Auction what is a commission bid

In an instance where an item is catalogues as 'sold as seen' or 'sold as found' the buyer may wish to request additional images from the auctioneer to see the object from different views and angles, or visit the saleroom themselves on a designated viewing day to ensure they are satisfied with the item. Auction Terminology. Catalogue Only. This refers to a catalogue which does not feature live participation.

Timed Auction. This refers to an auction which takes place without an auctioneer. Live Auction. As well as leaving absentee or commission bids ahead of the sale, bidders can partake in real-time bidding as the auction happens. A commission or absentee bid is a bid placed ahead of the sale. The bidder should pick the maximum amount they wish to spend and submit this via the bid form under their chosen lot s These bids are emailed directly to the auction house, who will confirm safe receipt of your bid with an email reply.

Live Bid. If the bidder is away from the computer for all or some of the sale, an autobid can be placed and the system will then bid up to their top amount on their behalf. To ensure you the best experience, we use cookies on our website for technical, analytical and marketing purposes.

By continuing to browse our site, you are agreeing to our use of cookies. Auctions offer a wealth of interesting material and, more and more, people are discovering that they are a good source of furnishings at much less than retail cost. Not only are antiques good value, but buying and selling at auction is much easier than many people imagine. For those unfamiliar with the saleroom process here is a simple step-by-step introduction.

Armed with these essentials you have nothing to fear. It is simply a matter of locating your local auctioneer using our searchable directory. Most carry out valuations for insurance, probate and tax purposes and provide detailed written reports where required.

A valuation fee is charged but may be waived if the items are later sold with the same auctioneer. If a formal valuation is not required, most auctioneers will give a verbal valuation on items brought to the saleroom and many conduct regular valuation clinics which are free of charge.

Once the item reaches the saleroom a catalogue description, together with a pre-sale estimate, is prepared. This will include essential information such as size, shape and an expected price range called the estimate, but when dealing with an important object a cataloguer may also undertake research and seek the opinions of an acknowledged expert in the field.

As the sale day approaches each item is given a lot number and prepared for display during the viewing periods. Loss or Damage: The conditions of sale usually allow an auctioneer to disclaim responsibility unless caused by direct negligence. Insurance: It is usual to take out insurance to cover for loss or damage during transportation, handling and storage. Establish the level of cover and the value of the goods covered.

Storage: An auctioneer usually charges storage fees for unsold lots if they are not collected within an agreed period or submitted for the next sale. See their Terms and Conditions. Lot Fee: Sometimes there is a small fee charged per lot, whether it sells or not.

Reserve: The agreed price, below which the auctioneer will not sell the lot. Some vendors agree to sell at "the auctioneer's discretion" when it is difficult to set a reserve.

The risk for the vendor is that the lot may sell below its true market value. Other Charges: There may also be charges for photographs in the catalogue and a percentage charge for items withdrawn from the sale or left unsold. Be sure to ask before the sale for an illustration of all the possible charges so they do not come as a surprise afterwards. Vendors' Commission: The auctioneer charges a sales fee on each lot sold. This is agreed prior to sale: it can pay to shop around.

Payment: The auctioneer usually forwards payment, minus fees, within 30 days of the sale. Advertising: Publicity is the lifeblood of an auction. It is one of the responsibilities of an auctioneer to advertise and market a sale properly and make personal contact with potential buyers when important pieces come up. Image credit: Fellows Auctioneers. In many ways viewing is the most important part of the auction process. This is the time to discover faults, not after the sale.

Typically an auction will be open to public view for two or three days prior to sale day, and probably for a short time before the sale itself. It can take some time to view a large sale and the morning of the auction is not always the most convenient time to be looking at the backs of big bookcases or going through an entire case of jewellery.

Present goods in an attractive light to bidders. When you've found a house you want to purchase that is scheduled to go to auction, you can always make a pre-auction offer through the agent. The earlier you do this, the better as you'll give the vendor time to consider your offer instead of waiting for the auction sale date. Guide prices at SDL Auctions are as accurate as possible — this is because they are generated using a number of factors closely aligned with the value of the property.

The guide price, however, should not be confused with a property valuation. The auction process is a secure one, with contracts exchanged or a reservation agreement made, upon the acceptance of an offer. If you're looking for a speedy sale and certainty that a buyer won't bail on you then auctions are a good way to go. As long as there is enough interest and you've set a realistic price your property should be sold by the end of the auction.

You will not receive anything close to the price you had on the items during the estate sale. In general, you'll pay a sales commission equal to 20 to 50 percent of the sale price. Fair Warning A warning sometimes given by the auctioneer that the hammer is about to come down on a lot.

The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer's hammer falls and the sale is completed. Hammer Price The winning bid for a lot at auction. It is the price upon which the auctioneer's hammer falls, determining the sale price, but does not include the buyer's premium. At auction what is a commission bid? Asked by: Micaela Eichmann. Which is better auction or estate sale?

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