Frequently asked questions
Have you ever wondered about buying or selling at auction?
Don’t worry, you’re not alone. Here are some answers to questions that we often get asked. If your question is not covered here, just ask us and we’ll be pleased to assist!
What is a public auction?
A public auction is a type of marketplace where sellers (vendors) bring goods to sell and bidders compete to buy these goods. Auctions are about achieving balance – the best outcome is where the vendor feels they got a fair price and the buyer feels they paid a fair price and everyone goes away smiling.
What does the auctioneer do?
The Auctioneer manages the bidding process with the aim of creating a balanced outcome for both buyers and sellers (vendors). In return, both buyers and vendors pay a fee to the Auctioneer for this service. Vendors pay a “Vendor commission” and buyers pay a “Buyer premium”, both of which are a fixed percentage based on the price achieved at auction (the “Hammer price”).
What things are suitable for auction?
A wide variety of things are sold at Abbeys Auctions, both pre-loved or used and new. Most things that you will find in a typical home can be sold at auction so long as they are in good clean condition and working order. We also sell motor vehicles, boats, caravans, motor bikes, tools, wine and spirits and commercial quantities of new consumer products.
What is not accepted for auction?
Things that are dirty, damaged or in poor condition. Items that need restoration or renovation or have visible repairs. Used safety or baby equipment (to keep our customers safe we’ll only work with new items in this category with Australian Standards safety tags attached). Some styles of furniture, even though they may be good quality, are not suitable because they’re just not in demand these days (eg: pink floral lounges).
If in doubt, send us some pictures of your items and we’ll be happy to provide feedback on suitability plus likely auction values.
How will I know what my item is worth?
The quickest and easiest way to get feedback about the value of your items is to send us a photo and our valuers will give you an initial auction estimate. Be sure to include any relevant background, like size & dimensions, brand names, how long you’ve had items, what the original purchase price was and any notes on the condition of the goods. If you have a large quantity of things or an entire household to clear then we’ll often be able to visit you for an on-site appraisal.
Is the auction estimate price guaranteed?
No. An auction estimate is just that, an estimate. You may achieve a much higher price if there is good bidding competition, or you may achieve a lower price if there is little interest in your lot – that’s the nature of an auction. Whilst the Auctioneers will do their best to achieve the estimated price, the bidding audience will ultimately determine the selling price for a lot. Lots with an estimate below $500 will be sold at the best market price on the auction day.
It is possible to discuss a “reserve” minimum price on items estimated over $500. Reserve prices must be agreed with the auctioneer before the auction and there are specific rules that apply to reserves. If the item remains unsold then you will be required to pay the applicable lot fees and come and collect the item at your cost.
What is a Lot?
A lot is an item or group of items that are offered for sale at an auction. For example, a lot may be a dining suite made up of a table and 6 matching chairs, or a box of assorted small items grouped together, or it may be a single diamond ring. Each lot contains items only from the one vendor, and grouped lots are usually items from a related category.
Typically, we will group items together into “Box Lots” or “Shelf Lots” where the value of the individual items is low. This allows us to get an efficient sale outcome for vendors without the need to incur multiple lot fees to list items individually.
What happens if it doesn’t sell?
Everything will sell, eventually, for the market price. The auctioneer will set an initial estimated selling price range for the lot and if this is not achieved then it will be offered again in subsequent auctions, with progressive reductions in the estimate, until the item is sold. The benefit of a public auction is that it attracts a wide buying audience and competitive bidding will establish the price that the market is prepared to pay.
Are my goods insured whilst at the auction?
Yes. Abbeys premises are protected by monitored security systems and we do our best to keep your things safe during the sale process. Your items are insured for auction value whilst they are in our care, covering loss or damage.
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Lorem ipsum dolor sit amet, latine vocibus torquatos eam eu, eos in torquatos neglegentur. Nec et ferri inimicus voluptatibus. Nam aliquid praesent consectetuer eu. Putant commune per ne, vel affert altera reprehendunt ad. Pro eu ferri meliore, mei oratio corrumpit mediocritatem et. Vel an graece audiam legimus.
Lorem ipsum dolor sit amet
Lorem ipsum dolor sit amet, latine vocibus torquatos eam eu, eos in torquatos neglegentur. Nec et ferri inimicus voluptatibus. Nam aliquid praesent consectetuer eu. Putant commune per ne, vel affert altera reprehendunt ad. Pro eu ferri meliore, mei oratio corrumpit mediocritatem et. Vel an graece audiam legimus.
Lorem ipsum dolor sit amet
Lorem ipsum dolor sit amet, latine vocibus torquatos eam eu, eos in torquatos neglegentur. Nec et ferri inimicus voluptatibus. Nam aliquid praesent consectetuer eu. Putant commune per ne, vel affert altera reprehendunt ad. Pro eu ferri meliore, mei oratio corrumpit mediocritatem et. Vel an graece audiam legimus.
Lorem ipsum dolor sit amet
Lorem ipsum dolor sit amet, latine vocibus torquatos eam eu, eos in torquatos neglegentur. Nec et ferri inimicus voluptatibus. Nam aliquid praesent consectetuer eu. Putant commune per ne, vel affert altera reprehendunt ad. Pro eu ferri meliore, mei oratio corrumpit mediocritatem et. Vel an graece audiam legimus.
Lorem ipsum dolor sit amet
Lorem ipsum dolor sit amet, latine vocibus torquatos eam eu, eos in torquatos neglegentur. Nec et ferri inimicus voluptatibus. Nam aliquid praesent consectetuer eu. Putant commune per ne, vel affert altera reprehendunt ad. Pro eu ferri meliore, mei oratio corrumpit mediocritatem et. Vel an graece audiam legimus.
What is a public auction?
A public auction is a type of marketplace where sellers (vendors) bring goods to sell and bidders compete to buy these goods. Auctions are about achieving balance – the best outcome is where the vendor feels they got a fair price and the buyer feels they paid a fair price and everyone goes away smiling.
What does the auctioneer do?
The Auctioneer manages the bidding process with the aim of creating a balanced outcome for both buyers and sellers (vendors). In return, both buyers and vendors pay a fee to the Auctioneer for this service. Vendors pay a “Vendor commission” and buyers pay a “Buyer premium”, both of which are a fixed percentage based on the price achieved at auction (the “Hammer price”).
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