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www.TexasAntiqueMall.com Compendium| For those who have never been to an auction, it can be a great source of fun, a method to purchase items, add to your collection or a means to liquidate a few unwanted items or a whole estate. Before attending an auction - to buy or sell - you may find it to your advantage to preview the auction beforehand to see how the auction is run. • Does the auctioneer give clear instructions to the audience on how he handles his auction? • Does he give you clear guidelines; tell you where to find information should you need to resolve a complaint? • Does he honor his 'sold' calls? Or does he open the bidding back up? • Is he strict about following his catalog? If you are in a hurry, can you ask to have an item auctioned next? Things to do if you are buying. . . . Prior to the auction, you may want to call and have seats reserved. Find out if they have concessions or should you bring something to eat and drink. Get familiar with payment options. Does the auction accept credit card, debit card, and/or personal checks? Know the Buyer's Premium and state tax for that local area. If you are a dealer, have a copy of your Tax Number handy. Once you are confortable with the auction and the auctioneer, there are some considerations before bidding. The very first thing you want to do before buying any item is inspect it completely. Almost all auctions will have previews where you are allowed to handle the items. Typically a preview will start a couple of hours preceeding the start of the auction. Check over all items you are interested in before bidding. Once the auctioneer calls 'sold'. . . it's is yours. While bidding, keep a record of the items you have bought, lot number and amount paid. Take boxes and packing materials if you plan on buying breakables. Not all auctions provide packing boxes and/or materials. If you plan on buying large items, take a trailer or verify that the auction will work with you to arrange an alternate pick-up time. If you have a question or need to revist an item during the auction, most auctioneers do not mind if you walk to the front to re-examine an item. Like Johnny often says, "An auction is no place to be bashful.". Things to do if you are selling. . . Have an inventory of the items to be auctioned. Confirm a date, read the contract and make sure you understand the commission and payment schedule. Understand the auctioneer's policy regarding items that have Reserves. Have a plan for items that may not sell. Do you want to take them back home? Donate them to charity? The buying or selling experience at an auction can greatly be enhanced if you understand how it all works and go prepared. | |
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