel if you have any questions at all -- they will be happy to help!