Dear List,
I realize that this post is going to be painful and embarrassing for some to
read, but more than a few attending and watching the auction last night were
confused and critical of how it was conducted. Today more than a couple of
Listers have asked on line for clarification of generally accepted auction
policies.
As I am uniquely qualified, not only as a participant in this auction, (I was
bidding over the phone while watching on Ruben’s streaming video) but a
professional auctioneer with over thirty five years of experience, I will offer
these criticisms and explanations.
I owned and have operated some of the largest auction firms in the nation since
receiving my Certified Auctioneer Institute professional designation from
Indiana University in 1985. Prior to that, I attended Missouri Auction School
and served an apprenticeship at Sothebys in New York. I became licensed in
eight states. I was the Charter President of the Nevada State Auctioneers
Association. My firms have sold, and I have gaveled down, over a billion
dollars in real and personal property, even some meteorites at this auction
last year. I have sold my auction interests to family members and have been of
counsel to our firms and other companies for the past 15 years.
So the qualifying remarks having been made…here we go:
SOME (NOT ALL) AUCTION POLICIES AND TECHNIQUES
Auctioneers have a legal fiduciary obligation to Consignors.
They should be knowledgeable of the items they sell and should be able to
pronounce names and make accurate descriptions.
An auctioneer has to know the retail value of every lot and have examples to
quote to the audience, so that he can open the bid at a sum that encourages
bidders to bid on the money. Opening a $500 item at $20 is incompetence.
Getting an opening bid that is off the money...say $100 on a $500 item and then
asking for $120 instead of $200 is something you learn not to do the first day
at auction school.
It is critical that auctioneers make the audience believe they know what they
are selling, and what it’s worth, so that bidders will have confidence to bid
what is being asked. Failing to answer legitimate questions from bidders ruins
credibility.
Never say “I have $200”. Auctioneers don’t have anything. Better to say “at
$200”, or $200 is bid.”
Taking a bid from an opening bidder, and then acquiring another bid and then
not go immediately back to the opening bidder is insulting to him. Work the
first to bidders dry…then take a competing bid. Saves time and respects the
first bidders.
All auctioneers should employ trained ring persons. They are invaluable in
encouraging bidders, showing lots, and answering questions like “where we at?”
or “what’s the bid?”
It is not accepted practice for an auctioneer to bid on his own behalf, even if
he does not own the goods being sold. If he does, he should never announce the
fact, as it tends to discourage bidding and hurts his consignors and
credibility.
He should have several house numbers to sell a passed lot to, or a lot that
didn’t meet an undisclosed reserve, or a lot he has bought.
Do not disclose reserves. Do not announce the mail in bids. Give the mail
bidder a number and use it as if in the audience. If you disclose the mail in
bid maximum before selling the lot you are in deep kimchee.
Phone bids should be handled by staff, with a bidder number and the auctioneer
should not say “on the phone”. Merely acknowledge staff’s raised hand. You
sell to a number…not a person.
As a general rule do not identify bidders by calling out their name. It can do
no good and may stop a bid because of a personal issue.
Bid calling is an art form. One should develop a pleasing appearance and voice.
Use rhythm chants on small amounts and walking chants on the big numbers. The
audience gets comfortable in following you and entertained and the sale moves
quickly.
Start on time and be prepared. Inform the audience of the order of sale and the
terms and conditions before calling for the first lot.Introduce your staff and
mention who to see for check out and pick up.
Arrange lots to develop and keep interest and drama. Don’t bunch smalls one
after the other…bidders will get bored and not bid on these items hurting the
consignor. Scatter smalls through the sale.
Don’t place late entries at the end of a sale. Give them the respect they
deserve and place them through the sale by saying “additional lot number so and
so”. Give a proper description. If you add undisclosed lots at the end of a
sale you will have lost the bulk of the bidders and hurt the consignor. Tell
the audience that there are late entries scattered through the sale and that
they are on display at the front.
It is absolutely necessary when selling small items such as meteorites to have
as much of a preview period as possible and during the sale, either put them up
on screen, or run them through the audience with ring persons.
Ring persons should know to run the lot being bid on from bidder to bidder not
to non participating audience members.
Remember! An auctioneer is a third party intermediary between seller and buyer
who has been paid to be knowledgeable in auction advertising, promotion and
conduct, knows intimately the lot and its value and is beyond criticism of his
business methods..
We could go on and on….but these are some of the absolute necessary policies
and techniques. There have been books written.
Count Deiro
IMCA 3536 MetSoc
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