ANSWER Auctions are a unique marketing experience for both buyer and seller. They are a time-honored method of bringing buyers and sellers together. In no other type of selling situation can actual fair market value on a given day be realized. Everyone attending the auction has an equal opportunity to make a purchase precluded only by one's own budget, available finances and personal interest. They are an excellent marketplace for "shopping". Buyers actually determine the final price and value of the items purchased. They get exactly what they want, at a cost of only one bid higher than someone else was willing to pay. An auction can be the best place TO BUY what you're looking for-- or TO SELL what you have -- for a fair market value.

Auctions come in all categories, all sizes and types. They can be casual country ones or very regimented events at major auction houses or catalogued specialty auctions of unique collections, etc. They range from household liquidations to large estate settlements. The reason is simple---with an auction, time-consuming private negotiations are eliminated and the auctioneer's focused marketing skills bring in the maximum number of interested and qualified buyers. The competitive bidding process is being used to sell everything from real estate to personal property.

Auction marketing has long been recognized as the fairest and quickest method of sale in many areas of the free economy. The New York City Stock Exchange is an example of a long -standing auction. The auction method of marketing has proved an effective price-setting mechanism that takes into account current market variables. This holds true for whatever commodity is being sold. The pricing of such raw materials as grain, wool, tobacco and livestock are directly tied to the auction block, yet the auctioneer's gavel also helps establish the value of more glamorous commodities such as fine art and antiques.

The courts to carry out their decrees and by executors and trustees to help fulfill their responsibilities often favor the objectivity and fairness of a well-run auction. The legal presumption is that a pubic auction of property to the highest bidder is a sale among disinterested third parties and that the result will be the best and highest available price.Local, state and federal agencies have disposed of surplus property worth tens of millions of dollars through auctions. The FDIC, RTC, SBA, US Customs, IRS and US Marshal's service routinely use the auction method.

While the auction method has long been associated with rural America, now auctions are being used more and more in major metropolitan areas. Today's auctioneer is equally at home selling classic cars, lifetime accumulations of antique furniture, rare and specialized collectibles, art, jewelry, real estate and much, much more. The auction advantage isn't limited to the private sector.

Auctions are playing an increasingly important role in today's economy. Buyer's actually determine the final price and value of the items they purchase for what it is worth at that very moment--not at someone else's predetermined selling price. They are becoming the FIRST CHOICE of many buyers looking for antiques and collectibles, as well as many other types of merchandise.

ANSWER You should plan on getting to the auction well before the announced starting time. If you are traveling any distance, you should call the night before, to be sure the auction is still on as advertised. This would also be the time to inquire if there will be loading assistance for any large purchases you might make, available pick-up times, etc. Auctions have to start right on schedule. You will need time get parked, look everything over, make your notes and register for a bidder's number. Be sure you've checked the auction flyer for terms and conditions, to see what methods of payment are accepted. Tell the auction personnel at the registration/cashier's desk, that you are new to auctions. They will be glad to assist you and answer any questions you might have before the start of the auction. They will explain the order of sale to you, direct you to where particular items are located. Even explain the bidding process in more detail if you feel unsure of yourself. They will introduce you to the auctioneer and ring men so that you can know that they will be aware that the whole process is a bit strange and unfamiliar to you. They will take care to be considerate of your inexperience during bidding.

You should come prepared! Both mentally ( bring your sense of humor, your patience and your courtesy) and physically. ( If heat is a real problem for you, keep this in mind. If you tire easily, take that into account as well. If you are on a limited time schedule, remember an auction can only run so quickly and depending upon the number of items to be sold, may make for a long day.) If it is an outdoor auction, dress appropriately for the weather, i.e.: Rain gear (slickers, boots, umbrella); Warm clothing,( preferably layered so you can be comfortable)as well as gloves and a hat ; Cool clothing for sunny days, but also equipped with sunscreen, bottled water, umbrella or shade hat, or whatever it may be, even light long sleeves, so that you won't overheat. Insect repellant is also a good idea. Bring your lawn chair if standing may get too tiring.

