Auctions are a fun event with the thrill that comes with bidding and finding out how far you will go. You may be surprised, but there are many different types of auctions right in your local area. Auctions that cover everything from fine art, to autos and livestock to rugs. You name it, there is an auction for it. Below I will discuss where to find local auctions, how auctions work, bidding strategies, and what I have learned from the auctions near me.
Map of Auctions Near Me
For “Auctions Near Me”, see the map below for locations…
What is an Auction?
An auction is a systematic process of buying and selling products or services in an attempt to determine who is willing to pay the highest price. Local bidders will compete by placing monetary offerings against each other in ascending order. There are various auction types, which govern how bids are placed, how the seller minimizes the risk of selling under value, and how the winning bid is determined.
How to Find Local Auctions Near Me
Across the US, there are many auctions daily. The venues vary as much as the items being auctioned. Here I will cover ways to discover local live public auctions in your area. Here are a few resources I use to find auctions near me.
Google and Yelp
Using these two search platforms you can search for “auctions near me” or more specifically I like to search for what I want. for example searching “storage locker auctions near me”. This page will generate results of auction houses in your area, auction events, and a few online auctions as well. If you are looking at auction houses, you should read reviews and understand what kind of events they run. Not all auctions are run or managed well, so pick and choose wisely.
Pro Tip: One of my best secrets though is using Google “Events” to find my local auctions. Most auction hunters don’t think to do this. There are many auctions that are not at auction houses, but what I call “pop-up” auctions. These are one-time events scheduled at a local place. This is where you need to check for your local auction events. If you are already an experienced bidder, you can throw some wait around at these auctions like a pro.
Try Google Events here: Auctions Near Me This Week
Government Listings
Federal, state, and local governments post their information online. You can also inquire within your local chamber of commerce. Government auctions are always live public events and not hosted online. Here are two of my favorite resources for finding government listings:
Newspapers
While it may seem like no one reads the paper anymore, auction houses still take out classified ads in newspapers. Getting your local paper and checking the classifieds is still a good means to find these events.
How Do the Local Auctions Near Me Work?
During the Preview Period You Can Inspect the Items for Auction
At the auctions we hold near me, potential bidders are offered the opportunity pre-auction to inspect the goods being sold to verify quality and condition. The preview times are made public and will occur the day or night prior to the day of the auction or hours before the start of it.
Registration is How You Get Assigned a Unique Bidder Number
Anyone interested in bidding during the event must register. This is sometimes done with the auctioneer or done with administrative staff at large auctions. Registration is where you are assigned a bidder card with a number on it to uniquely identify their bids. To register you need to provide personal details such as name, phone number, address, and a personal identification number from a passport or driver’s license.
Pro Tip: We recommend getting to the event 30-45 minutes before it kicks off. You can be there to hear the auctioneer’s opening statements, and the rules governing bidding and the estate sales, and get a good seat to be in the action area. If you haven’t registered you may want to consider coming even earlier if you anticipate a large buyer turnout.
When The Auction Starts, The Action Starts
A bell is often used to signify the commencement of the event. The auctioneer will first offer a brief description of the item and then determine a low starting minimum price that will get bidders engaged. Some auctions have the seller set the minimum bid amount so they can reduce the risk of underselling the value of the item. The auctioneer announces “We will start the bidding at XX dollars”. When a participant raises their bidder card it places a bid that subsequently raises the previous bid. Each bidder card raised will be acknowledged by the Auctioneer.
And The Winner Is…
The affair is settled when no one is willing to pay any more than the highest bidder. The auctioneer will strike down the gavel and say “sold” and announce the card number of the winning bidder. An item isn’t considered sold until the seller accepts the final bid, the buyer pays the agreed amount, and the goods transfer from the seller to the buyer. In most cases, the “winner” takes immediate ownership and pays the final hammer price.
Bidding on Goods and Services at the Auctions Near Me
There are auctions for everything. While there are general auctions near me, many of the most popular auctions have a theme of what is being sold. Some of the most commonly auctioned properties are vehicles, livestock, art, storage lockers, tools, lumber, coins, foreclosure properties, real estate, estate, tax deeds, watches, businesses, sports memorabilia, restraunt equiment, office furniture, and many more.
The more themed an online website or auction that is the more niche the audience becomes. From an auctions perspective the more niche the audience is, the smarter they are about the items, and the more competitively they will bid. Thus ensuring they will get the highest bidding.
The items to bid on in timed auctions may also be determined by the kind of auction being held. So an estate auction, a will auctioneers a liquidation auction, estate sales, and a consignment auction may have more general items, but what they have in common is the seller. Here is what we mean…
- Estate Auction: The possessions and property of someone who has died are being sold.
- Liquidation Auction: A company goes out of business and sells off everything they own including their inventory.
- Consignment Auction: Multiple sellers have many items for sale, but no one person has enough to hold an auction themselves. Items are consigned to an auctioneer who holds an auction on behalf of all the sellers on one particular date.
Why Do People Auction Their Stuff?
If you consider some of the high record-setting prices people have sold properties and items for, it’s usually from an auction. A good auction company or auction house knows how to bring a large audience in front of their items. This creates a competitive environment that can drive prices up. For buyers, they are hoping to get a good deal and for the seller, they hope for a competition.
Rules of the Auctions Near Me
The rules can vary based on the city, area, auction, type, but here are the basics of how auctions near me work…
- Age Eligibility – Bidding creates a legally binding contract. To bid you must be at least 18 years old.
- Auction Close – The end of all bidding, once close is announced all bidding ends.
