Get the “lay of the land” by visiting an auction house first. “Get used to how it works.” Finding treasure is a process that takes time and viewing the items going under the hammer before hand gives you an idea of what you want to go home with. The bidding is fast paced and you will not be flustered since you will know what’s on offer, where it is and you have made a decision concerning what you want.
Auction items are called “lots” and are usually numbered. The auctioneer will introduce a lot, then start the bidding with a beginning price. If no one indicates interest, the auctioneer might offer a lower price. Once bidding starts, the auctioneer will increase the price by increments until the bidding competition stops. The winner either picks up the item right there, or will take it away on an agreed-upon later time.
Setting your budget is easier if you know precisely what you’re bidding on (and the condition). Previews happen in the days leading up to the auction. Representatives are on hand to answer any questions.
Ask about deposits and extra charges also. You have to put down a refundable deposit when you register to bid. Register for your bidder’s card as soon as you arrive soon as you arrive. You can’t participate without one.
You can also set up absentee bidding, where a representative bids on your behalf. This is called a Proxy bid. So if you are not able to be physically present at an auction but you are not willing to let go of a treasure, this is a good way to make sure the opportunity doesn’t slip through your very fingers.
Stay calm during the preview when you find items you want to acquire. You don’t want to announce your intentions to other bidders. You may end up increasing your competition if you call attention to specific pieces.
When the final bid is below the reserve price (the amount that is minimum price that the seller is willing to accept for an item) then the acceptance of it is subject to confirmation (STC). In the case of Liquidation auctions, it is also common that all bids will be subject to confirmation because at times, the reserve price will not have been confirmed.
When all is said and done, auctions are a perfect place to find treasures that have been preloved. Some items are not in production anymore and can only be unearthed at auctions. See you at the next one.
For more information CALL: Leonard – 0955 987728, Enock – 0955987726, Simbelele – 0955 987729
Or Visit us at Plot 7213/4 Kachidza Rd, Cnr Mulalika Rd, Off Lumumba Rd, Behind Stanbic Bank, Light Industrial Area, Lusaka,Zambia. TELEPHONE: + 260 211 287334/5, +260 211 287327/8 +260955987727
“When our hammer falls, the market jumps!’’