For indoor auctions, even in climate controlled buildings, you may need to bring a hand fan or a lightweight jacket to be comfortable. If there is seating, bringing a cushion can be a decided comfort factor. If you are allergic or have an aversion to smoke, don't assume the building to be smoke free--some are, some aren't.

Check ahead of time if there will be concessions and/or restroom facilities.

Packing boxes, a handled sack for carrying small items around with you, wrapping material, packing blankets, even a rope ( to secure any large items in an open trunk or on top of the car) are good items to include in your auction survival kit. This also should have a tape measure, a magnet, a magnifying glass, and a grease pencil or something to mark your boxes and larger items with. Don't assume that the auction company will have these items for you.

ANSWER This is a standard auction procedure that records an individual's personal information and assigns a unique bidder's number to that person. . It is required whether you intend to pay by cash or check. This information is kept strictly confidential as part of that particular auction company's records and is not to be disclosed or distributed. (Once in a while, an auction company will charge a small fee to register, but this is not a common practice. It usually occurs only when seating may be a concern and there is a necessity to make sure that those who are serious buyers rather than spectators can be accommodated in the facility. If a fee is charged, it is most often refunded to those who make purchases at the auction).

Most auction companies require that potential buyers provide a photo identification, their physical home address ( P.O. Boxes are not acceptable), phone number and driver's license information. This registration process is necessary to insure protection for both buyers and sellers at auction in collection of funds and assurance that those who bid at auction may be contacted if necessary. Registered bidders may be required to sign in, signifying their acceptance of the terms and conditions, and also to sign out when they "settle" up their purchase accounts or leave the auction. Auction companies do not give out information as to who purchased an item or what they paid for it. The type of information required is often regulated by state and local statutes.

Registration at an auction signifies the potential buyer's agreement to abide by all terms and conditions as stated by the auction company. Purchases made on the registered number are a binding contract. Under certain circumstances a deposit may be required or have payment secured ahead of time by a credit card, as financial protection for the seller and auction company in collection of funds. This is the usual procedure when the auction company accepts absentee bids.

ANSWER The bidder's or buyer's number is the unique number assigned to each registered attendee at any given auction and is required for making purchases at auction. Whether you pay by cash or check, this registration is required. It may be a large card with the number on it or a paddle or a fan with the number. When bidding on an item at auction, the bidder displays this numbered card. Keep it visible to the auctioneer and his ring staff (or bid takers). Remember that there are other people around you that may block the auctioneer's view, so make sure it is "in the air" so to speak, so it can be readily seen. This will insure that they know you are bidding and speeds up the auction. If the auctioneer has to stop and ask for numbers, it can add hours to the length of the auction day. It is also very possible for you to verbally give an incorrect number or for you to be heard incorrectly. Keep your bid card with you; do not lay it down to mark your seat.

The bid card is designed to be used for bidding…winks, blinks, nods, twitches, pokes and gestures, etc may be fun or add a little intrigue to the auction, but in actuality, all they do is generally loose you the item you thought you were bidding on. Establish eye contact with the ring staff or the auctioneer. Once they know you are interested in bidding, he will keep returning to you. You may remove yourself from the bidding process at any point by shaking your head "NO", or taking down your hand. Don't hesitate to call out or raise your hand to catch their attention. Remember that auctions are fast paced. Be prepared to bid quickly and decisively, or else the auctioneer will end up selling it to someone else.

ANSWER When registering at the cashier's desk you will be assigned an unique bid or buyers number and given a card or paddle with that number written on it. When the auction starts and bidding on items commences, in order to bid, you must make contact with the auctioneer or ring staff. To do this, hold up your bidder's card, your hand or shout "yes". The auctioneer will make eye contact with you, take your bid and immediately turn and seek another bid from someone else. If he receives a bid, then he will come back to you to see if you want to bid again. Bid immediately or shake your head "no", signifying that you are no longer interested in bidding. If you are unsure as to what the bid is or if you have the bid, ask the ring man. Should the auctioneer misinterpret your signal, simply report the mistake right away. The auctioneer will ask for another bid from the crowd. If this is not forthcoming, he will sell the item to the previous bidder.

