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Never Attended an Auction?

Don't Know What To Do Or How To Bid??????

Relax! It's Easy!!!!!!!!!

Did you know? In 450 B.C., ancient Greek historian Herodotus referred to a Babylonian custom by which maidens were disposed of in a marriage by delivering them to the highest bidder in an assembly annually. In Roman times, various auctions were held to dispose of booty and the captives of war. Auctions have been held around the world since then, basically the same way. Except for the marriage thing.

So you are thinking……I'd really like to buy items at auction but I've never gone to one. How do I bid? How do I pay? How are items sold? Here is a short course to answer some questions and provide you with some auction help.

Auctions are easy and fun to attend. You need to bring money. You need to bring a desire to purchase items. If you are attending an industrial or commercial auction, it is a good idea to wear comfortable shoes, as you will be standing most the time.

When you arrive at an auction, the first thing you do is register with the auction company. You normally provide the auction company with a deposit, in cash or a check, and you receive a BIDDERS NUMBER and a CATALOG. Now you can review that catalog for items that you wish to inspect.

When you inspect items you are conducting your own DUE DILIGENCE. As all items that are sold at auction, whether they be real estate, machinery, automobiles, antiques, firearms, or even charity items, they are ALL SOLD ON AN "AS IS, WHERE IS" BASIS. You assume all risks of purchase. That includes, but is not limited to, the function of the item, the removal of the item, the safety of the item, the marketability of the item if you wish to resell it at some other time. All weight, counts and measures of an item sold are descriptive in the catalog. While all auctioneers make every effort to be as accurate as possible, what you see is what you buy.

Now you have inspected the items you are interested in and the auction is about to start. The Auctioneer will read the terms of the sale. You need to be attentive at this time as these are the rules of the auction. Basically, it works this way. When you are the winning bidder, you own that item AT THAT TIME. You pay for the item in cash, guaranteed check or credit card AT THE END OF THE AUCTION. After you have paid and receive your invoice YOU REMOVE THE ITEM(S). It's that simple! Don't forget to say goodbye to the Auctioneer as you leave!

So, how do you Bid? It's simple. When you register you get a BIDDERS CARD that has a number on it. When you bid you can wave the card, raise your hand, say "YEP", nod your head emphatically, jump up and down, break dance, do a strip tease------whatever you want-JUST MAKE SURE THE AUCTIONEER CAN RECOGNIZE YOUR BID SIGNAL. I would suggest that you exercise caution and consult local law if you plan to do a strip tease. Also, take a look in the mirror first. Bids are raised according to the auctioneers ask. We use a standard bid increment, which you can find on our home page. Sometimes people will bid a CUT BID. What is a CUT BID? A cut bid is a bid in between what the last bid was and what the auctioneer is asking. For instance, the auctioneer is chanting "ten dollar bid now fifteen-ten dollar now fifteen" and someone wither make the cut bid sign (which is actually a motion like slitting your throat) and the auctioneer can either accept it and say "twelve and a half now fifteen" or shake his head and refuse the cut bid. Remember, ALL BIDS ARE ACCEPTED AT THE AUCTIONEERS DISCRETION. Cut bids are allowed only once per bidder per item. So don't try it twice.

When and How do I know when to stop bidding? You stop when you think that you have reached the point where the item AS IT IS (and remember, the items are sold "AS IS, WHERE IS") has reached the maximum that you'll pay for it. Of course, if you have a competitor at the auction, and you don't want that person to have that item, then you just need to go one more bid than they go. THAT IS WHEN IT GETS FUN! When you are done bidding, look away from the auctioneer or shake your head. Then the auctioneer will know you are done and he can sell the item out.

So by now you are thinking, is that the only way items are sold? One at a time? Well, no. Items can be sold WITH THE PRIVILEGE. This means that there are similar items and the person who wins the first bid has the privilege to buy the next item(s) at the same price. The auctioneer can also group items, or take a group of items and sell them as a lot, then sell them individually to achieve the greatest value.

Items at an auction are sold various ways. These are ABSOLUTE, WITH RESERVE, and SUBJECT TO OWNER CONFIRMATION. Absolute means just what it says: whatever the price is, it is sold. With Reserve means that there is a price at which the owner or auctioneer will not sell the item below. Subject To Owner Confirmation means that the owner must confirm the price before it is sold. This type of auction sale is primarily in real estate or unique consignment items.

One final word about auctions. Collusion is illegal. So are Shills, Cappers, or anyone that auctioneers use or employ to artificially raise bids or conspire to raise bids. When two bidders get together to set the price-that is collusion. Please don't do it. Please don't go to auctions where the auctioneer engages Shills, Cappers, or artificial pricing.

So that is it. Auctions are fun; the action is out in the open. You see exactly who is bidding against you; you know what the final price is. You get your stuff and go home, or back to work, or put your clothes on.