FAQ & Terminology

Personal Property/Estate Auction Questions

Why should I auction my items instead of pricing and selling the items myself? Auction is the way to determine the “true” market value.  Your items are only worth what someone is willing to pay.  When you price your items, you always run the risk of over pricing or under pricing your merchandise.  Auction sales typically produce a much larger financial return than yard or garage sales.  We market each auction and have a tremendous following of our auctions.  Poinsett Auction also has many marketing resources and avenues that typically an individual will not have access to.  You also know exactly when your items will be auctioned and when you can expect a check.  No waiting around to see if/when your items will sell! How often are auctions held at your Auction House? Auctions are held on the 2nd and last Saturdays of every month at 5:00 PM.  Other auctions are randomly scheduled throughout the month including outdoor and box lot auctions.  Watch our website and newspapers ads for listings. Can an auction be held On-Site at my location? Yes, certainly.  Each auction situation is different and is determined by many factors. You should ask yourself the following questions:  Do I have enough quality merchandise to get and maintain a large crowd for an on-site auction.  Is there adequate parking?  If you answered no to either of these questions you may want to move your items to our auction house.  If you are unsure about whether or not to we should conduct your auction on-site or at our auction house you can rely on the expert opinions of any of our professional Associates.

Consigning Merchandise

How do I get started?  First, let’s determine if your items are suitable for auction.  We accept any Antiques, Furniture, both Antique and Modern, Collectibles, Glassware, China, Home Décor, Coins, Jewelry, Vehicles and more.   It would probably be easier for us to tell you what we don’t accept.  We don’t accept Clothes (unless vintage) and General Household items. Do I need to list my items? No.  Every item will be marked with a lot number or stored in a designated area in order for us to assure no two consignors items are confused.  However, if you wish to list your items you can download a consignment form.   This will make the drop off procedure quick and easy. Can you come to pick up my items for auction? Yes.  We offer a pick-up service for a nominal fee.  The fee is very reasonable compared to moving companies.  We have insured movers to handle your items with care.  We have 12 ft and 16 ft trailers for large jobs and pick-up trucks and vans for small jobs.  Of course, if you don’t need this service you can make an appointment to bring in your items. Are there any upfront costs involved in consigning my items? No, absolutely not. The commission and moving charges are deducted from the proceeds of the auction. How does Poinsett Auction & Realty, Inc. get compensated from consignors? Poinsett Auction & Realty, Inc. charges a very competitive commission to sell your items. Our commission includes all advertising and credit card fees.  The commission is deducted from the proceeds of the auction. Who can consign items for auction? We accept consignments from both individuals and dealers.  We will accept one item or entire house or business full of merchandise. When will I receive my check for consigned items? You will receive your check within 10 days of the auction date.

Appraisal Services

Do You Offer Appraisal Services? Yes, we do.  We have certified appraisers on staff with GPPA Qualifications.  They will be happy to consult with you for a nominal fee.  Appraisals are usually required for insurance and estate settlements.

Further Questions or would you like to make an appointment? Please call Stacy at 864-834-8389 or e-mail her at stacy@poinsettauctions.com

AUCTION TERMINOLOGY

ABSENTEE BID Method of bidding in which a person who will not be attending the auction completes a form indicating the lots he/she wants to bid on and the amount he/she wants to bid. The bids are then executed during the auction by a staff member who will bid competitively on behalf of the absentee bidder. ABSOLUTE AUCTION An auction at which lots are sold to the highest bidder without reserve. AS IS, WHERE IS This phrase means that you are purchasing the item as it is. If it is scratched, broken, incomplete, or won’t work, that is the condition in which you buy it. If you discover damage after bidding but before you check out, you are still expected to pay for and remove the item. If you discover damage after paying for the item, no refunds are given for any reason. In other words, preview, preview, preview! AUCTIONEER Person whom the seller engages to direct, conduct or be responsible for a sale by auction. BUYER’S PREMIUM Buyer’s premium is the portion of the auction company’s commission that is paid by the buyer. The buyer’s premium is added to the successful bid and becomes part of the total sale price. Poinsett Auction & Realty, Inc. charges a 10% buyer’s premium at Poinsett Auction House and most on-site auctions. CHOICE ITEMS Bidding method most often used when there are several identical or similar lots being offered. When the Auctioneer announces that he will be selling a group of lots using “choice,” it means that the high bidder will have the chance to take any or all of the lots in that group, each at the price of the high bid. For example, there are five lots of jewelry being offered by choice, and the high bidder bids $100. That bidder can take one for $100, all five for $500, or anything in between. If there are any lots remaining after the high bidder chooses, they are first offered to the back-up bidder and then offered to the rest of the bidders until all are sold. LOT A single object or a group of objects offered for sale as a unit. RESERVE Reserve is a minimum sale price set for a lot. For example, if a seller does not want his item to sell for less than $50, then $50 would be the reserve for that lot. With few exceptions, Poinsett Auction & Realty, Inc. sells all consigned items Absolute. SUBJECT TO SELLER’S CONFIRMATION An auction where the seller has the right to accept or decline the high bid. At Poinsett Auction & Realty, Inc., this is most often used for real estate auctions. TERMS AND CONDITIONS The rules for a specific auction.  Each auction’s terms and conditions may vary and the bidder must understand them before participating in an auction. Participation in the auction indicates agreement to the terms and conditions. Bidders must sign a registration form before participating in an auction.

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