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Auction Tips

If you are new to auctions, here are a few tips that might help make your experience an enjoyable one.

Let's Start with Auction Terminology. . .

"By the piece and two (three, four, etc...) to go" You are bidding on several items being presented and must buy every piece for the price you bid. For example, a four piece cookware set that you bid five dollars a piece on would cost $20.00 after you purchased all of them.
"Bidders Choice or Bidders Preference" - Again, several items are presented to you except, in this instance, you may choose to buy only one item, several items or all of them - paying the same price for each article.
"Buyer's Premium" - This is a charge to buyers for purchasing merchandise at the auction. It is a generally accepted practice in some areas to charge 10 to 15% of the total purchase price but many auction houses do not do so (we charge a buyer's premium).
"Reserve" - A reserve is the minimum price that a consignor will accept on his merchandise. A vase that has a $25.00 reserve on it will not sell if it only brings $22.50. Generally an auctioneer will tell you what the reserve bid is so you can decide if you would like to pay the required amount.
"Commission" This is the amount charged by the auctioneer to sell someones merchandise. Commission rates can range anywhere from 5% to 50% so it is a good idea to comparison shop.
"Absentee Bid" - An absentee bid is left with the auctioneer when an individual is unable to attend the auction but would like to purchase merchandise. The absent bidder is assigned a bid number just like those present and someone will bid in his place up to the amount he specifies.

Tips for Buyers

Carefully inspect all merchandise before you purchase it. Auctioneers will generally tell you when something is damaged but mistakes are occasionally made. If you buy something that IS damaged, tell the cashier.
If possible, plug electrical appliances in.
Try to keep in mind the current market value of an item when bidding. Very often people get caught up in bidding "wars" and find after it's all said and done they could have bought the same item at Walmart for less money.
Remember that most auction merchandise is USED merchandise. If the item worked when it was sold most auctioneers won't refund your money after you take the item home.

Tips for Sellers

Make sure the merchandise you sell is CLEAN. Presentation is half of the sale and I've learned that a new, DIRTY couch will not bring half of what a used, CLEAN couch will.
Bring your merchandise in plenty of time before the sale to ensure that it can be properly placed for potential buyers to view (again presentation).
Compare commission rates but consider other factors. Cheaper doesn't always mean better. If Auctioneer Joe charges you 10% commission and sells your Tiffany lamp for $50.00, you only get $45.00. On the other hand, Auctioneer Fred, who is charging you 20%, might sell the same lamp for $150.00. You can do the math.
Ask about advertisement. Find an auctioneer that will advertise to a wide venue of people. After all, the more people who know about your merchandise, the more people who will be bidding on it.
Make sure that your items are functional. Broken, damaged merchandise might sell once but that buyer will probably never purchase a questionable product again at that auction.
Don't be afraid to sell quality merchandise. People who won't pay $1.00 for a chipped bowl will happily pay $10.00 for a nice piece of glassware. Keep in mind what YOU would be willing to pay for the same item. In the long run it helps not only the auction house but you, the seller, to consistenly sell good, quality pieces.

And last, but not least, be nice to the people selling your items ;)

WE ARE NOW SEEKING SUPPLIERS FOR OUR 2004 SPRING AUCTION SEASON....If you are a dealer, executor of an estate, real estate broker, attorney or collector, we would like to work with you.  If interested, email us at info@pompanoauctions.com