FREQUENTLY ASKED QUESTIONS

What is an auction?

An auction is a public sale whereby goods and/or Real Estate are sold to the highest bidder.

How do I buy at auction?

At most auctions, you must first register for a bidder number by providing the cashier with your name, address, and telephone number. A photo ID such as a Drivers License is usually required. Take the time to inspect the goods and decide which you want to bid on. Most goods at auction are sold “As is, Where is”, so it is important to note any flaws. When your item comes up, hold your bidder number up until the item is declared SOLD by the auctioneer. If the item is selling for more than you’d like to pay simply put your number down and indicate to the auctioneer that you are finished bidding.

What is a Reserve price?

A reserve price is a dollar figure set by the consignor that must be reached in order the purchase the item. Most auctions have few, if any, reserves.

 What is a Buyer's Premium?

A buyer's premium is an additional fee charged by the auctioneer based on a percentage of the selling price. This fee is typically 10%. For example, a piece sold for $100.00 will actually cost the buyer $110.00.

 What is an Absentee Bid?

An absentee, or “left” bid, is a bid placed prior to the auction by someone who is unable to attend the auction. The auctioneer will usually exercise this bid. In the event of a tie bid, the bid from the floor takes precedent over the absentee.

 Do I have to pay for my purchases at the auction?

Yes, when the auctioneer knocks down an item, it becomes the property of the buyer. One exception to this rule is in the case of Real Estate. Normally a deposit will be due when the property is sold.

 What is a Rook?

A Rook is a European crow, a chess piece, a card game, and a favored theme of the Rookwood Pottery Co.

 What is an appraisal?

An appraisal is an opinion of value placed by the appraiser. There are many reasons for having property appraised. Some include estate settlement, insurance valuation, bankruptcies, and fair market value for loan purposes.

 How can I sell at auction?

Easy, just send us an email, or better yet, give us a call and we’ll discuss your needs.

 

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