Frequently Asked Questions

The word "auction" is derived from the Latin augeō which means "I increase" or "I augment"

General Myths and Misconceptions about Auctioneers and Auctions

  1. You only see Auctioneers when there is: Debt, Death, Divorce or Distress.
  2. Auctions are Fire Sales and everything is sold at a discount.
  3. Auctions are only used as a last resort.

Auction Facts:

  1. Auctions have existed for over 2,000 years and is the truest method of price discovery.
  2. The competitive bidding of an auction determines the market value of an asset.
  3. Auctions generate excitement and allow interested buyers the opportunity to gather and tell the Auctioneer how much they are willing to pay for an asset.
  4. Records of the first auction date back as far as 500 B.C.
  5. America’s first president, George Washington,  was an avid auction bidder.
  6. Consumers consider attending an auction a rewarding activity for the whole family
  7. Consumers are willing to drive on average 1.3 hours to attend an auction

What are  the  types of Auctions?

There are three types of auctions:

  1. Absolute: Property is sold to the highest  bidder, regardless of price.
  2. Minimum Bid Auction: Bids are accepted at or  above an advertised minimum price.
  3. Reserve: Seller has the right to accept or reject  any offer that falls below a confidential reserve price.

What do Auction services provide?

  1. Aide clients in the disposal of assets and assist in turning assets into cash efficiently and effectively
  2. Coordinate and promote auction of assets
  3. Market and advertise assets engaging prospective buyers
  4. Appraise value of assets
  5. Restore and repair assets charged with selling
  6. Track and maintain records of items sold

What is Sold at Auction?

Art

Antiques

Collectibles

Automobiles

Heavy equipment

Carbon credits

Treasury bonds

Intellectual property

Charities and benefits

Pollution permits

Livestock

Broadcast spectrums

Commercial and residential real estate

Domain names

Estate sales

Liquidations

Industrial plants

Collector cars

Luxury homes

Movie rights

Storage units

Seized assets

License plates

Farmland

Sports memorabilia

Historic documents

Celebrity memorabilia

Designer clothing

Commodities

Stocks and bonds

Municipal and government property

Book rights

Copyrights and patents

Government loans

What is the National Auctioneers Association

The National Auctioneers Association is a professional association built by Auctioneers, for Auctioneers over 60 years ago

Members of The National Auctioneers Association abide by strict Code of Ethics

The members come from communities large and small across the country and world.

The National Auctioneers Association and its members are dedicated to professionalism in the auction profession and the promotion of the auction method of marketing

To read more on NAA go to http://www.auctioneers.org/about-naa


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