By Larry J Theurer, CAI, GPPA

The other day I met a lady who told me she had never been to an auction. At first I was a little surprised because I’ve been going to auctions for more years than I care to elaborate on and most everyone I know has attended at least a few in their lifetime. It occurred to me after that conversation that, whether you are a seasoned professional on the auction floor or a “newby”, there are a few things you need to know before you go.

AN AUCTION IS AN EVENT

First, let me say an auction is an event. Every few minutes two or more people spar with one another for the prize set before them. The excitement can build to a level of intensity not matched by many other kinds of events—especially if you are one of the bidders in the heat of the battle. I know several people who regularly attend auctions just for the entertainment value alone.

NOT ALL AUCTIONS ARE ALIKE

Yes, it is true not every auction is the same. Auctions can be grouped into three different categories: Absolute Auctions, Minimum Bid Auctions and Subject to Confirmation Auctions.

In an Absolute Auction the seller is willing to sell their item or items for any amount bid. There are not minimum amounts required to purchase the item. This is generally considered to be a “high risk” auction for the seller. One of the advantages to an Absolute Auction is the seller knows the item will sell on a specific day as long as there is someone willing to place a bid.

The Minimum Bid Auction is a “moderate risk” auction where the seller will only accept bids at or above a specific amount. If the item does not bring the minimum required by the seller then it doesn’t sell.

Subject to Confirmation Auctions are a low risk auction format. This auction method is often used on real estate and land auctions where the seller is given the option to accept or reject a winning bid.

GET YOUR BIDDER NUMBER HERE FOLKS

Before you can bid on any items at an auction you must first have a bidder number. All auctions have a place where you can register and get assigned a bidder number for that auction. The registrar will ask for basic contact information as well as anything else that may be required for that specific auction. Be sure to keep your bidder number handy when bidding on items because the auctioneer will ask you for that number if you win the bid.

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All Auctioneers have their own style and “Auctioneer’s Chant”. Basically the Auctioneer’s Chant is a systematic approach to call for an ascending bid. The Auctioneer is usually saying something like, “I’ve got five would you give me ten, I’ve got ten would you give me fifteen and so on.” The Auctioneer will often use little quick filler phrases such as, “should ya, would ya, could ya, would your momma let ya.” Auctioneers can be quite witty and often humorous during their bid calling. There are national and international competitions for bid calling with very prestigious awards given to the best Auctioneer in the competition.

WHAT DID I JUST BUY?

When you are ready to bid on an item be sure you know what you are bidding on. Take the time in advance of the auction to examine the items you want to bid on so that you are sure of their quality before you bid. Most Auctioneers do their best to point out blemishes but they don’t always catch everything. Make sure what you are willing to pay for an item matches the quality and condition of the item you are bidding on. Oh yes, and don’t forget to pay the cashier for your new treasures.

WOW! WAS THAT FUN!

The most important thing to know before you go to an auction is have a good time. Auctions are fun to be a part of. The excitement alone is enough to keep me going back for more. If you want to feel a little rush of adrenaline just go to an auction, register for a bidder number and bid on that next “gotta-have-it” item.