HOW TO BUY PERSONAL PROPERTY AT AUCTION
I have never attended an auction before what should I do?
If you are interested in buying at any of our auctions, you should read all the answers to these Frequently Asked Questions (FAQ). Also, you should subscribe to our e-mail list to get the current auction listings. Come to the Bonnette Auction Gallery and obtain a catalog, listing all items in the auction with the corresponding lot numbers. Preview all items of interest. Also, review the Terms & Conditions of the auction you are interested in. Then register to bid at the auction. Feel free to ask questions about lot(s) of interest prior to bidding. Determine what the lot is worth to you and bid confidently to obtain it at your price. Once you are successful in your bidding, then pay your invoice promptly and remove your purchases from the auction sale.
Why would someone sell at auction instead of pricing their items?
Auctions are fast, efficient and produce fair market value. When an item is "priced" it is either under priced or over priced. Either way, the seller loses. If the price is too low it sells to the first bargain hunter who flips it for the profit that could have been retained by the original owner. If the price is too high, the item does not sell. It then has to be advertised again at a lower price or negotiated through negative haggling with one person at a time. The auction creates a sense of urgency. All serious people are brought together to compete for the item. The seller is assured of fair market value, and so is the buyer, by having bought the item at only one bid over the next interested person.
What are Previews?
Previews are exhibitions of property to be auctioned Previews are open and free to the public at published times. The Preview is an opportunity for buyers to examine closely individual items prior to the actual auction. Typically, for a Saturday auction held in our auction gallery, preview is on Friday from 10:00 AM until 5:00 PM. It is strongly recommended that all buyers preview items prior to bidding as all auction sales are final.
How and Why do I need to register?
Registration is a process of identifying yourself in our computer system as a potential buyer. The first time that you participate in one of our auctions you will need to provide some form of positive ID such as a drivers license. You will need to know the standard Terms & Conditions for the auction and state how you intend to pay for your purchases. If you are buying for resale, a dealer, you will need to furnish a copy of your tax exemption certificate. You will receive a bid card with a fixed number used to identify you as the successful bidder. Once you have registered you are in our system. You will be put on our mailing list for that type of auction.
Can I come to the auction just to watch?
Absolutely, we encourage anyone to attend and watch the bidding. You will be entertained and amazed at the process. Best of all, it's free and fun.
Can I reserve a seat at the auction?
At the Bonnette Auction Gallery seating is setup prior to the start of Preview. Therefore, you can fill out a "Reserved Seat" sign from the registration window and place it on any seat during preview. Generally, this will secure your seat until the start of the auction. If you are not in your seat at the start of the auction, the seat will be released to those standing.
What is a lot?
A lot is either a single object or a group of objects offered for sale as a unit.
Do items come with guarantees?
No. All items are sold as, is where is. It is important to preview items of interest, make a proper and prudent inspection prior to bidding.
What is a Buyers Premium?
A Buyers Premium is that portion of the commission paid by the buyer. The Buyers Premium is added to the bid to become part of the total sale price. We charge a 10% Buyer Premium during auctions conducted at our auction facility and most on-site auctions. (Example: 10% Buyers Premium on $100. Total cost would be $110).
Do I have to attend an auction to bid on a lot?
No, you may bid by utilizing an Absentee Bid Form. This form must be filled out with your personal information for proper registration, as well as the lot number and maximum bid for each lot of interest. Absentee bids can be turned in at the registration window, faxed or emailed. Phone bidding is available by request and will be extended on a first come - first serve basis for high value lots only. Caution: You should inspect or ask questions to satisfy yourself that you know precisely what you are bidding on
Do you start the bidding with my Absentee Bid?
No. Absentee bids are handled competitively with the bidding audience. The Bonnette Auction Company witnesses hundreds of absentee bids per auction. All are posted in our computerized networked system and handled by our clerks competitively with the bidding audience. The bidding for each lot starts from the auction crowd. The exception is when the clerk has to bid to eliminate under bidders.
