Auction | Appraisal | Downsizing

Terminology

Abandoned Merchandise
Unpaid items still remaining at our Auction Center 30 calendar days after the auction date will be considered abandoned and will be consigned to a future auction without additional notice to the purchaser.

Absentee Bidding
For those unable to attend the auction, Alderfer’s offers the absentee bid service as a convenience to our patrons.  Alderfer’s will not be held responsible for error or failure to execute the bid(s).  Absentee bids must be in writing and a fifty dollar ($50) minimum bid is required per item.

CLICK HERE for the Absentee Bid Form

Absolute Auction
An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an “auction without reserve.”

Appraisal
The act or process of estimating value.

As Is
Selling the property without warranties as to the current condition with all existing faults and imperfections. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “as is – where is” and “in its present condition.”

Auction
A method of selling property in a public forum through open and competitive bidding. 

Auction with Reserve or Minimum
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

Bid
A prospective buyer’s indication or offer of a price they are willing to pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.

Bidder Number
A buyer must register for a bidding number by giving name, address, phone number and identification acceptable to us. Please show your bidding number to the auctioneer after each purchase you make.

Bidder’s Choice or Buyer’s Choice
A method of sale whereby the successful high bidder wins the right to choose an asset or assets from a grouping of similar or like-kind assets. After the high bidder’s selection, the asset is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing an asset, which is then deleted from the group and so on, until all assets are sold. 

Buyers Premium

A Buyer’s Premium is a percentage of the “hammer price” and will be added to each purchase to reach the final sale price. Buyers premiums may vary according to the commodity and services provided. The final sale price is subject to applicable sales tax. Payment is required day of auction in cash, approved check, or accepted credit card (MasterCard, VISA, Discover, American Express and PayPal).

Clerk
An individual employed by the auction firm to record what is sold and to whom it is sold and for what price.

Commission
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the personal property established by contract (the listing agreement) prior to the auction.

Conditions of Sale
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer’s premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction, also known as “Terms & Conditions”.

Condition Report
A description of the imperfections of an object, particularly of the characteristics that might affect value. This is essential information for prospective bidders.

Contract
An agreement between two or more persons or entities which creates or modifies a legal relationship.

Consign
To enter a contract with the auction company to sell assets at public auction or private sale for a fee based on a commission/percentage of the final sale price.

Estimate
Presale estimate of value established to stimulate presale interest.

Fair Market Value
Price established through the competitive bidding process with a willing buyer and seller, in a well-advertised auction.

Gallery Auction / Estate Auction
Auction of property or properties owned by multiple sellers (living or deceased), offered through a common promotional campaign and auctioned in a single event. Takes place on the premises of Alderfer Auction or specified location. 

Hammer Price 
The highest bid accepted/the winning bid for a lot at auction/the price at which the auctioneer’s “hammer” falls. Note that this does not include the buyer's premium.

High Bidder
The highest bidder shall be the buyer. If any dispute arises between two or more bidders, the auctioneer shall decide the highest bidder or the item will immediately put up for sale again. In the event of a tie between an online bidder and the floor bidder, the floor bidder will take precedence. The auctioneer’s decision will be binding and final.

Live Auction
A way to bid in real time at auctions conducted in the auction center. Absentee bids and phone bids are accepted as well.

Live Bidding
Live bidding is the traditional method of bidding at our auction center.  Prior to bidding, all bidders must register to receive a bidder number. To bid in the auction, simply raise your bidder number for the auctioneer to see. Successful bidders will collect and pay for their items as full payment is required on auction day.

No-Sale Fee
A marketing/handling fee paid by the seller of property offered at a reserve auction when the property does not sell. (See “Withdraw/Pass”)

Online Only Auctions 
Online only auctions are powered by a third-party service provider branded as “Live Auctioneers” these auctions can be viewed at www.AlderferAuction.com along with photos and descriptions. Items for these auctions are posted for 5-10 days prior to the date of the auction. From the comfort of your home you may view and monitor your bids 24/7.  For your convenience, these Auctions can be viewed at the facilities of Alderfer Auction during advertised preview times.

Online Only Timed Auction (Identified as “Alderfer Online”)
An online only timed auction is an online auction run largely by the computer. Items are posted on www.AlderferAuction.com along with photos and descriptions. The items are posted for 5-10 days prior to the close of the auction. From the comfort of your home you may view and monitor your bids 24/7. For your convenience, these items are also available to be viewed at the facilities of Alderfer Auction during advertised preview times. The computer bids on behalf of the bidder against any competition from the lowest possible bid to the maximum bid specified. Bidders are notified by email if they have been outbid. This provides the option for the bidder to increase their bids should they so choose. 

Online Only “Onsite” Auction (Identified as “Alderfer Online”)
An online only “onsite” timed auction is run the same way as an online-only timed auction except the items are located at a specified advertised site. An online only timed auction is an online auction run largely by the computer. Items are posted on www.AlderferAuction.com along with photos and descriptions. The items are posted for 5-10 days prior to the close of the auction. From the comfort of your home you may view and monitor your bids 24/7. Preview times and the location for pick up is advertised according to the terms of each of these events.

Preview
Specified date, time and location that personal property is available for prospective buyers to view.

Reserve or Reserve Price
The confidential minimum price that a seller is willing to accept for a personal property item to be sold at auction.

Results
Soon after every auction, the selling prices, known as the results, are posted online. The results include the hammer price plus the buyer’s premium, as this is the full amount the buyer has agreed to pay.

Seller
Entity that has legal possession (ownership) of any interests, benefits or rights inherent to the personal property.

Simulcast Auctions
Simulcast Auctions are conducted in front of a live audience. During these events each item presented in the auction is also available for bidding in an online venue hosted by a third party provider such as www.liveauctioneers.com, www.invaluable.com, www.proxybid.com. While the auctioneer is receiving bids from an assembled audience, the auctioneer is also taking bids from bidders who are bidding through the third-party providers in real time or by advance bidding. Following the auction the successful bidders are notified and payment arrangements are made; applicable buyer’s premium applies.

Storage Fees
Effective February 13, 2017, any items left at the Auction Center for more than two weeks following the auction date will incur storage fees at a rate of $10.00 per lot, per week, regardless of the size or value of the lot. Storage fees will begin on the 15th day regardless of payment status.

Telephone Bidding
Phone bids must be in writing. All phone bids are required to start at $250 or half of the published estimate.  We suggest that phone and absentee bids be made 24 hours in advance to allow time for processing.  

Terms and Conditions
The rules of the auction and certain aspects of the Purchase & Sale Agreement that are published, read and agreed upon by potential bidders prior to an auction sale.

Timed Auction
A timed auction is an online only sale run largely by computer. Lots are placed for sale online for a defined period of time, allowing bidders to register and then place maximum bids on items. The computer bids on behalf of the bidder against any competition, from the lowest possible bid to the maximum bid specified. Bidders are notified if they have been outbid. This provides the option to increase their bid should they so choose. When the pre-set time is up, the auction ends and the highest bidder on each lot is notified that he has won.

Withdraw / Pass (No Sale)
Failure to reach the reserve price or insufficient bidding.