A live public auction is a ton of fun, but can also be stressful for those new to the excitement. Here are some of the most frequently asked questions we get asked about attending live auction events…
Live Public Auction FAQs
What is a Live Public Auction?
A live public auction is an auction that is open to the general public, typically held by professional auctioneers. These auctions can be for a variety of items including antiques, art, cars, real estate, and more.
Do I Need to Register to Bid at a Live Auction?
Most live auctions will require you to register to bid. This is typically done by providing your name, address, and phone number. Some auctions may also require a credit card or other form of payment to be used as a deposit.
Can I Preview the Items Before the Auction?
Most auctions will allow potential bidders to preview the items that will be up for sale before the start of the auction. This is typically done during regular business hours on the day or days leading up to the auction.
What are the Rules of Bidding at a Live Auction?
Each auction house will have its own set of rules that must be followed during the auction. These rules are typically designed to create a fair and orderly bidding process.
Some of the more common rules include:
- Bidders must raise their hand or paddle to bid
- Bids cannot be retracted once they are made
- The auctioneer has the final say on all bids and can reject any bid they deem inappropriate
Differnt types of auctions however, may have differnt rules. You should always read the rules when attending an event.
What are Some Tips for Live Public Auctions?
If you’re planning on attending a live public auction, there are a few things you should keep in mind.
- Register early because lines can be long. If the event starts and you are not registered, you can’t bid until that’s completed.
- Do your research on the item or items you’re interested in so you know what they’re worth. Look them up on eBay and take notes of the prices.
- If there is an inspection period before the event, go to it and inspect the items you wish to bid on. Take notes and try and establish a guess on a high and low value.
- Write down the highest bid you are willing to make before the bidding starts.
- Don’t be afraid to ask the auctioneer questions about the item before the bidding starts.
- When the bidding starts make sure you are standing where the auctioneer can see and hear you.
- Stay within your budget so you don’t end up spending more than you can afford.
What Should I Do if I Win an Auction?
If you’re the winning bidder at a live public auction, congratulations! Once the auction is over, you’ll need to pay for your item right away. The auctioneer will usually take cash or a check, but some may also accept credit cards.
What Kind of Fees do Auction Charge the Buyer?
Most auctions will charge the buyer a buyer’s premium, which is a fee that is added to the final bid price of an item. This fee is typically between 10-25% of the final bid price. Additionally, some auctions may also charge a registration fee to participate.
Are Bids Legally Binding Agreements?
Yes, bids made during a live auction are legally binding agreements. If you are the highest bidder on an item, you are obligated to purchase that item for the bid amount.
What are the Payment Terms for Items Purchased at a Live Auction?
Payment terms will vary depending on the auction house, but most will require payment in full at the end of the auction. Some may allow for a deposit to be made at the time of purchase with the balance due at a later date.
What Happens if I Cannot Pay for an Item I Win at Auction?
If you are unable to pay for an item you have won at auction, you will likely forfeit your deposit and may be subject to additional penalties. It is important to make sure you can pay for any items you bid on before entering into a binding contract.
Will Auctions Hold Your Merchandise Until You Are Ready to Pick It Up?
Most auctioneers will not hold your merchandise until you are ready to pick it up. This is because they need to make room for the next auction. If you can’t pick up your item right away, you may need to make arrangements with the auctioneer ahead of time.
At certain auctions for livestock, vehicles, machinery, and other large items, you can arrange an overnight hold. There is a charge for the service.
How Long do Live Auctions Last?
Live auctions can last anywhere from a few minutes to several hours, depending on the number of items up for auction and the interest of the crowd.
What Type of Auctions Are There?
There are a few different types of live public auctions, including online auctions, absentee bidding, and live bidding. Online auctions are held entirely online, while absentee bidding takes place before the actual auction occurs. Live bidding is when you bid on an item in person during the auction itself.
What is the Difference Between a Live Public Auction and an Online Auction?
The main difference between a live public auction and an online auction is that a live auction is held in person, while an online auction is held online. This means that bids must be made in person.
What are the Benefits of Attending an Auction Live?
Some of the benefits of attending a live public auction include the ability to see the item up for auction in person before making a bid, the excitement of the bidding process, and potentially getting a good deal on the item.
When and Where are Live Public Auctions Held?
Live auctions are typically held in a large room or hall with plenty of space for all the bidders. The auctioneer will stand in front of the item that is up for auction and take bids from the crowd.
How to find a Public Auction Near Me?
There are a few different ways to find public auctions near you. One way is to check your local newspaper or classifieds for upcoming auctions. Another way is to search online auction directories like AuctionZip or Storage Unit Auctions List. Finally, you can always ask around at your local businesses or community center to see if they know of any upcoming auctions. Of course there is our homepage.
Pro Tip: One of my best secrets is using Google “Events” to find public auctions near me. You will find popular auctions listed on Google Events, but there will also be localized auctions. Try Google Events here: Public Auctions Near Me This Month
What Should I Bring to a Live Auction?
When you attend a live public auction, there are a few things you should bring with you. First, make sure to bring enough money to cover the cost of your purchase, as well as any other fees associated with the auction. Second, it’s always a good idea to bring a friend or family member with you, as they can help you keep track of your bids and make sure you don’t overspend. Finally, don’t forget to bring your ID so you can register to bid.
For large auctions with expensive items, you may need to bring proof of your ability to pay. This can be a credit card or a bank statement.
If you are attending an event with large items, you should have pre-arranged transport to get the items from the auction to your location. Additionally, you should ensure you have enough space for the items before you decide to bid on them.
What Kinds of Items Are Featured at Live Auctions?
Live auctions can feature a wide variety of items, including but not limited to: furniture, art, antiques, cars, jewelry, and collectibles.
What Should I Do if I Have More Questions?
If you have any more questions about live public auctions, the best thing to do is to contact the auctioneer directly. They will be able to answer any of your specific questions and help you prepare for the auction.