Attending an auction can be a bit overwhelming for those new to the event. There are different tactics that experienced bidders use when buying and selling through auctions. Finding which method is optimal for you takes time and experience. But to offer some assistance, GWS Auctions, Inc and founder Brigitte Kruse have put together a guide to assist buyers bid at live auctions.
Guide to Bidding at Live Auctions
– The first thing to remember is that you have to register at the auction upon arrival. With a current ID, you will be given handouts and brochures or there will be a posting regarding policy, conditions and terms and so forth. You will be offered an opportunity to ask questions and given a registered bidder numbers.
– The auctioneer will relate a brief description on the lot number or item and open the bidding with the starting bid. Raising an arm or otherwise making a clear gesture of bidding is done if you are interested in the item being presented. The auctioneer will generally raise the price in increments as the bidding progresses. If the auctioneer dictates price they will then look at you after every counter bid to see if you want to raise it more. If you are out of the process, make the shake of your head distinctly to indicate your position. If you continue to out bid the competitors, the auctioneer will eventually go back and forth until the winning bid.
– Keep in mind that any items listed “as is” dispels any warranties or representations of any kind and the buyers are responsible for estimating condition and worth. All sales are final and there are no refunds in auctioning.
– When a lot is offered “subject to a reserve”, it implies that a minimum price agrees upon seller and the auction firm will not sell for anything less; any price the auctioneer deems inadequate will be rejected.
– Auctioneers will always reserve the right to withdraw any merchandise prior to the sale with no liability. Generally if this happens it indicates the items has an issue, often legal issues.
– The auctioneer makes the final call on who the successful bidder was.
– Many auctions allow absentee bids in writing. If there is an item you wish for but cannot attend the auction, you can submit a bid in writing as to the price you will pay. If there are multiple absentee bids that win over the live bidding, the firm will deem the 1st to submit the written bid as the winner.
– Ownership will immediately fall to the highest bidder acknowledged by the auctioneer once is hammer falls and “sold” is announced. All risk and responsibility falls to the purchaser, where immediate payment is collected and possession falls to the new owner.
– Unless prior arrangements have been made, the winning bidders must remove the property from the location at the conclusion of the auction. Fees are assessed according to the auctions rules and regulations and often when the items are not removed in the allotted time frame, they will be resold at a different auction.
– Everyone is permitted to register at an auction, including staff members and from the moment you begin bidding, the act indicates that you accept the terms and conditions of the auction.