Frequently Asked Questions about Buying at Auctions

Here are some frequently asked questions about buying at auction:

Q: What is an auction? A: An auction is a public sale where items are sold to the highest bidder. Auctions can take place in person or online.

Q: What types of items are sold at auctions? A: Auctions can sell a wide variety of items, including art, antiques, real estate, cars, and household goods.

Q: How do I participate in an auction? A: To participate in an auction, you will typically need to register as a bidder and obtain a bidding number. You can then bid on items either in person or online.

Q: What is a reserve price? A: A reserve price is the minimum price that the seller is willing to accept for an item. If the bidding does not reach the reserve price, the item will not be sold.

Q: What is a buyer’s premium? A: A buyer’s premium is a fee charged by the auction house to the buyer on top of the winning bid. This fee is typically a percentage of the winning bid and is used to cover the auction house’s expenses.

Q: What is an absentee bid? A: An absentee bid is a bid placed before the auction by someone who cannot attend in person. This bid is typically submitted in writing or online and is executed by the auction house on the bidder’s behalf.

Q: What is a live bid? A: A live bid is a bid placed during the auction in person, either by raising a hand or making a verbal bid.

Q: What is a proxy bid? A: A proxy bid is a type of absentee bid where the bidder sets a maximum bid amount and the auction house will bid on their behalf up to that amount.

Q: What happens if I win an item at auction? A: If you win an item at auction, you will typically need to pay for the item and arrange for its transportation or pickup. The auction house will provide you with details on how to do this.

Q: Can I inspect items before bidding? A: Yes, you can typically inspect items before bidding. Auction houses may have set times for inspection or allow you to schedule an appointment to view the items.

Q: What happens if I change my mind after placing a bid? A: If you change your mind after placing a bid, you should notify the auction house immediately. Depending on the auction house’s policies, you may still be required to pay a portion of the buyer’s premium or other fees.