What is an Auction and how does it work?

An Auction is where property is sold at a specific time and place to the highest bidder.  Most auctions require a person to get a bidder number or other identifying item prior to bidding.  When an item you want goes up for bid it will usually start low and the auctioneer will raise the bid amount every time someone bids until there are no more bids on that item at which time they will sell the item for the highest bid.

There are many types of auctions.  Some of the most common are Charity, Estate, Liquidation, Consignment, Auto mobile, Antiques, Coins, Storage units, Foreclosures, real estate, and many more.

Why choose an auction over other sales?  There are many reasons but if you look at many of the high record setting prices that people get for property is done at auction. A good marketing plan for an auction brings people who are looking for the item being sold and the more people you have at an auction then better chances of getting good prices. When you have two or more people competing for the same item the price usually goes up.

Isn’t selling at auction a gamble?

There is always a risk of not getting the price you want or think you should.  But when doing auctions there are a couple of things to remember.

  1. Typically there is not sentimental value at auctions as the people who are there buying usually don’t know whose property is being sold.  They are buying the item because they collect, need or the item for sale is a good deal.

  2. Many items sell very high at auction and others don’t but in the long run the items balance out.

  3. When you sell an item at auction if it in good working order, clean, and overall a good quality item you will get a better price. Documentation on items is always a good thing and Antiques with documented history is great but not always necessary.

  4. Most Auctioneers have a good idea what most items are worth and you need not be afraid to ask their opinion. But do not be surprised when they don’t guarantee the price you want.  But good auctioneers always try to get top dollar.

Absentee Bids

What if I see an item I am interested in but live a long ways away?

This is not uncommon as we live in a technology world and computers make it possible to locate hard to find items. Call the Auctioneer and ask him about the item.  Most auctioneers will photograph the items and tell you everything they can about the item.   Most auctioneers will take a good absentee bid or on line bid.  Does this mean you put in a $20.00 dollar bid on a good item?  No, put an honest respectable bid on the item.  We will start the bidding and will continue to your highest amount you have indicated you will pay.   If you win, you will be contacted immediately.

How do I pay for items?

We take credit cards, cash and bankable checks, however if the items being purchased are large dollar amount items the Auctioneer will require proof of funds from your banking institution.  This is done via a certified letter from your bank written to the auctioneer.

What about guarantees or warranties?

Guarantees and warranties are at the approval and expense of the seller.   In all cases the auctioneer will announce that everything that is being sold will be "AS-IS and WHERE-IS" with no warranty expressed or denied.

Where is, as is.  No warranties implied.


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