If there are several interested bidders, don't worry if the ring man or auctioneer doesn't take your bid immediately. He can only work with 2 or 3 active bidders at a time, but he will come back to you. He doesn't want to miss taking your bid any more than you want to be missed. Just be sure that you have eye contact with either the auctioneer or one of the ring men. Confusion can arise if you don't make your desire to bid very clear, by using your bid number and keeping it visible, especially if someone is directly in front or behind you.

ANSWER It is merely a series of numbers connected by "filler" words that allow the buyers time to think between bids. Rhythm is as important as speed in developing an effective chant, but nothing is more vital than clarity. Auctioneers will adjust their speed, depending upon the bidding experience level of their crowd, and the numbers in a good chant will be readily understood.

It may be the auctioneer saying," We're selling lot 20, who'll start the bid at $75, alright I'll take $35, now 40, yep, now 45, it's worth the money, ok, $42.50, 2 and 1/2, now 5, now 7 and 1/2, $47.50, it's $50 to you folks, better piece than that, 50, do I hear 55, got it 60, 65, 70, now its where it should have started, $ 75, yep, now $100, sure, I'll take $85, now 90, now 95, I'm at a 100 bill, anyone for 125, 125 , sold for $100, to bidder 65, the lady on the right etc." Novice auction goers should concentrate on the numbers not the fancy fillers.

ANSWER The auctioneer's chant is simply a rapid verbal statement of the price that the item is selling for, followed by some filler words and then a statement of the next increment "price" auctioneer is asking for. For example he may say, "Who'll give me $25, I have $25, now $30, do I hear $30, $30, can you bid $35, I have $35, will you bid $40, it's worth the money, does anyone want in at $40, I have $35, and so forth…. " The auctioneer will come back to the bid he has, then he will usually ask for the next bidding increment a couple of times, return to the bid he has and so on.

The ring men or bid takers will call out and usually indicate when they have a bid, by saying " yes", and the auctioneer will move on to ask for the next bid increment. He may ask only once more for the next bid and then say sold for $35 to bidder # 60. Not all auctioneers will say, "Going, going, gone". The practice of "begging" or continuing to repeatedly ask for the next bid is a rarity these days. If the next bid raise is not quickly forthcoming, the auctioneer will simply sell the item immediately. Pay close attention to the numbers that the auctioneer or staff calls out after the completion of the bidding. This will be repeated as " sold for thirty-five dollars to bidder number sixty."

If the auctioneer or ring man fails to do this, just speak up. If there is a question about the selling price or a given bid number, immediately correct it at that time. Most everyone has heard the old story about the fellow who attended an auction, scratched his nose and came home with an item he hadn't intended to buy. Well, don't be frightened away by such tales-the auctioneer realizes when you are bidding and when you are not.

ANSWER This means that the bid will reflect what one item in the lot will cost--per piece. If there are 6 items selling in the group, the buyer will pay "x amount " of money times 6. For example, 6 glasses @ $3 each. The total cost for the lot will be $18.00.

ANSWER Selling Choice means that in a group of 6, the high bidder can choose to buy 1, 2, 4 or all of the items, taking only those he or she wants, at the selling price. The high bidder may take 4 glasses @ $5.00 each, for a total of $20.00. The remaining glasses will be offered again. Sometime the auctioneer may ask the second highest bidder if he wants any at the $5. price, or he may simply sell the two remaining as one lot, or choice again.

ANSWER This means that all the items in that lot, or box, or row, will be sold as one price. No matter how many individual items are in the group. ( Note: If there is just one item in that group that you particularly want, it never hurts to ask if that can be sold separately.)

ANSWER While this varies from auction company to auction company and from state to state, generally "Terms and Conditions" are the explanation of how purchases may be made, what forms of payment are accepted, what form of identification is necessary to participate in the auction, any fees or other associated costs for registration or purchase. The wording may differ but the content is generally the same: Bidder registration required, Payment accepted by cash or check w/ proper identification, Photo ID, driver's license required for buyer's number, everything sold "as is, where is" with no warranties expressed or implied, nothing to be removed until payment is received, the auction company not responsible for accident, theft or loss, nor for typographical errors or discrepancies in itemized listings or descriptions, statements made day of auction take precedence over all printed and other media advertising, etc.

