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Buying Tips for Auctions
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Do not mistake auctions for retail
because the
two have very little in common. Auctions are so different from retail that
they are governed by different Federal laws, state laws, Uniform
Commercial Codes, and city ordinances. When you bid at an auction you actually effect a
legal contract.
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You must have a bidder’s card in order to
buy at the auction. And to get a bidder’s card, you must put down a
deposit for a bid card which insures that you will pay for all your
purchases that you bid on, once you pay for your items or decide to leave
the auction and have not purchased any items your deposit is immediately
returned to you. If you do make purchases, your deposit is applied to
the purchases.
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Be careful which lots you are bidding on, how
much you are bidding and whether you are bidding against your spouse,
parent, sibling or friend. Although you can retract a bid while the bidding
is open; you cannot retract it once the auctioneer has said,
"sold". Auctioneers expect you to take full responsibility for
your bids.
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The moment the auctioneer says,
"sold" the ownership of the item being auctioned has changed
hands. This is the law. If your merchandise is later stolen, you will still
have to pay for it. It is no different than having your wallet or purse
stolen while shopping at a store.
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Know what you are bidding on by closely
inspecting each item before the auction. This is why an auction preview is
offered. Use your own evaluation as your bidding guide, not the auctioneer’s
description or other bidders' comments. You are buying the merchandise
"AS IS" with no guarantees of any kind from the seller or
auctioneer. The risk of an item not being what you wanted should be factored
into your bidding amount.
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A fast-moving auction benefits both buyers and
sellers. Auctioneers have the right to reject any bid amount that would slow
the bidding. Auctioneers cannot wait for slow bidders, so know in advance
what to buy and how much to spend. Inability to keep up with the bidding
pace is not the auctioneers’ concern.
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Don’t be shy about bidding loud and large.
Raise your bid card in the air if you want an item and keep it up until you
are done bidding. Make certain the auctioneer is aware you are bidding
because the auctioneer may be taking bids from someone in front or behind
you. Once the auctioneer says, "sold", the item is gone even if
you are willing to continue bidding. There are no do-overs in the auction
business. Spotters or ringmen help the auctioneer spot bids and will signal
your bid to the auctioneer as well.
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When the auction starts, you will hear a
ringman call out a lot number and give a brief description of the item. The
auctioneer will begin selling the item and will ask for you to bid. The
auctioneer continues to go up in increments until the item has been sold.
Then the auctioneer will say "sold" and state the winning bidder’s
number and the selling price.
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During the auction, clerks record the
description of your items and your buyer number as well as the amount you
paid for the item.
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There are some terms that are used during an
auction that you need to be aware of. These terms are "choice" and
"all for one money".
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Types of Auctions
°Autos & Equipment
°Bankruptcies
°Business Liquidations
°Charities
°Estates & Antiques
°Government Agencies
°Household Dispersals
°Landlord Liquidations
°Lien Satisfaction
°Private Invitation Only
Auction Merchandise
Aircraft
Antiques
China & Glassware
Furniture
Sterling Silver
Toys
Art
Automobiles & Trucks
Building Materials
Collectibles
Cameras
Dolls
Kachinas
Saddles
Stamps
Coins & Currency
Commercial Equipment
Farm Equipment
Medical Equipment
Office Equipment
Printing Equipment
Restaurant Equipment
Survey Equipment
Test Equipment
Commercial Vehicles
Forklifts
Refuse Trucks
Trucks
Computers
Construction Equipment
Backhoes
Graders
Loaders
Sweepers
Tractors
Trenchers
Electronics
Furniture
Guns
Jewelry & Gems
Livestock / Tack
Motorcycles
Musical Instruments
Office Furniture
Real Estate
Commercial Buildings
Income Properties
Land
Mobile Homes
Residential Homes
RV 's
Sporting Goods
ATV's
Bicycles
Boats
Tools
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