- What is an auction?
- I've never been to an auction. How do I find out where and when they occur?
- How can I find out about buying a specific type of merchandise at auctions?
- What can I do if I'm
confused or intimidated about buying at auctions?
- What types of claims
about auctions should make me raise a red flag?
- If I do purchase an item, when do I get my title?
- Can I pay by personal or company check at the auction?
- Do any of the
items come with any type of warranty?
What is an auction?
An auction is a method of marketing where the items sell
to the highest bidders. Anyone in the crowd who is willing to pay the most will walk away
with the merchandise. Auctioneers market their sales to draw the most buyers so that items
will sell for top dollar.
I've never been to an auction. How do
I find out where and when they occur?
Look in your local newspaper for auction listings.
Contact auctioneers and auction companies in the Yellow Pages and ask them when their next
auctions are. The National Auctioneers Association also offers an Online Calendar of
Auctions which lists auctions by region.
How can I find out about buying a
specific type of merchandise at auctions?
From real estate to restaurant equipment, from antiques
to agriculture, auctioneers maintain mailing lists for many various specialties. Contact
auction companies and ask to be put on the mailing list for the specialty you're
interested in.
What can I do if I'm confused or
intimidated about buying at auctions?
Follow these guidelines to become a confident auction
consumer:
• Attend auctions and watch how different auctioneers run their sales.
• Do your homework. For example, if you are
interested in buying a specific type of merchandise, such as office equipment, research
how much desks and chairs are sold for in retail and wholesale outlets. Go to the library
and refer to price and value guides for different brands and types of office furniture.
Ask the auctioneer for information about the merchandise she is selling that you're
interested in. Then set a price you are willing to pay.
• Most auctioneers schedule a preview prior to the
auction. Attend the preview and carefully inspect the merchandise that you are interested
in, adjusting the price you have set, if necessary, according to your inspection.
• Arrive at the auction early and get a seat near
the front where you can see the merchandise as it is sold, and where the auctioneer can
see you when you bid.
• Introduce yourself to the auctioneer, ask her how
she runs her auctions, when the item you want will be up for sale, and about her terms
(such as whether you need to arrange for transporting the items you bought that day,
whether a buyer's premium and/or tax applies, if checks are accepted, etc.).
• Tell the auctioneer which item you are interested
in buying, and ask him to help you buy it.
When the item you want comes up for sale, bid early so the auctioneer will see you and you
won't risk being overlooked.
• Don't be intimidated by other bidders (sometimes
others will try scare tactics, such as glaring at you, to get you to stop bidding on the
items they want).
• Stick to the price you set, and don't bid more
than you intended to.
• Keep track of each item you buy, including a
brief description, the lot number, and the price you paid. Remember to calculate the
buyer's premium and taxes, if applicable, so you won't be surprised at the cashier's
table.
What types of claims about auctions
should make me raise a red flag?
Many advertisements, catalogs and seminars promise easy
"get rich quick" schemes through buying at auctions. They may ask you to buy
catalogs, auction listings, or videotapes to learn where auctions are, how to buy at
auctions, and to be put on auction companies' mailing lists.
Remember, you don't have to spend money to become a savvy auction consumer. The
information these sources want to charge you for can be found for little or no cost in
your local newspaper, at the library, or from professional auctioneers.
If I do purchase an item, when do I
get my title?
Titles will be put in the name of the winning bidder and
mailed by certified mail to the purchaser.
Can I pay by personal or company
check at the auction?
Yes, you may pay by personal or company check ONLY if
the check is accompanied by a current bank letter of guarantee on original bank
letterhead.
Do any of the items come with any
type of warranty?
No, there are no warranties on anything, either
expressed or implied. It is the bidder's responsibility to inspect any and all items prior
to his bidding on that item and to form his own opinion. |
