We will try to answer some of the most frequently asked questions as well as provide some tips for attending a Quaker City auction. This FAQ covers:
• Buyer's Premium • Inspection • Catalog • Open Lots • Auction Length • Bidder Privilege • How to Attend Auctions • Auction Tips • After the Sale • On-line Bidding
What is a Buyer’s Premium? Many auctions have a buyer’s premium today as a way for the auctioneer to earn his fees. A buyer’s premium is an additional percentage of the total winning bid due at the time of the sale. For instance, if there is a 10% buyer’s premium on a successful $100 bid, the total cost to the buyer is $110.
What does Auction Inspection mean?
A large auction will usually have an inspection day or some time immediately prior to the auction for buyers to inspect the equipment before sale. There is not usually time during the auction for an adequate inspection and, at times, it may not be possible or permitted. Buyers are strongly urged to use the inspection time to determine the nature and condition of the desired items and to plan their bidding. Remember, all sales are final.
What is the Auction Catalog?
The auction catalog distributed either at registration or on-line contains a sequential list of the lots to be auctioned. The catalog is meant as a general guide and is subject to change. Use the catalog to prepare for your bids, but please be aware of what you are bidding on.
Why does the catalog list "Open" Lots?
Open lots indicate a break where the auctioneer will need to move to new location. Open lot numbers are also used to give a number to any stray items that are added after the catalog was printed. In general, just ignore them.
How long will the auction last?
Auction lots are sold sequentially starting with lot number one in the catalog. The auction usually moves through a building and follows the trail of lot numbers. Auctions can last from one hour to five hours or more depending on the amount of lots to be auctioned. As a general rule, Quaker City sells about 100 lots each hour. There are no breaks for lunch, although there is usually a caterer on site to serve the bidders.
What does it mean when the auctioneer says the top bidder has "Privilege"? If there are several lots of identical or nearly identical items, the auctioneer may sell the first to the top bidder with the privilege of buying the other lots for the same price. The top bidder may buy one, two or even all of the lots offered for the same price as his top bid. If you wait for the last lot to be sold hoping for a lower price, you run the risk of losing it to a bidder buying with privilege or the next highest bidder in line.
How do I attend and bid at a Quaker City Auction?
Most auctions by Quaker City Auctioneers, Inc. are public auctions and open to all interested bidders. Auctions are frequently held on-site at a particular business location, as the situation requires. The auction begins at the time, date and place stated. Quaker City Auctioneers makes an effort to help buyers find the location, but ultimately it is their responsibility to find the location, arrive on time and make overnight lodging arrangements if needed. We recommend that buyers take advantage of advertised inspection hours if possible and to arrive a little early for registration.
At the registration desk, you will receive a unique bidder number to use during the auction, a receipt for your deposit and an auction catalog. Buyers are required to leave a fully refundable cash deposit, certified check or bank letter of guarantee to receive a bidder number. You will need to settle the balance due at the end of the auction with cash, certified check or bank letter of guarantee with company check. Unused deposit money will be returned. Terms of auction may vary depending on the situation, please take time to examine the terms of auction before you arrive.
Tips for bidding in the auction
Be prepared when the item you want goes up for auction and have your bidder number ready. When you want to bid hold your number up and make certain the auctioneer sees your bid. At this point, things start to move quickly as the bidding moves between different bidding parties. Keep holding your number up as long as you want to stay in the bidding and establish eye contact with the auctioneer. He will look back and forth between you and the other bidders. If you win the bid, hold your number up so the auctioneer can write it down. If you no longer wish to bid, lower the number and shake your head no when the auctioneer looks at you. Bidding at the auction is easy as long as you pay attention and know what you are bidding on.
After the sale
No item can be removed until the balance of the bill is paid in full. For your protection, a Quaker City employee will take your paid receipt and check your purchased items as they are removed. Unlike smaller auctions, the items you purchase may not be available immediately after the auction. The auctioneer will review the specific arrangements at the beginning of the auction. Buyers may need to return the following day or days to collect purchases.
Buyers are also expected to bring all the equipment, tools, carts, transportation and workers needed to collect purchased items. Equipment in the building is often unavailable to use after the sale. Please be prepared to safely move everything you purchase within the time allotted or to hire someone who can. It is the buyer's responsibility to hire professional riggers with the experience and knowledge to move machinery and the proper insurance.
Does Quaker City have On-Line Instant Bidding?
Under certain circumstances with advertised notice, there will be on-line instant bidding.