Auctioneer: Refers to the company, agent, or individual conducting the auction and managing the bidding process.
Bidder: Refers to any individual or entity who registers to place bids at the auction.
Seller (Vendor): The individual or entity offering items for sale through the auction.
Item(s): Any goods or assets being sold at the auction.
Hammer Price: The price at which the auctioneer concludes the bidding and sells the item.
Reserve Price: The minimum price set by the seller below which the item will not be sold.
Winning Bidder: The highest bidder on an item whose bid is accepted by the auctioneer.
Buyer’s Premium: A percentage added to the hammer price to be paid by the winning bidder.
The auctioneer acts as an agent for the seller and is responsible for conducting the auction fairly and efficiently.
The auctioneer has the discretion to:
Set the bidding increments.
Refuse any bid if deemed inappropriate or not in the best interest of the seller.
Withdraw any item from the auction prior to the hammer being struck.
Resolve any disputes regarding bids or items. The auctioneer’s decision is final.
The auctioneer is not responsible for any inaccuracies or defects in the description or condition of items.
Registration
All bidders must register prior to the auction, providing valid identification and any required deposits.
By registering, bidders agree to comply with these terms and conditions.
Bidding Process
Bidders must raise their paddle or use other approved methods to make a bid.
All bids are final once recognized by the auctioneer. Bidders cannot retract their bids.
Bidders are advised to inspect items prior to bidding. No refunds or exchanges will be offered post-sale.
Winning bidders are responsible for payment of the hammer price, buyer’s premium, and any applicable taxes or fees.
Bidding Process for Online Auction
Participating in an online auction can be simple and efficient if you follow these steps:
Create an Account: Visit our auction website and sign up for an account. Provide your full name, email address, phone number, and a valid government-issued ID.
Verify Your Account: After registering, verify your account through a confirmation email or SMS.
Deposit/Pre-Authorization: Some auctions may require a refundable deposit or credit card pre-authorization to secure your ability to bid.
Viewing the Auction Catalogue
Browse the Catalogue: Once registered, explore the online auction catalogue. Each item will include descriptions, photos, and any available reports.
Set Alerts: If there are specific items you are interested in, you can set up notifications to alert you when the bidding is close to ending.
Start Bidding: To place a bid, enter your desired amount in the bidding box and submit it. Your bid must meet or exceed the minimum increment set by the auction platform.
Manual Bidding: You place each bid as the auction progresses, actively increasing your bid based on other participants’ bids.
Auto-Bidding/Proxy Bidding: You can set a maximum amount you’re willing to pay for an item. The system will automatically bid on your behalf, up to your maximum, in response to competing bids.
Bid Increments: The platform will automatically set increments, typically starting low and increasing as bids rise. Make sure to adhere to these increments when placing a bid manually.
Bid Notifications: You will receive notifications if you are outbid. Stay alert to continue bidding if you’re still interested in the item.
Bid History: You can view the history of bids on each item in real-time to see who the current high bidder is.
Winning the Auction
End of Auction: When the auction ends, the highest bid will win the item, provided it meets or exceeds the reserve price (if applicable).
Winning Bid Confirmation: If you’re the highest bidder, you will receive an email or notification confirming your win along with instructions for payment.
Delivery of Purchased Items
Shipping and Handling
Collection by Contracted Companies:
All purchased items must be collected by the buyer’s contracted shipping or logistics company within 5 days of the auction’s closure.
Shipping Arrangements:
Buyer’s Responsibility: It is the buyer’s responsibility to arrange and pay for shipping. We do not handle shipping directly.
Buyers must contract with a third-party shipping company or courier service to collect their items from the auction site.
Collection Deadline:
All items must be collected by the contracted company within 5 days after the auction has ended. Failure to collect within this timeframe may result in:
Storage Fees: Additional fees for storing the items.
Forfeiture: If items are not collected within [insert timeframe] after the 5-day collection window, the auctioneer reserves the right to re-sell or dispose of the items, with no refund to the buyer.
Pickup Instructions:
After payment is completed, you will receive details regarding the collection location and available pickup times. Ensure that your contracted shipping company has these details to avoid delays.
Proof of Collection:
The shipping company must provide proof of collection, including the bidder’s name and item details, to ensure a secure and smooth handover.
Bidding Etiquette and Rules
No Bid Retractions: Once a bid is placed, it cannot be retracted. Ensure your bid is intentional before submitting it.
Fair Bidding: Bidders must act in good faith and adhere to the platform’s rules. The auctioneer reserves the right to ban or suspend accounts involved in dishonest or disruptive bidding practices.
The auctioneer has full discretion over the auction process and may:
Withdraw or re-list items at any time before the conclusion of bidding.
Set or modify bid increments.
Resolve any disputes that arise during or after the auction. The auctioneer’s decision is final.
Payment Terms and Methods
Payment Deadline: Payment in full must be made within 24 or 48 hours of the auction’s conclusion or postage charges have been applied.
Accepted Payment Methods:
Credit card (Visa, Mastercard, American Express)
Bank transfer
Cash
Other forms of payment as approved by the auctioneer.
The buyer’s premium is 14% and will be added to the hammer price. Applicable taxes (if any) will also be applied to the total.
Any additional shipping or handling costs are the responsibility of the buyer.
If full payment is not received by the specified deadline, the auctioneer reserves the right to:
Void the sale.
Re-sell the item, either by private sale or another auction, and hold the defaulting bidder liable for any shortfall in the sale price.
Charge the bidder for any additional costs incurred, including storage, re-listing, legal fees, or other damages.
A deposit may be forfeited in the case of default.
Any disputes arising during or after the auction will be resolved at the sole discretion of the auctioneer.
In the event of a dispute between bidders, the auctioneer may:
Re-open the bidding for the disputed item.
Declare the winning bidder based on the auction records.
If legal action is required, all proceedings shall take place in the jurisdiction of [insert location].
The auctioneer will receive a commission of [insert percentage] on the hammer price of each item sold.
Additional fees may apply for photography, marketing, or special services as agreed between the vendor and auctioneer.
Reserve Prices
The vendor may set a reserve price for each item. If the bidding does not reach the reserve, the item will not be sold.
The auctioneer reserves the right to sell items below the reserve price with the vendor’s consent.
Vendors must ensure that items are delivered to the auction site by [insert deadline] in good condition.
Unsold items must be collected by the vendor within [insert timeframe] after the auction. Any items left unclaimed may incur storage fees or be re-sold at the auctioneer’s discretion.
Vendors are responsible for any costs associated with delivery and collection of items.
In the event an item remains unsold, the vendor may choose to:
Re-list the item in a future auction (with or without adjusting the reserve price).
Collect the item by the specified deadline.
Authorize the auctioneer to sell the item privately.
The vendor is responsible for any additional costs related to unsold items, including storage fees or re-listing charges.
Force Majeure
The auctioneer is not liable for any delays or failures to perform due to unforeseen events, including but not limited to natural disasters, strikes, technical failures, or government actions.
Limitation of Liability
The auctioneer’s liability to bidders or vendors is limited to the amount paid for the item(s). The auctioneer will not be liable for any indirect, incidental, or consequential damages.
Acceptance of Terms
By participating in this auction, all bidders and vendors acknowledge that they have read, understood, and agree to these terms and conditions.