“I have $80,00, who will give $90.00?” What should’ve been an exhilarating experience has just caused you to feel uneasy and doubtful. Is it too late to withdraw my bid? you ask. There are many different rules and guidelines in auctions, and it’s important to understand what they are before placing a bid. Once you understand the process of an auction, it can make your buying experience that much more exciting!
The Basic Process of an Auction
An auction is a form of sale that involves a seller and a number of prospective buyers. Before the auction begins, potential buyers are able to preview items on sale and examine their condition. After potential buyers have carefully looked over all the items they’re interested in bidding in, they will have to register with the auctioneer. Registered bidders are given a card with a number that is necessary for identifying each participant.
The auction will typically commence with the sound of a bell. Before the bidding process, auctioneers will give a brief description of the item. They will start the bidding with what they believe is a reasonable opening price, and buyers will be able to bid higher from then on. The item is sold to the highest bidder.
Can You Withdraw an Auction Bid?
In many cases — yes. Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. It’s important to note, however, that the withdrawal of one bid does not revive any previous bid. The auction will continue with the next highest bidder.
However, when the auctioneer says sold, the buyer and seller are in a binding contract at that point — regardless if the buyer has paid in full yet. If the buyer does not complete the transaction, they may be liable for any damages to the seller if the item is resold for a lower value.
It is very important to understand these terms of the sale. Rules of auctions and estate sales in NJ can vary from auction to auction, so it’s important to contact the auction house you’re interested in to review their terms and conditions. Click here to learn about Bodnar’s Auctions terms and conditions, or contact us directly to find out more about our rules and guidelines.
If you’re looking for the foremost mid century modern auction in NJ, Bodnar’s Auction should be your top choice. Take a look at the upcoming auctions listed on our website and come prepared to procure some of the most unique and valuable items in NJ.
