Know the Rules
Please read the terms of sale carefully. Ask Platinum Auctions personnel if you have any questions. We’re happy to help and answer your questions.
Get a Bidder’s Card
You must have a Bidder’s Card to buy at the auction. To get a Bidder’s Card, simply sign-up at the registration table. A valid ID is required.
Inspect Before the Auction
A “Preview Day” is almost always provided prior to the auction to give bidders an opportunity to inspect the goods to be auctioned. Use the opportunity to do your own evaluation and inspection. Remember, you are buying the items “AS IS” with no guarantees from the seller or auctioneer. The risk that an item is not exactly what you wanted should be considered when you decide how much to bid.
Unable to attend the preview?
Contact us to plan a private inspection before auction day. Availability may vary depending on auction.
Know What You are Bidding On
Pay careful attention to which item you are bidding on, as well as how much you are bidding. You cannot retract a bid once the auctioneer has said “sold”. You are responsible for your bids.
Don’t be shy about bidding. Raise your bid card in the air if you want an item and keep it up until your bid has been acknowledged. Make certain the auctioneer sees your bid because the auctioneer may be taking bids from someone near you. Once the auctioneer says “sold”, the item is gone even if you are willing to continue bidding. Our auctioneers will not re-open the bidding.
Secure Your Property
As soon as the auctioneer says “sold,” ownership of the item changes hands. If you had the high bid, you now own it. If it is later stolen, you are still responsible for paying for it. Make sure you guard your property. Remember that you are welcome to pay the cashier as many times during the day as you like. If you want to take an item to your parked vehicle and then return to the auction, simply pay the cashier and have your paid invoice when taking the item from the building.
Be Prepared to Bid
Most auctions are fast-moving by design. Generally, auctioneers don’t wait for slow bidders, so know what you’re spending on which item.
Choice or One Money
These two methods of bidding are sometimes used when there are multiples of the same item, for example five computers. If the auctioneer announces the bidding for the computers will be “Choice”, it means the winning bidder will have the option to take one, two or more of the computers at the winning bid price. If the winning bidder bids $60, he or she has the choice of buying one, two, three, four or all five of the computers for $60 each. If the auctioneer announces the bidding will be “One Money”, it means the items will be sold in a single lot for one bid price. The winning bidder bids $60 for the desks, he or she has bought all five desks for a total of $60. The auctioneer will clearly announce any time items are being offered as Choice or One Money.
When an item is ready to be auctioned, the auctioneer calls out a brief description of the item. The auctioneer then asks for bids. The auctioneer continues to increase bid increments until the bidding stops. When the auctioneer senses no more bids will be forthcoming, he “drops the hammer” and says “Sold!” At that point, title transfers and the winning bidder now owns the item.
Recording the Sale
While the auction is taking place, auction personnel record the description of each auctioned item, the bidder’s number and the amount of the winning bid.
Some auctions are conducted with multiple “rings” going simultaneously. This means that two or more auctioneers will be selling different merchandise at the same time. Often the different rings will have different types of merchandise – for instance one ring might auction office equipment, while a second ring auctions shop equipment. If you want to buy an item in one area or another, you will need to keep an eye on each ring, so you know when to bid. Or better, have friends or colleagues cover the other rings. If you have any questions about how the auction will be run, just ask a Platinum Auction representative.