ANSWER Method of payment varies. Many auction companies require cash only. Others accept local or in-state checks with photo identification and driver's license. In some instances, auction companies will require a bank letter of credit for any payment by check. Some auction companies will also require that all checks have their approval prior to the start of the auction. Remember, knowingly providing false information, or writing a bad check constitutes a felony and may be deemed theft as well. Auction Companies have the right to refuse to allow anyone to register as a bidder at their auctions if the individual refuses to give the information that is required or if there are discrepancies of any kind. Two party checks are not acceptable. Credit Cards are being accepted by more and more auction firms. If credit cards are accepted, the potential buyer should be aware of any special stipulations as to their use.

ANSWER This statement explains that in the auction form of marketing, the buyer has the SOLE responsibility for inspecting the merchandise to be sold and using his or her own judgment as to its condition and value. If the items are encased or roped off, don't be hesitant to ask to examine each and every piece that interests you. It is your responsibility to check these items against your OWN criteria of good, fair, excellent, minor damage, etc. Use your judgment, not the auctioneer's. Only you the potential buyer can know what's acceptable as to condition, flaws, rarity and uniqueness.

Get to the auction early and allow yourself ample time to inspect everything that you may want to purchase. There are no guarantees from the auction company or the seller as to what constitutes good, fair, excellent, or any warranties as to working condition, authenticity or worth. This means a no-refunds or returns policy is in force. It also means that the buyer is responsible for any purchases made on his bidding number and that he or she will take charge of the item once it is sold to him. There is no lay-away plan and the buyer is responsible for payment the day of auction and before any merchandise can be transferred from the auction site. All sales are final. Take good care of your bid number. Anything charged to it is your responsibility.

ANSWER An auction staff is composed of, not only the auctioneers and the ring men, but also recording clerks and cashiers. During the auction, the recording clerk either sits or stands in close proximity to the auctioneer. When an item is sold, the clerk writes down the description or catalog number of the item, its selling price and the winning bidder's registered number on a specially designed sheet of tickets. . These sheets usually have 12 perforated tickets to a sheet and are triple carbon copies. The bottom set of tickets will be separated and placed in the numbered slots of a "clerk" box at the cashier's office. The top copy of the sheet is kept for the auction company's records and the yellow copy is given to the seller along with other related materials when the final settlement of the auction is done.

The auctioneer or ring man will announce " Sold for $35 to buyer # 60", and may repeat the catalog number or the type of item. The clerk then writes this information down. The recording clerk pays very close attention to what is being sold and usually gets a visual confirmation of the buyer's number. At the end of the auction, or when the buyer has completed his purchases for the day, bidder's will "check-out" at the cashier's office. The buyer tells the cashier what his registered number is or shows his bid number. The cashier then will tally up his purchases. Payment is made at this time.

Check out time can be a bit hectic for both the cashiering staff and the auction-goer. Cashiers try to do their job as fast and as efficiently as possible. They don't want to keep you waiting anymore than you want to wait, but accuracy is much more important than speed. The cashier double checks every ticketed item against the register tape. You should also double-check the tickets you are given, even if you have a lot of them, BEFORE leaving the cashier's desk. This way you are assured that you have paid for each item you purchased and also not been charged inadvertently for someone else's. These little tickets are most generally your only paid receipt and you will need them as proof of purchase. It is also a very good practice to jot down the items you buy and what you paid for them on your bid card (or a note pad). Cashier's greatly appreciate this as it provides yet backup to prevent errors and misunderstandings.

In most auctions, you will be given your items immediately upon becoming the winning bidder and you are responsible for their security. Many auctions these days, especially where the items are small and valuable, have special designated "holding" areas, where the items are kept until you have paid for them and bring your paid receipts in order to pick the items up. Here again, you will be asked to check each item against the corresponding receipt and sign for them.

In very large facilities or where conditions are very crowded and auction traffic is unable to be safely monitored, you may have to check in and out in order to leave the building for any reason.

With the rapid advancements and improvements in computer technology, many auction companies are converting to the use of electronically recorded information by the clerks and cashiers. This will be a great assistance to both the speed and accuracy at check-out time, but it has not been perfected for use in all types of auction situations or locales.

