Frequently Asked Questions

What is auction?
Auctions are a process of buying and selling items through biding, the highest bid wins the item.

Why it’s best to buy items through an auction?
You determine the price of the item you purchase unlike retail where there is a fixed price tag for all merchandise.

How can I participate in an auction?
Register and pay the bid deposit, collect your bidders number raising this when making an offer.

Why is it best to sell items through auction?
Auction is the quickest way to turn possessions or inventory into cash. Sellers are also assured that they will get the fair market value for their goods. Auction also provides an aggressive, advanced marketing program that increases buyers’ interest.

Auction Tips:

• Come on allotted viewing dates to check the merchandise set out in “LOTS”.
• Register early prior to the auction starting.
• Be vocal while raising your bid number high each time you bid.
• Be attentive and listen to the auctioneer.
• HAVE FUN AND ENJOY THE EXPERIENCE!!!

Auction terminologies:

Buyer’s Choice: A method of giving the highest bidder the right to choose similar succeeding lots, each at the same price as the initial lot.

Absentee Bid: A procedure that allows a bidder to participate in an auction without physically being present.

As is, where is: A common term in auction that means items or goods are without warranty in terms of working condition. Bidders are responsible for examining and judging the items.

Bid: The price or offer a bidder is willing to pay for desired items or goods.

Buyer’s Premium: A percentage of the bid added to the amount that must be paid by the bidder.

Hammer Price: Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer ( gavel).

On-site Auction: An auction conducted on the premises where the goods are being sold.

Reserve Price: The minimum price that a seller is willing to accept for an item to be sold at auction.

Sealed Bid: Method of sale utilized where confidential bids are submitted to be opened at a particular place and time.