Explanation: In auction terminology, a "reserve" or "reserve price" is the minimum price that the seller is willing to accept for an item being auctioned. The reserve price is typically set by the seller before the auction begins, and if bidding does not reach or exceed this minimum threshold, the item may not be sold. The purpose of a reserve price is to protect the seller from selling an item for less than they are willing to accept. However, the reserve price is not usually disclosed to bidders, which can add an element of uncertainty and excitement to the auction process. If bidding meets or exceeds the reserve price, the item is sold to the highest bidder at or above that threshold.
Explanation: In auction terminology, "absolute" or "absolute auction" refers to a type of auction where items are sold to the highest bidder regardless of the final bid amount. There is no reserve price (minimum price) set by the seller, meaning the item will be sold to the highest bidder, no matter how low the bid may be. Absolute auctions are often used when sellers are highly motivated to sell items quickly, and they can create an environment of excitement and competitiveness among bidders. However, it's important for buyers to be aware that in absolute auctions, there may not be opportunities for negotiation or price adjustment.
Explanation: In auction terms, "choice" typically refers to a scenario where the winning bidder has the option to select one or more items from a group or lot being offered for sale. For example, if there are three similar items being auctioned as a lot, the winning bidder might have the choice to take one, two, or all three items at the final bid price multiplied by the number of items they choose. This allows flexibility for buyers who may only be interested in specific items within a larger lot.
Explanation: In the context of auctions, a "lot" refers to a group or collection of items that are being sold together as a single unit. These items can vary widely in nature and quantity, ranging from individual pieces of art or jewelry to larger collections of furniture or equipment. Bidders typically bid on the entire lot rather than individual items within it. Lots are often categorized and numbered for ease of reference during the auction, and they may be previewed by potential buyers before bidding begins.
Auctions may have policies for addressing such situations. It's essential to contact the auctioneer or seller promptly to discuss potential remedies.
Payment deadlines can vary but are typically specified in the auction terms. It's crucial to adhere to these deadlines to avoid penalties or possible legal action.
Many auctions offer online bidding platforms or allow bids to be placed over the phone, in addition to in-person bidding.
Generally, items sold at auction are "as is," meaning there are no warranties or guarantees unless explicitly stated by the auctioneer.
Yes, most auctions allow for pre-auction inspections. It's advisable to take advantage of this to ensure you're satisfied with the condition of items before bidding.
Failing to pay for a won bid can result in penalties or legal action. It's crucial to be financially prepared before participating in auctions.
Buyers may be subject to buyer's premiums, sales tax, or other fees depending on the auctions and local regulations. These should be clearly outlined in the auction terms.
Accepted forms of payment can vary but often include cash, credit/debit cards, cashier's checks, and sometimes wire transfers. It's essential to clarify accepted payment methods before bidding.
Auction houses typically provide preview periods where potential buyers can inspect items up for auction. This allows you to assess the condition and authenticity of items beforehand.
Most auctions are open to the public, but some may have restrictions such as age requirements or prerequisites for certain high-value auctions.
Auctions can vary widely, including live auctions, online auctions, estate auctions, government auctions, and more. Each type may have different rules, formats, and bidding procedures.
Typically, you can register for an auction by providing your personal information such as name, address, email, and contact details. Some auctions may require additional documentation or deposits.
Please Note: Any and all information regarding the condition of property is derived from sources believed to be true and accurate but is not guaranteed by the Seller or BidBlok.com It is the sole responsibility of the Bidder to verify any and all information. Do Not Assume that if nothing is in the description for an item, there is nothing wrong with the item(s). It may simply mean that there is no information to share for that item. You can also contact the Auctioneer or Seller for specific information and rules for their auction. We highly encourage all bidders to inspect items for themselves.
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