Information for Auction Rookies/Novices
- Some general, basic information for those of you who haven’t been to an auction before or have attended and still are unsure of some procedures.
- Educate yourself before you go to auction regarding the items you are interested in buying.
- Register when you arrive, to get a bid number. Without a bid number you cannot participate.
- Arrive early to preview items.
- Take note of the terms of the auction and the acceptable methods of payment, as you will have to pay for whatever you buy before you leave.
- When the auctioneer gets close to the item you are interested in, position yourself so that the auctioneer or ringman can see you bidding.
- If you are the successful bidder, you must show your bid card with your bid number so that the clerk can record your sale.
- You must pay the cashier the day of the auction before removing your items.
- Unless stated otherwise, you are responsible for moving and transporting your purchases.
- Always view the full terms and conditions of the auction and listen to the auctioneer state the full terms at the start of the sale.
Questions and Answers (Q&A) for Rookies/Novices
Q: Why should I sell my assets at an auction?
A: There are many strong reasons to use the auction method. Please visit our section called Why Have An Auction?
Q: Does it cost me anything to register?
A: Generally, there is no registration fee for most auctions, however if there was to be a fee for a specialty auction or one with limited space, etc. the fee would be stated in the terms of the auction.
Q: What information do I have to provide to register?
A: Generally your name, address and phone number, verified by 2 pieces of photo ID.
Q: Why should I register if I am just there to look around?
A: You don’t have to register just to watch, but if something catches your eye and you haven’t registered, you cannot bid.
Q: Can you explain what the auctioneer’s sing song is saying? I don’t understand him.
A: The auctioneer’s sing song alternates between the amount that has been bid already and the next bid amount he is looking for. Also, don’t worry, a professional auctioneer can detect when somebody needs help with bidding.
Q: Should I be careful of my movements when the bidding is going on? heard that you can accidentally buy something by scratching your nose at the wrong time!
A: The auctioneer can recognize who is bidding and who is not. If you want to bid, you should make eye contact with the auctioneer and indicate to him (usually by raising your hand) that you will bid the amount he is currently asking for. If the auctioneer is unsure if you are bidding, he will verify with you.
Q: What can I buy/sell by auction?
A: Just about anything, including real estate can be bought and sold by auction. Auction sales are a method of bringing all interested parties together at one time to determine fair market value to make the sale.
Q: What is a reserve bid? What is an absentee bid?
A: A reserve bid is when the owner of the item has previously indicated to the auctioneer an amount, below which he will not sell the item. The auctioneer will always announce that there is a reserve before he starts to sell that particular item. Most auction items are sold unreserved.
An absentee bid is a bid from someone who is unable to attend, but who has pre-registered, and been pre-approved, given a deposit, and indicated his maximum bid for a particular
Why Have An Auction?
To bring you the best current fair market value for your goods.
Selling your goods by yourself is time consuming and may not bring the best price. Selling privately usually results in a one-to-one situation with no competition. By utilizing our marketing and planning expertise, and our skill and experience you will get a group of bidders together in one place, at one time, all interested in the same items. The results you receive are the maximum current value for your goods, determined by the highest bidder. You will also know the exact date and time that your goods will be sold. No more sitting by the phone waiting for it to ring.
The auction method is not a ‘distress sale’. As a matter of fact, once you have used the auction method, you will learn how effective it is to buy/sell by auction. The auction industry provides a valuable service benefiting both buyer and seller.
How Do I Go About Having An Auction?
One of our auctioneers will meet with you to see what is to be auctioned and what your expectations are. He will evaluate your merchandise and then discuss location, date, time, fees and expenses with you for your proposed auction. Once agreed upon, a contract is initiated and signed.
At this point we co-ordinate and implement an advertising campaign which may include brochures, newspaper advertising, direct mailing and internet advertising. A well planned advertising campaign is crucial to the success of your auction.
Before auction we will prepare your goods for sale. We will organize and group your items and sometimes have them cleaned or repaired so that the goods will realize their maximum value.
We provide all the staffing required for auction day. From helpers, clerks, cashiers, security personnel (when required), and of course the auctioneer. We employ honest, experienced help who are efficient and accurate. We track and record sales both manually and by computer and collect all monies from the sale.
Approximately 10-15 business days after the sale you will be provided with a cheque for the net proceeds along with a full reporting of the sale and expenses, including copies of expense invoices.