FAQs

Frequently Asked Questions (FAQs)

  1. Why hire a professional auctioneer versus doing it ourselves?
    While you may know someone who is good with people or is an experienced public speaker, there is no substitute for a formally-trained and experienced auctioneer. A professional auctioneer engages and entertains bidders, sets the pace for bidding, and develops a rapport with bidders through effective gesturing, eye contact, and bid calling with their unique auction "chant". An auctioneer could be considered a promoter, entertainer, and salesman all rolled into one that you have hired to sell your property. An experienced auctioneer knows the best way to promote the items you are selling and create the excitement and momentum necessary to motivate hesitant bidders and execute a successful auction. It is also important to remember that by hiring an auctioneer, you additionally hire the services of the entire auction company - a team of motivated business professionals that work together with the auctioneer to ensure you receive the best possible service.
  2. What does "bid-calling" or "chanting" refer to?
    Professional auctioneering involves the art of bid-calling, sometimes called "chanting", where the auctioneer "sings" to the audience in a unique and entertaining style that keeps buyers engaged and sets the pace for bidding. An auctioneer entertains the audience with their unique chant and develops a rapport with bidders through effective gesturing, eye contact, and bid calling. At Mach1 Auctions, our experienced auctioneers will bring a sense of sophistication, professionalism, and excitement to your auction events!
  3. What are the different types of auctions?
    1. Absolute Auction - an auction in which the property is sold to the highest bidder regardless of price with no minimum or reserve prices.
    2. Reserve Auction - an auction in which the seller reserves the right to accept or decline all bids below a minimum "reserve" price. This minimum acceptable price may or may not be disclosed to the bidders and the seller must accept or decline the winning bid within a specified time period.
    3. On-Site Auction - An auction conducted on the premises of the property being sold or at a predetermined location where the sale will occur. A live auctioneer will conduct the auction and accept bids from bidders who are physically present during the auction or have designated agents or representation at the auction location.
    4. Timed Online Auction - an internet-based auction in which the property is offered on the internet only and there is no live auctioneer or live bidding. It is a timed auction (eBay-style) that has a specific opening and closing date and time. While the auction is open, internet bidders will bid against each other using predetermined, fixed bid increments either manually or by using Proxy Bids (see below). The highest bid recorded at the closing date and time wins the item.
    5. Live Online Auction or Live Webcast Auction - a live internet-based auction in which the auction is conducted with live bidders and an auctioneer exactly like an On-Site Auction. However, it is also simultaneously broadcast on the internet (webcast) to enable the acceptance of real-time, internet bids from online buyers. Bidders must be registered and meet the same deposit or other financial qualifications as live bidders.
  4. What are the other bidding considerations?
    1. Bid Increment - a predetermined amount by which each new bid must exceed the current bid in an auction. For example, if the current bid on an item is $50 and the bid increment is $5, then you must bid a minimum of $55 for your bid to be accepted.
    2. Proxy Bids - placing a proxy bid will automatically increase your bid by the predetermined bid increment up to a maximum "high bid" amount. This allows a bidder to maintain the high bid for the item without constantly monitoring the auction and manually increasing their bid, but still allowing them to pay no more than necessary to win the item.
    3. Minimum Bids - for these items, the auctioneer will only accept bids at or above the Minimum Bid price, which is always stated in auction marketing and promotional materials, brochures and advertisements, auction program/catalog, and will be announced at the auction.
    4. Reserve Prices - the seller reserves the right to accept or decline all bids below a minimum "reserve" price. This minimum acceptable price may or may not be disclosed to the bidders and the seller must accept or decline the winning bid within a specified time period.
    5. Bid Sniping - occurs during the intensely competitive bidding in the last few moments of a Timed Online Auction. An auction sniper waits until the last possible moments of an auction to place bids, often using software packages that allow them to rapidly place multiple last-minute winning bids. This prevents other bidders from having adequate time to respond with a counter-bid and results in a winning bid even though other bidders may have been willing to pay much more for the item had the auction been allowed to continue.
  5. Can there be a reserve or a minimum bid on individual items?
    Yes. The seller has the right to request a reserve price or minimum bid and we will do our best to accommodate these requests. We try to limit the number of items with reserve prices, as extensive reserve pricing deters buyers from bidding on items, or worse, attending an auction at all. We are required by law to disclose whether an auction will sell all items "absolute" or if it will contain items with reserve pricing. Reserve prices are generally not disclosed to the bidders and the seller will be charged an additional $25 fee for each item with reserve pricing.
  6. Do you charge sales tax on auction purchases?
    Yes. 6% CT state sales tax must be charged on all auction purchases.
  7. What types of payments do you accept?
    We accept all forms of payment, including Visa, MasterCard, Discover, American Express, Cash, and Checks (with Fund Verification/Authorization).
  8. How much will it cost me to have an auction?
    Every auction costs money, but we have many creative strategies to manage expenses depending on the type of event you are planning. In many cases, the cost of our services will be deferred until after the auction is completed and will be taken out of the auction proceeds. These costs could be as little as a few hundred dollars for small benefit auctions, so please contact us to discuss the specific details of your event.
  9. How long after the auction occurs will I get paid?
    For online auctions, you will be paid within 10 business days of the auction closing date during the account reconciliation process.
  10. I am interested using Mach1 Auctions for my auction, but what if I still have some questions?
    Please fill out our form with your questions and/or event details, and we will contact you right away to answer your questions and discuss your event details. If you would prefer, you can call us directly at 203-640-SOLD (7653).