A good place to start is learning basic auction terminology so they can participate knowledgeably and avoid potential pitfalls.īuyers often think the auctioneer owns the items being sold but generally, the auctioneer is acting as an agent for a seller. Even so, bidders are ultimately held responsible for their commitments to buy, so they should familiarize themselves with essential auction basics. If an auctioneer avoids questions or dodges those who seek them out, the bidder should exercise extra caution about doing business with that auction company.Īuction companies want their bidders to return for other auctions and will work to earn that loyalty. Most are willing to explain general bidding procedures or why a particular bid is handled a certain way. Most auctioneers are familiar with applicable laws and are well versed in ethics and suggested business practices. By researching the auction business and reading blogs like this, bidders can learn to recognize and differentiate between dishonest auction practices and honest practices that work to their disadvantage or, at least on the surface, seem questionable.Ī bidder who has concerns about the bidding process should discuss them with the auctioneer either before or after an auction. But sometimes an auctioneer engages in practices that violate these standards. They stay abreast of best practices and the law through various channels including National Auctioneers Association (NAA) training, reading articles and blogs on auction law, and conferring with other auctioneers through the NAA or various networks.
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Most auctioneers are professional and honest. The auction company also must protect bidders with fair competition for the property being auctioned.
But auctioneers also represent sellers and owe them certain legal obligations. The final bid wins the auction if it meets or exceeds the reserve price.Īuction companies seek to sell items for as high a price as possible. In contrast, the seller in a reserve auction sets a minimum price (the reserve). There is no minimum price (reserve) and the seller is not permitted to bid. In an absolute auction, the highest bidder wins the item. Prospective buyers engage in competitive bidding for real estate, personal property, and business property. Here are some things a bidder should understand before jumping into an auction.Īn auction is a type of public sale involving a seller and more than one potential buyer.
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Winning an item can be fun and gratifying but auctions involve legally binding commitments so buyers should have a full understanding of the process before participating. From real estate and vehicles to medical equipment and collectibles, buyers are turning to auctions as an excellent source for things they want and need. Auctions offer buyers a convenient way to find useful and fun items at good prices.
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