Auctions can be new and a little intimidating to new people. This page is full of information to help you feel like a "regular" the second you step into the auction crowd.
Frequently Asked Questions
These are questions that are often asked by both clients and customers. They relate to anything from the auction process to selling with us.
Auction Glossary
With the auction industry comes a new vocabulatry that may be foreign to some. This page offers a bit of a guidance in "dictionary-like" form to help increase familiarity to our customers and clients.
Frequently Asked Questions
Q: Why do people go to auctions?
A: It's no surprise to us! When surveyed, the #1 reason for going to auctions is "it is fun!"
Q: Can I really get a good deal at an auction?
A: The answer is YES! It is a common myth that the crowd just keeps bidding on items until they are crazy expensive. This simply is not true. At an auction there are no "retail mark-up" prices to deal with. You see something you want and you decide what you would be willing to pay for that item! The truth is that there are great and sometimes unbelievable deals to be had!!
Q: What kind of things can I find at an auction?
A: There is something for everyone! Every auction is different and unique. We will try to give the best up-to-date item descriptions and pictures for our up and coming auctions. If you are looking for something specific, just contact us and we'll let you know if we have it!
Q: What if I haven't ever been to an auction? Will I be able to keep up?
A: YES! We at Mercury Auctions love to see new faces mixed in the crowd of our regulars. We understand that a first auction can sometimes be a little scary and intimidating. We always give a rundown of what to expect at the beginning of every one of our auctions. Also, there is room for mistakes. If something seems to be mistaken or a bidder is uncertain, we will gladly take a moment to clear things up. Just a few minutes into the auction you'll be a pro!
Q: What if I am interested in an item but I can't come to the auction?
A: We accept absentee or telephone bids! You would simply contact us prior to auction day.
Q: What is an absentee bid?
A: An absentee bid is a bid that you leave because you cannot stay. This is very good for a lot of people who can't stay at an auction the whole time or cannot come at all. The bid is given to one of the auction employees to bid on that particular item for you. Say you leave a $50 bid on a picture and it goes for $25, then you get it for $25, but if it goes for $60, you don't get it.
Q: How do I register at an auction? Do I have to have a business license?
A: When you arrive at the auction the cashier or office personnel should be located. Once the office or cashier person is located, then check in with them showing some form of identification. They will then issue a bid number which allows you to bid at the auction that day. Anyone can go to an auction to buy! You do not have to have a business license.
Q: Can I arrive at an auction late?
A: You can arrive at an auction any time and leave at any time. We encourage potential bidders to arrive early so they can preview the merchandise which they want to bid on.
Q: What does "Preview" mean?
A: Preview means to check out the merchandise before the auction. Look something over so you know what you are buying. Preview is the allotted time set by the auction company which is your time to come in and look at the merchandise before you buy it. Items purchased at auction are "as is" so, preview can be a really important part of auction going.
Q: If I have something I want to sell, like an antique, do I have to pay a fee?
A: If you have something you are interested in consigning to auction, you can! We consign a large variety of items. Auctions are not only for antiques. It doesn't matter who you are, anyone can sell something at auction. When you sell something at auction you pay commission or percentage of what the item sells for.
Auction Glossary
Absentee Bidder:
A person who may not attend the sale but submits, in advance, a written or oral bid that is the top price he/she will pay for a given property.
Absentee Bid:
A bid on an item that a bidder leaves without being physically present. All bids are kept confidential from the auctioneer and other bidders. Garrison Auctioneers will execute your bids at the lowest cost possible.
Appraisal:
The act or process of estimating value.
"As Is:"
Also known as "as is, where is" and "in its present condition." Typically, this is a sign that no return privileges will be granted.
Auction:
A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.
Auctioneer:
The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually "call" or "cry" the auction.
Auction Block:
The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.
Bid:
A prospective buyer's indication or offer of a price he/she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
Bid Caller:
The person who actually "calls," "cries" or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.
Bid History:
A historical list of all the bids made on a particular auction during or after the auction.
Bid Increments:
The standardized amount an item increases in price after each new bid. The auction service sets the increment, which rises according to the present high bid value of an item.
Bidder (Paddle) Number:
The number issued to each person who registers at an auction.
Buyer's Premium:
An additional service charge, for which the buyer is responsible, may be added to the price of sold items. If so, this will be indicated on the item page.
Catalog or Brochure:
A publication advertising and describing the property(ies) available for sale at public auction, often including photographs, property descriptions and the terms and conditions of the sale.
Clerk:
The person employed by the principal auctioneer or auction firm to record what is sold, to whom and for what price.
Competing bid:
During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to): bids from an in-house audience, telephone bids, absentee bids or other bidding platforms
Commission:
The fee charged to the seller by the auctioneer for providing services–usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
Consignee:
The auctioneer or auction house operator to whom goods are entrusted by another (consignor) for sale at auction.
Consignor:
The person or authorized agent or entity that consigns goods to an auctioneer. The consignor is usually the seller.
Estate Auction:
The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.
Hammer Price:
Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel to indicate a sale is completed.
Lot:
An item or set of items for sale in an auction, lots are normally denoted by a "lot" number.
National Auctioneers Association:
A U.S. association of individual auctioneers united to maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.
Online/Virtual Auction:
An auction that is for online bidders only and is not conducted in front of a traditional live audience. These auction types may have reserve items in which the auctioneers bid in order to protect the reserve.
On-site Auction:
An auction conducted on the premises of the property being sold.
On-site Bidder:
A bidder who is physically participating at the auction venue.
Outbid:
To submit a maximum bid that is higher than another buyer's maximum bid.
Preview:
Specified date and time a property is available for prospective buyer viewing and audits in advance of the sale. Also known as open house or inspection.
Reserve or Reserve Price:
The minimum price that a seller is willing to accept for an item to be sold at auction. This amount is never formally disclosed.
Starting Price:
The likely starting bid for a given auction, set by the seller at the time of listing.
Traditional Auction:
An auction that is conducted in front of a live audience at a physical location where the items for sale are located.
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