| The date, time and place of the very first auction is | | | | and given to the cashier who tabulates the bidder's |
| often disputed, but there is one thing we do know: | | | | purchases for check out from the sale. The bidder |
| auctions have been a part of civilizations for | | | | pays by either cash or cashier's check. In most |
| thousands of years. Auctions have been held in | | | | cases, the bidder must remove their property from |
| temples and monasteries, taverns and coffeehouses, | | | | the auction location immediately following the sale. |
| barns and educational institutions. They have been | | | | And finally, here are some auction industry terms |
| used to sell animals, people, natural resources, homes, | | | | that will help you understand your responsibilities as a |
| cars, debt, credit and many other items. | | | | bidder: |
| In today’s day and age, there are basically three | | | | Absolute Auction: All items in the auction will be sold |
| types of live Phoenix auctions: | | | | to the highest bidder, regardless of the bid. There is |
| Simulcast Auctions: Live bidders are physically | | | | no reserve or minimum on the item for bid. |
| present onsite at an auction compete against online | | | | Auction with Reserve: Some or all items in the live |
| bidders who have either placed proxy bids or are | | | | Phoenix auction have a minimum bid that must be |
| bidding live in real time. This is a common type of | | | | reached by a bidder before the auctioneer can sell |
| auction. | | | | the item. This type of auction is reserved mainly for |
| Live Phoenix Auctions: Only bidders who are | | | | items with a high value such as construction |
| physically present at an auction onsite are able to | | | | equipment, homes or commercial real estate |
| bid. These auctions usually have a notation that | | | | properties. |
| reads “Sorry No Online Bidding.” | | | | "As-Is" or "Where-Is": In these types of auctions, |
| Online Only Auctions: Only registered online bidders | | | | there is no warranty on the merchandise and the |
| are able to bid and complete against other registered | | | | bidder is responsible for removal from the auction |
| bidders. These auctions usually have a notation that | | | | location. This means that the bidder must rely on |
| reads “Online Only.” | | | | their own inspection and knowledge to make bidding |
| For the purposes of this article, we’ll be | | | | decisions. |
| discussing how a live Phoenix auction works. | | | | Choice: Auctioneers use this buying option when |
| First, bidders must acquire a bidder card from the | | | | more than one product is being offered for sale. |
| auction cashier. Bidder cards are needed to make a | | | | The bidder may bid for an individual item, and the |
| bid on any item. In most cases, a refundable cash | | | | winning bidder may take as many of the set as they |
| deposit is required before the bidder card is | | | | wish. If the bidder does not want all of the items, |
| dispensed. | | | | the remainder items go back up for sale at the same |
| At the start of the live Phoenix auction, the | | | | price to any bidder. |
| auctioneer announces the terms of the sale so that | | | | All for One Money: Multiple items are being offered |
| all bidders are aware of their responsibilities in | | | | for sale and the bidding price is one amount for all of |
| bidding. When a bidder is ready to make a bid on a | | | | the items. Bids for individual items are not accepted. |
| particular lot or item, they simply raise their hand or | | | | |
| their bidder card. The auctioneer or ringman will | | | | So Much Each & All Go: Multiple items are being |
| acknowledge the bid with a nod or a call. The | | | | offered for sale and the bidder's price is per item, |
| ringman assists the auctioneer in spotting bids, holding | | | | however; the bidder must take all the items. |
| up merchandise so the bidders can see the item for | | | | Sold: When the auctioneer says the word "sold" or |
| bid and marking the item with the bidder's number | | | | the gavel falls after the bidding has ceased, that |
| once it has been sold. | | | | means the item is sold as the auctioneer directs to |
| Upon successful winning of the bid, the auctioneer | | | | the clerk. The bidding cannot be reopened after the |
| tells the clerk what the bidder paid for the item and | | | | word "sold" is said. |
| their bidder number. This information is recorded | | | | |