When you arrive at the auction site, it is necessary to register with the auction company to obtain a bidders number.
The information typically required for registration includes your name and address. Additionally, you may need to pay a returnable deposit.
It is important to be familiar with the registration requirements beforehand in case a large deposit is required. This allows you to be prepared and avoid any surprises upon arrival.
If you haven't viewed the lots prior to the auction, it is important to allow yourself time to inspect your prospective purchases before the auction starts, if permitted.
No, some auctions may have specific viewing dates and times, and you may not be allowed to view the lots outside of those designated periods. Additionally, certain "catalogue" auctions may not allow viewing of lots after the auction has started.
The auctioneer will announce the lot number, which can be found in the catalogue next to the item or placed on the item during the viewing period. They will also provide a brief description of the item, usually tied to the description given in the catalogue.
The starting bid at an auction refers to the initial amount at which bidding begins for a particular item. It is the minimum amount that the auctioneer will accept as the opening bid. The starting bid can vary greatly depending on the item being auctioned, its estimated value, and the auction house's policies. It is typically determined by the auctioneer based on their expertise and knowledge of the market.
When an item has a reserve at an auction, it means that there is a minimum price set by the seller that must be met in order for the item to be sold. If the bidding does not reach or exceed the reserve price during the auction, the item may not be sold. The auctioneer will typically announce if an item has a reserve before the bidding begins. If the reserve is not met, the auctioneer may pass the item or negotiate with potential buyers after the auction to try and reach a mutually acceptable price.
You are free to start bidding at any time after the auctioneer has announced the starting bid.
You may have the option to purchase the similar lots at the same price as the first lot.
To get the auctioneer's attention when bidding, it is usual to raise your hand or make a clear gesture to the auctioneer.
After getting the auctioneer's attention, you should state the amount you wish to bid if it is different from the auctioneer's announced price.
When you start bidding and the bid is against you, the auctioneer will return to you to see if you wish to raise your offer. A clear shake of the head indicates that you do not wish to continue bidding.
Bids go up in steps controlled by the auctioneer. Until the bid nears the assumed final price, a bid of less than this amount will not usually be taken.
After winning a bid at an auction, you will have to pay an immediate deposit. The amount of the deposit will be stated in the terms and conditions of the auction catalogue.
The payment methods, such as cash, bank drafts, or credit cards, will be stipulated in the auction catalogue.