General questions about buying at auction
Have you ever wondered about buying or selling at auction?
Don’t worry, you’re not alone. Here are some answers to questions that we often get asked. If your question is not covered in this knowledge base, just ask us and we’ll be pleased to assist!
What is a Public Auction?
A public auction is a type of marketplace where sellers (vendors) bring goods to sell and bidders compete to buy these goods. Auctions are about achieving balance - the best outcome is where the vendor feels they got a fair price and the buyer feels they paid a fair price and everyone goes away smiling.
What does the Auctioneer do?
The Auctioneer manages the bidding process with the aim of creating a balanced outcome for both buyers and sellers (vendors). In return, both buyers and vendors pay a fee to the Auctioneer for this service. Vendors pay a “Vendor commission” and buyers pay a “Buyer premium”, both of which are a fixed percentage based on the price achieved at auction (the “Hammer price”).