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BUYING AND SELLING AT AUCTION

From a bag of marbles through to cars and property, auctions are an exciting and fun way to buy and sell. Even with the introduction of technology the basic process of the auction remains the same. Auctioneers and auction houses are governed by rules and guidelines that must be adhered to ensuring fair play for vendors, buyers and the auctioneers themselves. Staying within the guidelines, each auction house has its own established set of terms and conditions. Auctioneers styles of calling for bids vary greatly but the basic principle remains consistent. Below is a simple guide to buying and selling with Hinter Auctions.

Buying At Auction

The following is a basic guide to buying at auction.

Registration

It is a requirement that all buyers must register their details with Hinter Auctions prior to bidding. To register as a buyer you need to provide:

  • Your name, address and phone number
  • Your driver’s licence or similar official ID

For online bidders, a valid credit/debit card is required in order to bid. This is for bidder verification purposes only (a 1c purchase and void will be transacted). Upon this purchase/void the middle 6 digits of your card number are masked and the CVC completely removed. Hinter Auctions do not, and cannot automatically take payment for open or pending invoices.

Registration with Hinter Auctions is only required once. If you are registered then only check-in is required to bid at future auctions

Your bid card number

At all of our auctions, registered buyers are provided with a bidder number that is to be displayed to the auctioneer on a winning bid.

Buyers can receive their bid card number at the registration desk on check-in prior to the auction. Only registered bidders will receive a bid card.

Bidding At Auction

Bidding at auction is a simple process.

Starting Bid:

The auctioneer will ask for a starting bid. He/she will often countdown until a starting bid has been indicated by a registered bidder.

A starting bid can also be called out from the floor. The auctioneer will indicate if the starting bid is accepted. Once a starting bid is accepted by the auctioneer further bids are accepted.

In the case where there are absentee bids on the books, the auctioneer may confirm a starting bid at the commencement of the lot offered.

Bidding:

To place a bid at a live auction is a simple matter of raising your bid card, hand or nodding your head (it must be a clear indication of a bid). If a bidder is not in clear sight of the auctioneer or bid spotter a bid could be called out verbally by the bidder. Online bidders simply click the blue “BID NOW” button.

Bidding Increments:

A bidding increment is a price each bid will advance. This is set by the auctioneer during the auction.

There a few methods that bidding increments are set:

  1. The auctioneer will announce the bidding increments (bidding increments often change during bid calling)
  2. A bid increment could be called from the floor ie. if the bid increments are currently at $100.00 a bidder could indicate a $50.00 bid. If this is accepted by the auctioneer the concurrent bids will rise by $50.00

When bidding is stalled and it seems that there are no more advances the auctioneer will give a fair warning that the auction will come to an end. You will hear phrases such as:

  • I’m going to sell it out
  • I’m going to knock it down
  • It’s had it’s time
  • Out we go

This will be followed by 3 counts such as:

  • 1st, 2nd, 3rd and final time – sold
  • Quick, bidding, all done – sold

Please note that it is important to get your bids in early to indicate your interest in the lot offered. Trying to place a bid just before the hammer falls could result in your bid not being recognised by the auctioneer (this is especially true for online bidders where latency is a factor).

 

 

Winning The Bid

Winning the bid simply means that you are the final bidder and the item has been knocked down (sold) to you.

If you are the winning bidder simply hold your bid card so it can be viewed by the auctioneer. The auctioneer will announce your number and it will be recorded along with the price (by the auctioneer or clerk).

If the lot has been won by an online bidder the closing price and the winning bidder is automatically recorded.

 

 

Paying For Items Won

All invoices are generated at the close of the auction. On request, an invoice can be generated at any time during the auction.

Your invoice will include:

  • All of your items won
  • Buyers premium 
  • Any GST applied
  • Credit card fee (if applicable)

All invoices can be paid either onsite or online via the following payment methods:

  • Cash
  • Credit/debit card (card fee applies)
  • Direct transfer

All items must be paid for in full before being removed from the auction area.

 

 

 

Collecting Your Items

Once your items have been paid for in full show one of the porters your invoice marked paid. Your items will be collected from the auction floor and handed over to you.

Congratulations, your won items are now yours to enjoy 🙂

Please note the collection terms for each auction

Selling At Auction

The following is a basic guide to selling at auction.

Registration

It is a requirement that all sellers must register their details with Hinter Auctions prior to submitting items for sale by consignment. To register you need to provide:

  • Your driver’s licence or similar official ID 
  • Your name, address and phone number
  • Your Bank details for settlement purposes

Details for registration can be included on your goods consignment form

List Your Items

Provide a description of the items you wish to sell at the auction.

A printable goods consignment form can be downloaded here…

An online consignment form can be submitted here…

The general consignor terms and conditions can be viewed here…

Please note that these documents are for general in-house auctions only. Onsite auctions are negotiated on a case-by-case basis with specific rates and Ts & Cs applied.

 

Reserves

Sellers are able to place a reserve price on their items. The reserve is based on the hammer price and will ensure that the item/s will only be sold once it reaches the set price. Any reserves should be placed on consignment.

Some points to consider:

  • The auctioneer must declare a reserve has been set. The auctioneer must also declare when the reserve has been met (on the market)
  • The auctioneer WILL NOT declare the reserve price unless instructed to do so by the seller
  • Reserves are not accepted under $50
  • If the item does not sell during bidding it will be passed. The consigned item can be sold by the auction house post-auction at the reserve price
  • A “No Sale” fee is charged on reserved items at 5.5% (capped at $11) of the set reserve price set by the vendor
  • In the case that a reserve has been placed by the consignor after the lot has been catalogued the auctioneers reserve the right to charge the full agreed commission rate of the bid price achieved.
Lotting and Cataloguing

Hinter Auctions will assign a lot number, photograph and add descriptions supplied to all consigned items. This will be compiled into a catalogue and made publicly available both online and in hard-copy for viewing.

If Your Item Is Sold

If your item is sold Hinter Auctions will:

  • Take payment for the item (payments are deposited into the Hinter Auctions nominated trust account)
  • Handover the item/s to the buyer
  • Process seller settlement details
  • Email the settlement details to the seller
  • Pay the settlement funds into the seller-nominated bank account (within 14 days of the lot being sold, unless otherwise agreed)
If Your Item Is Not Sold

If the item/s are not sold the seller will receive notification by email or phone. The seller is required to pay any fees owing and collect the consigned item/s within 48hrs of the auction 

Consignment Forms

All of our consignment forms and Ts & Cs are available to download or fill online.