How do I bid in the live auction?
Simple. Just signal the Auctioneer or one of the bid assistants to start or participate in the bidding. It is best to use your bid card to get attention. After the auctioneer/bid assistant has acknowledged your bid they will be watching for subsequent bids. If you are the successful bidder, hold up your bid card so that they can record your bid number to the clerk and mark your bidder number on the tag of the lot you purchased. If the bidding exceeds your limit, simply nod your head "no" and the auctioneer/bid assistant will look elsewhere for bids.
What is a bid assistant?
A staff member, usually one of the auctioneers not currently selling, that is watching the crowd for bids. Sometimes called bid spotters or ringmen, they are extensions of the auctioneer. Often it is difficult for the auctioneer to see all the bids coming from a large crowd in a big room. The bid assistant listens to the "chant" of the auctioneer and scans the room for the current bid. If a bid assistant yells out "yup", then the auctioneer knows that he has the current bid being asked for and will proceed to ask for the next bid.
What is an auctioneer's "chant"?
The auctioneer's chant is the rhythmic talk that orchestrates the sale of each lot. Dissected, the chant is comprised of numbers and filler words. To start the chant the auctioneer describes the item up for bid, lot number and suggests and opening bid. Once he has an opening bid he will repeat what he has and ask for a higher bid. Example: I have twenty-five dollars who will bid $30? I have $30 now $35 - do I hear $35? - Sold $30 to buyer #101.
Where does the bidding start?
Anywhere the auction audience wants to start it. An auctioneer might ask for $100 to start. If no bid at $100, he will drop the asking increment until someone starts bidding. The item might start at $25 and soar to $400 or end at $50, based on market value. The item sells to the highest bidder regardless of price.
What is market value?
Fair Market Value is the price an item will sell for on the open market between a willing buyer and a willing seller with neither being under compulsion to buy or sell as of a specific date. Generally, it is the price that an item will fetch at a smartly advertised auction. Factors that come into consideration are age, condition, quality and rarity. Auctions are the last niche of the free enterprise system where the laws of supply and demand prevail.
Is it possible to get a bargain at auction?
Absolutely. However, keep in mind a "bargain" is like "beauty" it is in the mind of the beholder. One person might say, "That guy is nuts to pay $800 for an old doll". While the buyer is thinking, "I just got a bargain at $800, saw one just like it in an antique shop for $1,000". Don't be fooled by those late night television shows that promise you can make a million dollars by buying at government auctions. It might be possible to buy a battleship for $1, but you have to move it from the bottom of the ocean by the end of the week!
What happens to an item once it is sold?
A staff member puts the buyer number on the lot tag and it is stored in a secure area until the buyer claims it.
What do I do when I am done bidding?
Whenever you want to checkout proceed to the same location where you registered. Show your bid card to a cashier. You will receive a computerized printout listing each lot that you successfully bid on. After making payment by cash, MasterCard, Visa, Discover or approved personal check, you will receive a copy of the paid invoice. Take the paid invoice to one of our checkout staff. He will assist you in finding and removing your purchases.
What if I decide to bid again after I checked out?
Have fun! Often people checkout, load out and return to bid some more. Sometime people need to check out and leave for other commitments but are still interested in items coming up later in the evening. We accept absentee bids all during the auction. Simply fill out the form with the lot number, indicate your maximum bid and drop it off at the registration window.
How soon do I need to remove my purchases?
Removal is possible during and after the auction. At the Bonnette Auction Gallery removal is during and after the Saturday auction. There is pickup also on Sunday after the auction from 12:00 Noon until 4:00 PM and Monday and Tuesday following the auction from 9:00 AM until 4:00 PM. We definitely need the items out in this timely manner as we are already in the process of setting up the next auction and need the space.
Can I put items in an upcoming auction?
Yes, we are basically in the recycling business. We consign items and sell them for people like you everyday. Please review the How to Sell Personal Property.
