How Auctions Work
For the uninitiated, auctions can feel a little overwhelming and confusing. On this page we will de-mystify the auction process so that, by the end, you will be able to bid like a pro!
What is an auction and why do they exist?
An auction is a process of buying and selling items by offering them up for bid, taking bids, then selling them to the highest bidder. Typically, the items on auction are sold over the course of several hours. You don’t necessarily have to stay for the entire auction if there’s only one or two items you’re interested in. In fact, you can even place an absentee bid or have a staff member call so you can place bids over the phone from the comfort of your own home! You also have plenty of opportunity before the auction starts to preview, the items being auctioned.We highly recommend that you preview everything before you bid!
There are many reasons why items are auctioned. It might be an entire household from an estate where the owners need to sell the items quickly in order to prepare the home for sale. It might be a business where the owner is retiring and needs to close out by a set date. In many cases, an auction is the most suitable format because it offers a means to quickly sell a lot of goods over a short period of time. This also relates to wonderful bargains for buyers or bidders as substantial profits can be realized by buying from Auctions and reselling items.
The Auction Process
All auctions have a preview period, which may occur the day before the auction and or in the hours leading up to the start of the auction. This gives everyone a chance to look around at what’s for sale, check an item’s condition and make notes on what to bid on. The preview times will appear in our auction schedule. While you are at the preview, you can reserve a seat and register for the auction in advance if you wish.
When buyers arrive at the auction they will “register”. For regulars, this just means saying “hello” at the front desk and picking up their bidder card (a white card with a number on it). Newcomers will need to supply their F.I.C.A. details, proof of address, phone number and identification. Once this information is recorded, the buyer will also get a bidder card. Once the auction starts, the bidders sit or stand in view of the auctioneer as items are brought up one by one to be sold.
Getting ready for Auction
Print the ad/catalogue and mark things that are of interest to you.Electronic version of each Auction is available on Xstate Auctioneers website. www.xstateauctioneers.co.za Catalogues are available on the day of the Auction from the Auctioneer.
Research items of interest to determine potential value.
If the auctioneer lists a preview day in his ad, go and preview items of interest. This is your chance to look at the items up close before the auction when the crowd will be much smaller.
Things at auctions are always sold “as is”. You’ll want to check items out as closely as possible before you bid.
Introduce yourself to Auction staff and don’t be afraid to ask questions, as this will be your only real opportunity to do so.
Check on the auction house payment policies, T & C at this time
On Auction day
Check in at the cashier area. This is where you will be issued your bidder number when you pay your deposit amount. You’ll likely need a government photo ID. The cashier will take down your name and address. You’ll probably be asked to provide your telephone number.
Pay attention to the announcements at the beginning of the auction. The auctioneer often gives out dates and locations of future sales, information about the origins of the items in the current sale, pick-up/delivery information and the like.
When an item you want goes up for bid it will usually start low and the auctioneer will raise the bid amount every time someone bids until there are no more bids on that item at which time they will sell the item for the highest bid.
When the auctions over, or when the last thing you were interested in sells – it’s time to pay the piper. Get in line and wait your turn. The cashier will go through all of your products and calculate your total. Check this against your notes. Things do get mixed up sometimes.
Bid Price + 10% buyers commission + 14% VAT
Payment through Cash, Debit Card & EFT accepted
Credit Cards not accepted.
Cash Refunds will be done after the auction.
EFT Refunds will take 14 working days.
Get bidding, make money and have fun. Good luck!