Q. What does that mean?

A. The question should really read; What is the meaning of auction jargon?

And yes, auctioneers use some language that one might not hear anywhere else.  Here are some translations.

When an item is being sold at “absolute” auction it is being sold to the highest bidder with no restrictions or minimums.  If an item has what is called a “reserve”, there is a minimum bid.  Often, the reserve is the amount the seller owes on something.

“As-is-where-is” is the most common way to describe the terms of sale for to be auctioned items.  It means simply that there is no guarantee of the condition of an item or items.  It behooves bidders to look items over before the auction begins.  It also means that it becomes the responsibility of the buyer to remove the items after purchase.

“Sold” means sold, a finality in the auction business.  Once announced as sold to a bidder the item in question can not be offered to a higher bidder.  It often happens that a hesitant bidder follows the sound of the auctioneer’s hammer or his declaration of sold with a higher bid.  Too late!  Let’s move to the next item.

“Box lots” are just that, a selection of items that are being sold in a box or items which are usually part of row of box lots.  And no, buyers are not permitted to move items from box to box to create a more desirable box.  Box lots are fun to purchase and sort through after the auction.  There are lots of stories about buyers purchasing boxes that have hidden treasures in the mix.  Sometimes it is piece of jewelry, and rare item, even coins. 

“Times the money” means that buyers are bidding just one item but that if successful they may buy more of the same items at the same price for each.  Buyers often take advantage of the offer to purchase sets of items. 

Attend an auction the next opportunity you have and listen for these terms.

Q. Do I have enough items to sell to hold an auction?

A. Let a licensed auctioneer help you decide.  There is a cost to holding an auction for things such as advertising so you may or may not have enough.  If you do, great!  If you don’t, ask about consigning your items as part of a larger auction.  Many auctioneers hold an occasional consignment auction just for that reason.  Again, ask an auctioneer for advise.   

Q. What should I expect from my auctioneer?

A. You should expect service, a small word that can mean a lot.  For instance, your auctioneer should be honest with you, answering every question in terms you understand.  If you don’t understand something that has been said then ask for another explanation.  Like other professionals, auctioneers can sometimes use terms that regular auction goers understand but you may not. 

Your auctioneer should explain the cost of advertising by presenting a sensible, cost-effective plan that will bring buyers to the auction on a reasonable marketing budget.  If advertising is placed strategically it can be a real savings to you and still be effective.   

And what about auction day convenience and comfort?  Will there be food and refreshments available for the bidders?  Is there a plan for parking and the availability of an all-important bathroom facility?  Who carries everything outside and who is responsible for anything that might not be sold?  And the list goes on and each concern deserves an answer.

There are four licensed auctioneers,  and a crew of experienced staff members that make up the McGuire Auctioneers Company.  Together we offer over 50 years of auctioneering experience.  Our company mission is to provide service to our clients.  We can’t pre-determine prices but we can promise service and honesty- and of course our best effort. 

Being a full-service auction company we are often called on to sell items ranging from household contents and antiques to standing timber and building liquidations. 

Q. What is an estate auction?    

A. The executor of an estate is often faced with the daunting and unpleasant task of liquidating the tangible parts of an estate.  It is quite common for an estate to include a home and the contents in it.  There may also be a vehicle, collectibles, tools, etc.  It can take months to find buyers for these things.  Unless an auctioneer is brought in. 

            In a single day, a qualified auction company can sell everything from the house to the last garden rake, turning those parts of the estate to cash quickly and efficiently .  We are often called on to conduct estate auctions and do so with respect for the situation.  We are a full service auction company and there is no charge to discuss the advantages of an auction.

Q. Are Auctions Something New?

A. Hardly!  Auctions have been a well documented part of world history. 

            In fact, auctions are often referred to in historical writings as the second oldest profession.  There are historical references of auctions being held as early as 500BC when prospective wives were sold at auction.  That’s not a very honorable beginning but at least it does show us that the auction method works as a fast, efficient way to sell anything.

            In Roman times auctioneers, then called “Magister Auctionarium” drove a spear into the ground to announce the start of an auction.  Some say that action is akin to the fall of a modern day auctioneer’s gavel. The modern term “as-is” “where-is” is also credited to Roman auctions when items were sold with the term Caveat Emptor attached meaning the buyer needs to check out the items he or she is bidding on because there is no warrantee or guarantee with them.  

            Now fast forward to the settlement of America which in large part was dependent on commerce, much of which was the fur trade, a commodity then and still now sold at live auction.

During and after the Civil War, officers often held auctions to dispose of plunder and surplus.  For many years those Civil War Colonels and their dress were associated with auctions, thus the term Colonel has been often given to auctioneers.

            And today, auctions are still the fastest, most efficient way to turn assets into cash.

            It was after WWII that auctioneers began to take on a new look, that of members of the business community and persons of high standards.  Modern auctioneers are bound to stiff regulations and must complete schooling and apprenticeship requirements before offering their services as a licensed auctioneer. 

            We at McGuire Auctioneers are proud of our reputation for service and results.  We can’t determine prices but we can be determined to give our best effort to satisfy our clients. 

Q? I am in charge of a fund raising auction for our organization, can a professional auctioneer help?

A.  Absolutely, especially if by asking for help you mean maximizing your organization’s profit. Most charities, community service clubs, and conservation organizations, have learned by experience that requesting the services of a “real” auctioneer is the best way to add dollars to the bottom line.  And as simple as it sounds, more money raised means more good things your organization can do.

            A professional auctioneer will gladly meet with you in the beginning stage of your event to assist with planning and organization.  You can benefit from his experience in many ways.  Believe this; good benefit auctions don’t just happen without good planning and preparation.

For starters, an auctioneer can help you and your committee identify auction items that are available and that bring bidder interest.  It is highly unlikely that you have thought of many potential auction items, some if which may be quite simple, readily available, and very profitable.

The best auctions are organized with a theme which can also help those persons in charge search out fun and interesting auction items.  A theme also adds an entertaining flavor to the event including a reason for attendees to dress the part. 

There are also several “pre-auction” things that need attended to and an experienced “fund-raiser” auctioneer can help you with ideas for those things which might include layout, sound requirements, bidder indentification, and more.  And yes, your auctioneer may be able to help you with other tasks during the event.

From invitations to registration and from the start of the auction to check out, your auctioneer can be a tremendous asset on the way to making your event a success.