- Bids are Contracts – When you place a bid you enter a legally binding contract to purchase the item if you are the winner.
- Terms for Payment – Payments are made in the full amount set by the seller’s agreed price and payment time frame, plus any taxes, fees, and shipping that may be incurred. Most places take credit cards, cash, and bankable checks. If there is a large dollar amount associated with the sale it may require proof of funds such as a banker’s check before the item changes possession.
- All Bids Are Final – If you place a bid, you can not recant it.
- All Purchases are Final -Once you purchase an item, you can not return it or cancel the contract.
- Tied Bid Amounts – In the event that two equal bids are placed simultaneously, the bid received first by the auctioneer is deemed the leading bid.
- Government Taxes and Regulations – You are responsible for compliance and reporting with any federal, state, or local tax laws related to your item if you win.
- Sellers Rights – Sellers have the right to remove an item from auction, without any notice, prior to bidding
- Buyer’s Rights – The seller must sell the item for the final bid price, regardless if the value of the item exceeds the final bid.
For more information on the law of auctions, read here.
How Do I Place a Bid
Bidding is simple and easy and there are multiple ways to do it such as in person, over the phone (proxy bidding), or online. Bidding in person is raising your hand or paddle at the time you wish to sign up to bid and wait for the auctioneer to acknowledge and accept your position. Once that has happened the auctioneer will check towards you more frequently if you are in on the action.
Bidding for the first time can be overwhelming, if you are nervous someone from the auction staff may be able to bid on your behalf.
Pro Tip: Auctioneers move quickly on purpose. they don’t wait for slow bidders or those who can’t make up their minds. Know what you are willing to spend on the item beforehand and commit to that number.
Auction Tips and Tricks From the Pros
- Know the Rules – Read the rules and terms of sale before the start of the auction. If you have any questions, ask the auctioneer or a member of the staff.
- Register and Get a Paddle – In order to bid you must register. Getting this done early is ideal so you have time to find a seat.
- Pre-Auction Inspection – Almost all auctions feature a pre-auction viewing period. This is your opportunity to assess the value and quality of the goods. You should get a fixed price in your head on what you think it is worth. The item will be sold “As-Is” condition, so do not romanticize about what could be. If an item isn’t exactly what you want, keep that in mind when you set your value.
- Know Your Limits – Have a strict strategy for which items you are taking action on. Once you place a bid, you are under contract if it is “Sold”
- Do Not Hesitate – Hesitation leads to losing. Raise your paddle and make eye contact with the auctioneer. Ensure you are visible as the auctioneer may be looking elsewhere. If you hesitate towards the end, they may shout “Sold”, while you were still contemplating on bidding. An Auctioneer does not wait for slow bidders.
- Secure Your Item After a Win – if you are the winning bid, ownership is now yours. If something happens to that item, it is your responsibility. You should immediately pay out and find a place to safely store the item or take it to your vehicle. To do so you will need to provide the security with a paid invoice.
- Managing a Multi-Ring Event – some events have multiple auctions (called rings) going on at the same time. One might be selling office furniture, while the other is selling office computers and electronics. If you have an interest in items in both rings, you should bring along a friend to spy one for you so you know when you need to bid on an item.
Legal Framework of Auctions
When participating in auctions, it’s crucial to understand the legal framework that governs them. Every auction, whether it’s a timed auction or a live event, operates under specific laws and regulations. These laws ensure fair practices and protect both buyers and sellers. For instance, in many regions, auctioneers must be licensed and adhere to strict guidelines about how they conduct sales. This includes clear terms and conditions, which should be made available to all participants.
One key aspect of auction law involves the concept of a binding contract. When you place a bid, you’re entering into a legal agreement. If your bid is the highest when the auctioneer calls “sold,” you’re legally obligated to complete the purchase. It’s important to be aware of this before you click to bid live online at an online auction or raise your paddle at an in-person event.
Ethical Practices in Bidding and Selling
Ethics play a significant role in auctions, just as they do in all areas of commerce. Ethical practices ensure that all participants are treated fairly and that the auction process is transparent and honest. For sellers, this means providing accurate descriptions and representations of the items being sold. Misleading potential buyers about the condition, provenance, or value of an item is not only unethical but can also lead to legal repercussions.
For bidders, ethical behavior includes adhering to the rules of the auction and avoiding practices like bid shuffling or collusion with other bidders. These actions can skew the auction’s outcome and are often illegal. It’s also important for bidders to pay promptly and follow through on their commitments. Winning a bid and then failing to complete the purchase disrupts the process and can cause significant issues for the sellers.
In online auctions, where you might navigate through thousands of pages of data for new items every day or weekend, it’s easy to forget that there are real people and legalities behind the screen. Whether you’re in NY, PA, or any other location, maintaining a high standard of ethics is essential. This includes respecting the closing times of auctions and understanding the use of both metric and imperial units in item descriptions.
In conclusion, understanding and adhering to the legal and ethical considerations in auctions create a trustworthy environment. This not only protects you legally but also enhances your overall experience, whether you’re adding a piece of jewelry or a vintage toy to your collection. Remember, a successful auction experience relies on the integrity of all its participants.
Auctions Near Me Conclusion
Auctions are very exciting but can be overwhelming at the same time. Understanding the rules and the type of art auction you are attending is just as important as what you are bidding on. The beauty of these events is they can just as easily favor the buyer or the seller.
Everyone assumes some level of accepted risk. Finding your local auctions isn’t difficult to do, but you should find one that has things your are interested in. This is what I have learned from the auctions near me.