Auction: The dictionary defines “Auction” as: a public sale in which property or items of merchandise are “Sold to the highest bidder”. That’s the Key. (The Highest Bidder).

Auctioneer: Any person or other entity who holds himself out or knowingly creates or abets the inference that he is available to sell, offer to sell, negotiate, exchange or otherwise arrange for the sale of real or personal property, goods, chattel, merchandise or commodities of any description by or at public auction or who sell the same at auction.

 Buyers Premium: The "Buyers Premium" will be applied to the total amount each time you check-out based on the chart below:

  • $00.01 - $19.99  10%
  • $20.00 - $39.99    9%
  • $40.00 - $59.99    8%
  • $60.00 - $79.99    7%
  • $80.00 - $99.99    6%
  • $100.00 Up          5%
It is best to wait until you are completely finished bidding before you check out as the buyers premium is based on the total amount. If you win 3 items during your visit, at $10 each, and check out after each item, you will pay $10 x .10 = $1.00 Buyers Premium each time, which would be $3.00. If you wait to check out after you are completely finished, you will end up saving some money,  $30 x .09 = $2.70 Buyers Premium.

With so small a percentage of the general population being versed in the procedures of an auction, we sometimes forget the need to constantly educate new bidders and buyers.

Riverside Auction Company is always striving to increase the public awareness of the auction method of marketing. This includes both seller and buyer. We use it to make people feel more comfortable at their first few auctions. I have seen many people attending auctions with apparently little or no knowledge of how to bid or buy at public auction. This guide is for those who need to understand the things to watch for and the general ground rules of an auction.

You have to know how to bid if you’re going to buy at auction. Now it’s off to the auction.

  • Read the auction advertisements carefully, decide which auction is for you. Your interests could be: antiques, collectables, household, tools, lawn and farm equipment, livestock or even real estate. If you have any questions, contact the auction company.
  • Viewing times are in the ads or brochures. Be sure to arrive at the auction site early enough to inspect the lots to be offered that day. (Note: when you are going to attend an auction, it’s best to arrive 1 1/2 to 2 hours before the scheduled start time. This way you get to preview the merchandise thoroughly and to get a good parking place). It is very important that you do this, as merchandise at auctions is sold on an “As Is - Where Is” basis. 
  • Bring some paper with you to the preview to make notes on the items you want to bid on. Put a maximum price down next to each item you are interested in. Stick to it! We would like to stress “As Is - Where Is”.
  • Examine items of interest for flaws, defects, chips, cracks, discoloration, stains, broken or repaired items. As always if you are in doubt, ask the auctioneer.
  • While looking, watch for clerks to start registering bidders, usually one hour prior to start time. Register early and then continue to examine auction items.
  • ALL Buyers MUST register with the Office PRIOR to bidding on any item. *NOTE - Bidders with permanent numbers MUST stop at the Office to activate the number prior to bidding.
  • Listen to the terms given by the auctioneer prior to starting, announcements the day of the auction supercede any prior announcements or advertisements. 
  • It’s Auction Time: Get up where the auctioneer can easily see you. When your item comes up for bid, get in early in the bidding process, keeping in mind your maximum bid.
  • Listen to the auctioneer for a description of what is being offered. This is also very important. While the items are being offered, usually 2, 3 or more of the front people are holding the next items getting ready to go up for bid. If you are just watching your item and not listening, you could very easily be bidding on the wrong item.
  • If you make a mistake, correct it right away. Do not wait until after the auction, if you do, you bought it.
  • Once you are the successful (Highest) bidder, you become responsible for the item or items you’ve purchased. You have to pack and move them.
  • Remember, the terms and conditions of a sale are “As Is - Where Is” and you have the high bid, title and risk pass to you when the auctioneer says “Sold”. If you are not satisfied with the condition or feel it was misrepresented, the auctioneer has no obligation to take the item back.
  • We can only stress the importance of inspection prior to the auction sale.
  • You must pay for all of the items you’ve purchased before leaving the auction site, even if you aren’t taking everything with you that day.
  • People who don’t pay their bills or pass bad checks can be, and usually are, prosecuted under the law by the auctioneer.