| Frequently asked questions and a glossary.
FAQ
1) How are live online auctions different than an Ebay listing?
Listings on Ebay are examples of timed events and items are often sold to the person with the fastest computer, not the person willing to pay the most for an item. Timed listings end exactly when the clock runs out. If someone submits a bid at the last possible second and becomes the high bidder, the clock will stop and no one will have an opportunity to challenge that bid. In a live auction, the item is brought before an auctioneer who calls for bids. If a bid is submitted, either by computer or in person, the auctioneer will call for additional bids. The item is sold only if there are no additional bids for the item. This means the person willing to pay the most is the winning bidder, as it should be in a true auction.
2) I have a prior engagement and can't attend the auction, but I really want one or more items. What can I do?
(answer) If you can't attend the auction because you have a prior commitment, you can leave an absentee bid. An absentee bid is an agreement to have a proxy bid for you during the Live Auction. This can be done through the auction house or through LiveAuctioneers via computer.
3) I wish I could attend the auction because there is an item I want, but we won't be in Naples, Florida that day.
You can attend the auction LIVE via your computer from any where in the world (that has a high speed connection) and bid at exactly the same time the event is being held in Naples.
4) The opening bid for the item I want is $200.00. How much should I bid?
You should bid the maximum amount that you would be willing to pay.
5) If I am willing to pay as much as $300.00, does it mean I will HAVE to pay $300 for the item to get it?
No, it is possible that you will be successful at less than your maximum bid. Here's how it works: The opening bid is $200. Your maximum is $300. When the auction starts, your bid will be submitted to the auctioneer at $200. The auctioneer will call for bids from those attending the auction in person and on their computers. If an audience member bids $210, the proxy will submit another bid for you at $220. If the audience member bids again at $230, the proxy will bid for you and you will be the high bidder at $240. If no one bids again, you will be the winner of the item and the winning bid will be $240. If the bidding continues and the audience bids more than 300, you will lose the item.
6) It shows that 4 bids have been left on the item. What does that mean?
It can mean either that four different people have an interest in the same item, or that people are competing and one or more has raised their bid to make sure that they are successful.
7) Why can't I see what the current high bid is?
The most important reason is to prevent Fraud. Remember, an absentee bid is an agreement for a proxy to bid UP TO, but no more than a certain amount on behalf of another. It is NOT an offer by a person to purchase an item for a fixed amount. Having the maximum bid public invites fraudulent activity. We have chosen the most secure system available for our bidders and not even the auction house knows what the highest bids are until the item is brought before the auctioneer.
Another reason the bid information is hidden is privacy. For example: During philanthropic events, bidders often wish to participate but they want to keep their identity and bid amounts confidential. During Fine and Decorative Arts auctions, dealers may often utilize the absentee bid. It helps prevent them from being targeted by less knowledgeable competitors.
We hope this information is helpful. Please do not hesitate to contact us if need additional information. This NIFF event is going to be very, very exciting and we are pleased to have been chosen to help facilitate their venture into real On-line LIVE Auctions!
Glossary
Absentee Bid - This is a method of bidding for those who can not or do not wish to attend an auction in person. An Absentee Bid Form can be found here or you may pick one up at our gallery. The Terms and Conditions of Sale apply to all bids including absentee bids. Absolute - Items sold Absolute at auction are sold with no minimum opening bid requirement and no reserve. The item will be sold to the highest bidder regardless of price.
Appraisal - A written document that contains an an official valuation which has been researched by a qualified professional and will be used for a specific purpose such as Insurance replacement cost, Estate taxation, or Charitable donation. As Is - All items for sale at auction are offered "as is." This means the property is sold as it is and you are responsible to examine the item for faults and imperfections. You are encouraged to inspect each item carefully to evaluate condition before placing a bid. Auction - A public sale in which property or items of merchandise are sold to the highest
bidder
Authorship - This term refers to the identity of the creator, period, culture, and source or origin of an object as outlined in the catalogue lot description. Binding - To place under legal obligation by contract or oath. Placing a bid at auction is binding and the bidder is legally bound as outlined in the Terms and Conditions of Sale.
Bought In - If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is considered "bought in." This means that the lot is left unsold and remains the property of the owner.
