Checklist of Process to Watch at Auctions



Before Auction

  • Conduct a thorough examination of the goods before you buy them. Take the opportunity to examine the goods before you buy them - auctioneers normally hold inspection days before the auction so that you can check through the lots that interest you.

  • Check to see whether any money is owed on the goods, especially if high value goods are involved. You may not always be able to check that the goods are subject to a security, as notices of security interests are registered in the name of the debtor. With motor vehicles however, searches can be done by the vehicle’s serial number.

  • Make sure that you do not bid more than you can afford. Once the hammer hits the table then it says that the auctioneer accepts your bid and the goods have been bought by you.

  • Make sure you check fully the terms of sale. Work out the amount that you want to bid to and add on the buyer’s premium etc as applicable.


Terms

  • Buyer’s premium to be added to price

  • Goods must be collected on t...

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