Every auction house may have a slight variation on theme, but for the most part, you’ll be able to find a standard set of services that will be supplied which also have a regulated level of requirements. When you’re a buyer at an auction, you should expect the following from auction rooms in Australia:
A Preview
Before any auction takes place, a house should have a preview where attendees are able to personally inspect the antiques or items that are being offered at the auction. This will allow you the chance to handle the merchandise and give it a good look over so you can determine what condition it’s in and whether or not you want to buy it.
TIP: Sellers can also attend the auction to get an understanding of how potential buyers feel about their items(s).
Obtain Your Bidding Card
A day or so in advance, it’s a good idea for buyers to obtain his or her bidding card. In order to have one, you’ll need to provide the house with your name, address, phone number, and possibly your banking information depending on the auction company and the value of the items available for auction.
TIP: Some houses may require you to leave a deposit prior to participating in the event. The amount should be refunded to you as soon as you leave the event and don’t win anything. Should you win one or more items, then that deposit should be applied to your outstanding balance.
Sold “As is”
Given that those who are bidding have the ability to check out items personally, all items that are sold at an auction are sold “as is”. This means that any defects, flaws, or imperfections are not part of any guarantee that the auction company may or may not offer. Simply put, what you see is what you get. Make sure that you do your research and understand exactly what it is you’re bidding and buying before committing all the way.
Premiums
Both buyers and sellers are charged a percentage of the sale, called a “premium”, which is how these auction companies are able to thrive and survive. A buyer’s premium is calculated on the amount of money that the buyer is required to pay to the house in addition to the amount they agreed to pay for the item they won. It’s imperative that buyers understand what the percentage is before bidding, otherwise they can lose more than they hope to gain.
Established in 1919, Leonard Joel has been a leading provider of private, public and commercial auctions throughout all of Australia for nearly a century. The company provides clients with a complete set of auction management services and provides the largest auction market for both the dispersal and the purchase of art, antiques, jewellery, furniture, and collectables.
