Live Auctions Faq's

This article will provide answers to frequently asked questions regarding live auctions

. It will provide answers to questions such as: What are live auctions? How do they work? How do I register to bid? Do I have to register to bid for every auction I want to bid in? Should I sell my property through internet auctions or traditional live auctions?

Q: What are Live Auctions?

A: In a Live Auction, bids are only accepted from the auction floor from bidders who are physically present at the auction. There is no online catalog for the auction. These types of auctions have become more rare due to the popularity of internet auctions

Q: How do they work?

A: Here's how the live auction process works:

- Bidders must receive bidder cards from a cashier in order to make a bid on any item. In most cases a refundable cash deposit is required to receive a card.

- When the auction is about to begin, the auctioneer announces the terms of the sale so all bidders are aware of their responsibilities in bidding.

- When a bidder is ready to make a bid, they simply raise their hand or their bidder card and the auctioneer or ringmen acknowledges the bid.

- Phone bids are recognized by the phone person and these bids are considered the same as if the bidder were present.

- The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder's number once it has been sold. Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number.

- This information is recorded and given to the cashier who tabulates the bidder's purchases for check out from the sale.

- The bidder pays by either cash or cashier's check. In most cases, the bidder must remove their property from the auction location immediately following the sale.

Q: How do I register to bid?

A: At most auction houses if you are a registered bidder online, and you want to attend a live auction you can simply stop by the cashier, produce the credit card that you registered with online and you will be given a live auctions bidding card. If you aren't registered online, you only need stop by the cashier and complete a registration form and leave a deposit or a major credit card to be held until you check-out from the auction.

Q: Do I have to register to bid for every Live Auction I want to bid in?

A: Not if you are a registered bidder online just stop by the cashier, produce the credit card that you registered with online and you will be given a bidding card.

Q: Should I sell my property through internet auctions or traditional live auctions?

It depends on the type of product that you are selling. In some cases where you have a large amount of product to sell that would "flood" the market in your area - it is best to sell your items on the Internet. In other cases, where your products must be seen to be appreciated, a traditional auction fits your needs. There are times however when both marketing methods will meet your needs.

by: Deb Weidenhamer

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