How does an auction work?
- When you arrive at an auction you have to register with the auctioneers to receive a bidding number.
- I would suggest you arrive to the auctions at least thirty minutes prior to the start of the auction.
- This will allow you time to preview the auction items you are interested in purchasing.
- Normally the auctioneers have catalogued the auction items that you are interested in purchasing with a lot number.
- When the auction starts, the auctioneer will announce the auction item by a lot number. A starting bidding price will be established. If the auction item has a reserve price the auctioneer will start the bidding price higher.
- You can bid on any auction item once the auctioneer announces the starting bid. If similar lots are on the catalogue and you are the winner of the first item, you may have the option to purchase the similar lots at the same price.
- It is normally the practice of the bidder to raise his or her hand (raise it high!) to indicate to the auctioneer that you are interested at the price announced by the auctioneer.
- Now you have started the bidding process. The auctioneer will direct his or her attention to you each time you raise your hand for an item.
- The auctioneer will increment the bidding price on an auction item by $2.50 or $5.00. This will continue until the auctioneer notices there no such interest in the next increment price on an item.
- If your bid is the final bid and the price is over the value of the auction item, then you have successfully won an auction bid.
- After you have won the bid you will have to pay for the auction item immediately.
- The auctioneer will have notices at the registration table indicating the percentage you have to pay on an item (buyers premium), plus tax.
- The auctioneer will have notices at the registration table indicating the type of payment method that is accepted, i.e. cash, bank drafts, or credit cards.
- Notices announcing the amount of time that is given before an auction item is required to be removed from the auction premises.
- Remember it's the responsibility of the purchaser to safe guard his or her property once the gavel has fallen.
- If there are very large items that the buyer has purchased, representatives of removal companies will be present on the auction premise to assist the successful purchaser.