What is an auction?An auction is a public sale where goods or services are sold to the highest bidder. It’s a method of buying and selling where the price is determined through competitive bidding. Participants place bids, which are progressively higher offers, until no one is willing to bid higher. The item or service is then sold to the highest bidder.
What is a buyer's premium?An extra charge on top of the winning bid price is known as a buyer's premium. It is paid by the buyer and is expressed as a percentage of the final bid, such as 10%–20%.
Can I inspect the items before the auction?Yes, a preview and inspection period is always scheduled prior to the start of the auction. You can examine the objects in person to determine their condition at this period.
How do I pay for my items?Please read the terms and conditions for each auction you participate in. The total is typically charged to the card on file, however, for larger equipment and vehicle auctions we accept certified checks, wire transfers, and cash.
Is bidding on online auctions different from in-person auctions?Yes, online auctions allow you to place bids remotely, with a time limit for each item. Online auctions typically last 2-3 weeks. Bidding increments are typically set automatically, and you can bid at any time before the auction ends. We utilize extended bidding or "soft close"—if bids come in during the last minute, the bidding on that item will extend for (2) minutes. This prevents "sniping" and gives all bidders a chance to bid in the last seconds of the lot closing.
In-person auctions involve live bidding with an auctioneer that typically takes place in one day. All bids are final and made out in the open.
Can I cancel an unwanted bid?No, once a bid has been placed, it cannot be withdrawn. You are making a legally binding commitment when you place a bid. Bid cancellations and refunds are not available.
Why should I buy at auctions?Auctions provide a broad array of goods, featuring numerous valuable or distinctive, exclusive items that can’t be found anywhere else. Additionally, auctions can sometimes allow you to buy items at lower prices than you would find in retail stores or through other sales channels.
Where can I find the wire transfer information for my invoice?This is located in the email with your invoice.
Where do I find the location of the auction?This is always in the auction description and also printed on your invoice.
As-IsThe sale of an asset in its current state, inclusive of all existing imperfections, without any warranties. It is the responsibility of the buyer to inspect and evaluate the property to their satisfaction prior to bidding.
BidA formal offer made by a potential buyer indicating the price they are prepared to pay. Bids typically follow standardized price increments as determined by the auctioneer.
Bidder NumberA unique identification number assigned to a buyer upon successful registration. This number must be clearly displayed to the auctioneer or clerk immediately after a winning bid.
Bidder’s ChoiceA bidding method where the high bidder earns the right to select one or more items from a group of similar assets before a new round of bidding begins.
ClerkThe auction team member responsible for maintaining the official record of the sale, including the description of the item sold, the winning bidder’s number, and the final price.
ConsignmentA formal agreement where a seller (consignor) contracts the auction company to sell their assets for a fee, typically a commission based on a percentage of the final sale price.
Hammer PriceThe winning bid amount established at the moment the auctioneer’s gavel falls. This does not include the buyer’s premium or applicable taxes.
PreviewA designated window of time and a specific location where interested bidders can physically inspect assets to judge their quality and condition before the auction begins.
ReserveThe confidential minimum amount a seller is willing to accept for an item. If bidding does not reach this threshold, the item will not be sold.
Terms and ConditionsThe legal framework and rules governing the auction, including details regarding the purchase agreement that must be reviewed and accepted prior to bidding.