ANSWER A buyer's premium is an "added value" costs employed by some auction companies to defray the seller's costs. The underlying premise is that in cases where the seller has very high costs in advertising and promotion, in order to make it feasible for him or her to sell his collection at auction and to put these items up for auction so that collectors can buy them, a percentage (sometimes 5, 10 15%) of the final selling price of the item is added as a buyer's premium. Not all auction companies or auctioneers subscribe to this practice and it is not one that is generally endorsed by most auctioneers or accepted by most buyers.

ANSWER There are numerous reasons why a potential buyer cannot attend any given auctions. Among these are : Time, Distance, Difficulty in Making Travel Arrangements, Weather, Work and Family Commitments, Finances, Health and not the least, Personal Preference. At some time or another, each of us may want to have the opportunity to buy certain items that are coming up for auction, but may be unable or unwilling to personally attend in order to do so. An auction company has the option of using various means to accommodate these clients and to also provide a wider, more diverse market for the items which they have contracted to sell.

THE POLICIES AND PROCEDURES FOR DEALING WITH BUYERS "IN ABSENTIA" ARE AS VARIED AND NUMEROUS AS THE AUCTIONEERS AND AUCTION COMPANIES THAT MAKE THEM.

The most widely utilized is the Mail-In Bid. To use this absentee bidding method, the interested potential buyer fills out a form (either obtained by contacting the auction company or off their Web Site) which states the policies, auction terms and conditions, and registers to become an active bidder at a particular auction and returns it to the auction company by a certain deadline. The bidder indicates what items he or she wishes to bid on and makes some type of deposit or secured payment arrangements (credit card, etc.). This form will indicate how absentee bids are executed. Then a designated representative of the auction company ( not the auctioneer) will bid on behalf of that individual. There will be shipping, handling and processing fees and sometimes a premium added when one chooses the absentee bid option. These bidders and their bids are kept confidential.

Another method is Live-Bidding by Phone. The interested potential buyer fills out the same form as the mail-in bidder and registers to become an active bidder, subject to the same policies, terms and conditions. Through prior arrangements, this registered bidder now will be able to be on the phone 'live' with a representative of the auction company who will execute their bids while the item is being sold. Some auction companies have multiple phone lines, while others can accommodate only one or two on any given time. This is currently not a widely used absentee bid option, and only works in particular types of auctions and at certain facilities. There will be shipping, handling and processing fees and sometimes a premium added when one chooses the absentee bid option. There may be additional costs when bidding by phone. These bidders and their bids are kept confidential as well.

ANSWER Definitely YES! There is a national organization of professional auctioneers: National Auctioneers Association (NAA), membership in which is by recommendation only. As a member, the auctioneer pledges ethical responsibility to his clients, his profession and the public. Membership also indicates a willingness on his part to protect the public against fraud, misrepresentation or unethical practices and to maintain the highest standards of his profession. Most states have professional organizations as well. Such as the Missouri Professional Auctioneers Association (MPAA) Many states require apprenticeship, having certain professional training and passing a state licensing exam, as well as continued education. Most states require a business license for an individual to conduct auctions. However a license doesn't indicate or guarantee professionalism. It does not necessarily speak to the licensed auctioneer's experience or qualifications. Just because an auctioneer has been in business since Methuselah, doesn't mean he's the auctioneer best suited to your needs. There are several Schools of Auctioneering, that teach the basic principles and techniques employed in the field of Auctioneering. One such school is Missouri Auction School, headquartered in St. Joseph, MO. It is one of the oldest in the nation, with its graduates coming from all across the country and around the world.

If you're buying or selling at auction. Check around. Research the auctioneer as to his references, reputation, experience, expertise. Do your homework about both the auctioneer and the items that he sells. Find one in whom you have confidence, or one who comes highly recommended by those who know him, his company and his reputation.

From the National Auctioneers Headquarters in Overland Park, Kansas, you can find the contact information for the various state auctioneers affiliations, which states which have licensing Boards and also the experience and special fields of expertise of auctioneers who are members of the NAA.

Thank you for taking the time to browse thru our FAQ's section. We hope it will be of benefit to you and lead to a fun auction experience.