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Question
and Answer Forum
Here are some recently asked questions that may help
you. If you have additional questions, click on the image on the
left. 
If I buy something at an auction, how do I know what it's worth?
It is a good idea to research what you
are going to buy before you even get to the auction. For instance, if
you were in the market for a couch, you would check out some furniture stores
before you go to auction. If you don't get to do any research before
hand, then you probably will still be ok because whatever something brings at
auction is fair market value.
What is a sealed bid? What is a minimum bid?
A sealed bid, or an absentee bid,
or a left bid is a bid that you leave because you can not stay. This is
very good for a lot of people who can't stay at an auction the whole time.
The bid is given to one of the auction employees to bid on that particular
item for you. Say you leave a $50 bid on a picture and it goes for $25,
then you get it for $25, but if it goes for $60, you don't get it.
A minimum bid, or reserve bid as you might call it, is a set price placed on
an item. An auction company may in some instances take such a bid from a
consignor, but it is usually discouraged. An auctioneer may be forced
into this situation in order to get a whole estate if certain minimums are
placed on a few key items because heirs or owners of an estate may be worried
about them. Examples are special items, cars or family heirlooms.
How do I register at an auction? Do I have to have a business
license?
When a person arrives at an auction the
cashier or office personnel should be located. Once the office or
cashier person is located, then check in with them showing some form of
identification. They will then issue a bid number which allows you to bid
at the auction that day. In some cases a person may be required to give
a letter of credit from a bank in order to register at the auction. At
large machine auctions this may be the case. Anyone can go to an auction
to buy. They do not have to have a business license.
Can I arrive at an auction late?
A person can arrive at an auction any
time and leave at any time. People are encouraged to get to an auction
early so they can preview the merchandise which they want to bid on.
What
does "Preview" mean?
Preview means to check out the
merchandise before the auction. Look something over so you know what you
are buying. Preview is the allotted time set by the auction company
which is your time to come in and look at the merchandise before you buy it.
If I have something I want to sell, like an antique, do I have to pay a fee?
If you have something to sell at
auction, you can. It doesn't matter who you are, anyone can sell
something at auction. When you sell something at auction you usually pay
some kind of commission or percentage of what the item sells for.
Contact your local auction company to ask them what they charge.
What if I accidentally raise my hand at auction?
If you accidentally raise your
hand at auction, nothing should happen, but in some instances the auctioneer
may mistake that for a bid. However, this is not likely to happen.
If it does, just let the auctioneer know and the auctioneer can reverse the
bid, but you must speak up immediately.
What does ten times the money mean?
What does "times the money"
mean? For instance, if there were ten identical chairs at an auction,
then the auctioneer may very well sell those chairs ten times the money.
So. when you are bidding you must remember that you are paying ten times the
bid amount. For example, if the bid was $10 you would be paying $100 for
those chairs.
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