This article will provide information about bidding on items at an auction led by a Phoenix auctioneer. Whether you are an experienced bidder or have never participated in an auction this article will guide you through the auction process. It will provide information about previewing items prior to the auction as well as the actual live auction.
Preview - your opportunity to inspect, touch and test auction product.
- Preview of auction property commonly opens one hour prior to the live auction start time.
- There is typically a preview one day prior to the auction event.
- Previewers are usually allowed to bring in a/c cords to help them test items. They are welcome to ask for assistance to plug something in to see if it works.
How to Preview
- Pick up an auction catalog, which is the sequential numbered lot by lot listing of the auction product offerings.
- You can commonly pick up a catalog at the entry of the auction previews or print a catalog online.
- Browse the auction as items are merchandised very similar to a retail location with like items in the general vicinity of each other. Ask for assistance to find certain types of auction product as it changes with each new auction event.
- There are two auction labels on each auction lot (a lot can be multiple items all selling together or a single item selling alone).
- The first label has a large lot number and bar code indicating its order in the auction. This number corresponds to the lot number in your catalog.
- The second label is the lot's inventory control information that follows the lot from its entry into the auction to its exit out the auction facility door.
- Inspection can be the most important key to making a wise bidding decision. Auction product is not tested and there are no refunds or exchanges. You need to rely on your own inspection, research and information to make sure the lot meets your requirements.
The Live Event
- Each auction begins with the Phoenix auctioneer making a series of announcements about the auction. Listening to the announcements often provides last minute information about lot additions or subtractions, load out information for purchased merchandise and other factors that may influence your bidding decisions.
- Announcements are made prior to the first bid being called and all auction terms are superseded by announcements made the day of auction. If you have questions, ask the Phoenix auctioneer or auction house staff.
- The Phoenix auctioneer will begin to sell the first item. He or she will announce the lot number and read a brief description of the item or items being offered for sale.
- The Phoenix auctioneer will begin to ask for a bid. Oftentimes immediately the Internet Clerk will respond with an opening bid.
- Opening bids from the Internet represent bids that have been placed on the item over the Internet for the past week by other bidders that are not attending the auction in person.
- The Phoenix auctioneer will acknowledge the bid and ask for another higher bid from the live audience.
- At the same time the Internet Clerk is also watching their screen for additional bids that are coming in from the simulcast bidders participating right alongside the live audience bidders. If bids appear the Internet Clerk calls out to the Phoenix auctioneer to let them know the new bid amount.
- The Phoenix auctioneer continues with the process asking for bids from all participants until the bidding ends.
- When bidding has ended, the Phoenix auctioneer will say, "closed". Which means the item is closed for bidding. The Phoenix auctioneer will instruct the Clerk how much the item sold for and how much it sold for.
- The process continues on for each item selling in sequential lot number order until all items have been sold.
- Typically about 100 lots per hour are sold at auction.
- Multiple auctions can be going on at the same time. These multiple auctions are referred to as "rings" similar to a circus that is a three-ring circus. Registering to be a buyer at an auction gives you access and ability to bid in all the rings of the auction.