Buyer's Premium - Each final bid is subject to a Buyer's Premium. The premium is a percentage that is added to your winning bid and constitutes the purchase price. If the buyer's premium is 10% and you bid $100.00 for an item the total before sales tax is $110.00. Applicable sales taxes are computed on this figure and the total becomes your final invoice or purchase price. In this instance, the total invoice price with 6% Florida Sales tax would be $116.60. Chant - rapid-fire, quick-cadence combination of numbers, words and sounds that keeps an auction clipping along - is one of the most identifiable features of auctions and auctioneers. Newcomers to auctions are sometimes confused by the auctioneer's rapid speech and mistakenly feel the auctioneer is saying words and sounds that aren't meant to be understood. Although the most widely recognized talent of the auctioneer is undoubtedly his or her ability to talk fast - the first thing people should know about auctioneers is that their main job is to communicate, and if the audience cannot understand him or her, the auctioneer is not doing a good job. Conditions of Sale - See Terms and Conditions of Sale
Consignor - The consignor is the owner of an item who has contracted with us to act as agent on their behalf for the sale of their personal property at auction. Ebay Live Auctions - the computer technology that allows us to accept bids from all over the world in real time while we are conducting the auction in Florida.
Fair Market Value - Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. .
Gavel or Hammer - Either word may be used to describe the auctioneer's hammer that is struck to close the bidding. When a hammer is not used, the auctioneer's cry of "Sold" is used to determine the close of bidding.
Hammer Price - This term is used to describe the successful bid for a lot at auction. It is the sale price before the addition of the buyer's premium or sales tax, if applicable.
Increment - This is the amount by which the auctioneer increases the bidding. The increment may be rounded up or down at the auctioneer's discretion. Typically we use bid increments of $5.00 for items under $100.00 and $10.00 for items from $100 to $500. For example, if the bidding starts at $50.00, the next increment will be $55.00. Once the bid reaches $100.00, the next increment will be $110.00. As the bid price gets higher, the increments may get bigger. Internet Bid - During the auction bidders may participate via their computers. An assistant monitors our computer and relays the bid information to the Auctioneer. Knocked Down - This is a traditional auction house term for the hammer coming down and bringing an end to the bidding. You might hear someone in the gallery say, "The lot was knocked down at $12,000."
Lot - This term refers to either an individual object or a group of objects that are offered for sale at auction as a single unit. Each lot is assigned a number in our catalog for easy identification during the auction. Minimum Opening Bid - The lowest staring price that will be accepted by the auctioneer.
Paddle - This is the traditional name for an implement, now more often a numbered card, given to each bidder at the registration desk. The paddle (or card) will contain the number assigned when you registered for the auction. When you want to place a bid, you simply raise your paddle until the auctioneer acknowledges you. If you are the highest bidder on a lot, your number is recorded alongside your bid. Be sure to retain your paddle and bring it with you when paying for your purchase.
Pass/Bought In/Unsold - These are various terms used by the auctioneer when an item fails to reach its reserve price during an auction.
Pre-Sale Estimate - This is the price range in which we believe the item may sell at auction. Pre-sale estimates are generally published in the catalog. These estimates should be considered only an approximate guide and should not be interpreted as a price. Estimates are determined at the time a piece is consigned which is well in advance of the sale and are therefore subject to revision without notice. The pre-sale estimate provides prospective buyers with a preliminary guide to value and is generally the basis for establishing the reserve price (see below). An estimate is not to be confused with an appraisal (see above), which is a formal written document used for insurance, estate and tax purposes.
Provenance - This term refers to the history of ownership of the item being sold. An interesting or unusual provenance can add to the value of a piece, such as when an item was previously owned by a famous (or notorious) person, a popular celebrity, or an important historical figure. Proof of provenance is critically important. Hearsay, or family legend does not meet the criteria for provenance. Proxy Bid - An agreement or directive which allows an authorized person to act as agent or substitute and submit binding bids on behalf of another. Reserve Price - This term refers to the confidential minimum price that has been agreed upon between the seller/consignor and the auction house. It should be assumed that all items are sold subject to reserve unless otherwise stated to be Absolute or Without Reserve. (see above) Ringman - an auction assistant that watches the crowd, encourages the bidding, creates excitement and conveys bids to the auctioneer or brings a bidder to the auctioneers attention. Runner - an auction assistant that gathers the items and / or brings them to the podium.
Telephone Bidding - In certain cases, and only by pre-arrangement, we will accept bids from a potential buyer by telephone. An auctioneer's assistant in the gallery will relay the bidding information. Terms and Conditions of Sale - All sales are final and subject to our Terms and Conditions of Sale which can be found in the catalogue, at the gallery reception desk, and also here. Please read the relevant conditions carefully before making a bid. Registering to bid or attending the auction indicates full understanding and acceptance of these terms along with the agreement to be so bound. If there are any phrases or auction related words on our site that you do not understand or that you think should be added to this Glossary, please contact us.
|
