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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.
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