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| So How Does an Auction Work? |
There are two basic types of auctions are the norm: (1) At an absolute auction, each item goes to the highest bidder regardless of the price. (2) At a reserve auction, the seller reserves the right to accept or reject the highest bid on all or specified items.
First, the auctioneer meets with the potential seller to discuss when and what to sell. Merchandise is evaluated and can be appraised. The auctioneer proposes an auction date, location, time of auction, a budget for proposed advertising, auction commission, and other matters. When the terms of the proposal are agreed upon, a contract is initiated.
The auction service then conducts an advertising campaign to ensure good attendance. They place newspaper and shopper ads, distribute handbills, and possibly direct mail or radio/TV ads. In the meantime, the seller cleans, groups, and organizes the items to be auctioned to make them more marketable on auction day.
Prospective buyers have an opportunity to preview the goods being auctioned prior to the start of the auction and may ask questions about particular items. Previewing enables people to inspect items for quality and decide how much they're prepared to spend.
When people arrive on auction day, they must first register, giving their name, address, and phone number, which are all computerized. They are then given a number card to use for bidding. An on-site lunch wagon keeps the crowd well-fed and happy. Merchandise judged to be most in demand will usually be auctioned mid-point in the proceedings, with some special items offered toward the very end. This holds the crowd's interest.
During the auction, the auctioneers use a pickup truck stage where they can be clearly seen and that allows for the use of a public address system. An item is selected, described, and then the auctioneer asks for an opening bid.
As increasing bids are received, the auctioneer uses a "chant," which is a series of prices with filler words to make the chant rhythmic. You do not have to understand all the words, but you should be able to hear the prices. Ring personnel assist the auctioneers in hearing and acknowledging all bids and in ensuring that bids are accurate. When the final bid has been accepted, the buyer is identified by number, and the clerk records the bid on the computer. When the buyer is ready to leave, the cashier prints out an invoice, receives payment, and releases the merchandise. The seller may expect to receive a complete computerized accounting and generally full payment in less than 24 hours of the auction.
How do I find an auction service that will do the best job for me?
We believe that Lust Auction Services is just what you are looking for. Our staff is:
- Motivated, energetic, and enthusiastic. We have an exceptional ability to generate the same excitement in buyers.
- Empathetic and involved. Our understanding of sellers' problems enables us to better evaluate their needs.
- Honest. Our integrity and good reputation have earned us the trust of countless sellers throughout Wisconsin.
- Adaptable. We quickly respond to needs and situations as they arise.
- Flexible. We are open to new ideas and techniques.
- Knowledgeable. Our combined 75+ years of experience auctioning a wide range of objects enables us to be highly successful.
- Businesslike and professional. We exhibit the best in "good gavel manners."
- Entertaining and friendly. As a premier auction service, we know these are prerequisites!