About Auctions

What exactly is an auction? Why would you choose to make a purchase at an auction over a regular in-store sale? What can auctions do for you and how does an auction work?
 
You have come to the right place to learn all about South Chicago auctions. Auctions are more than just smart business to many people; they are a way of life—an exciting world of good deals, fun, and the thrill of competition.
 
What is an Auction?
 
When many people think of an auction, they picture a fast-talking man pounding a giant gavel and yelling, “Sold!” Others think that an auction is a last-ditch effort to get rid of unwanted property (from jewelry to real estate and everything in between). Let’s get rid of any preconceived notions about the auction industry.
 
No matter what is sold, an auction is simply a public sale of property that goes to the highest bidder. But this description hardly does an auction justice, so here’s a bit more detail about what you might experience when participating in a live Chicago auction:
 

• After scouring the local newspapers, online advertisements or an auction’s website like TSAA Chicago, you pinpoint which items are of interest . On the day of the sale, you show up early to inspect the items, get a good seat in plain view of the auctioneer, and register with the auctioneer so you can easily bid once the sale begins. You should receive a bidding packet upon registration.
• At the appointed time, the auctioneer brings out and/or describes the properties one by one and then opens the floor for bidding by all registered participants. The auctioneer begins his fast-paced chant, calling out the starting price and then adjusting the price as participants bid on the item.
• If you are interested in bidding, you raise your bid paddle or in some cases you raise your hand or make a quiet gesture to the Chicago auction staff (called ringmen) to indicate your interest in bidding . These gestures indicate that you are willing to raise the price in order to purchase the item up for bid. Depending on what type of auction you are participating in, the price increment is either predetermined for you or you decide what the increment will be.
• If you are the highest bidder, meaning that you have offered the highest accepted price for an item, then you are entering into a contractual agreement with the seller to make good on that bid. You then want to find the Bookkeeper or Clerk immediately to pay for the item and arrange delivery (if needed).

 
You can find many different types of auctions in Chicago IL, including (to mention a few) estate auctions, auto auctions, car auctions, collectible auctions, repo auctions, wholesale auctions, and government auctions. Basically, you can find an auction that sells just about anything out there, including:
 

• Vehicles (cars, trucks, motorhomes, RVs, boats, motorcycles, ATVs, etc.)
• Collectibles (classic cars, antiques, fine art, jewelry, etc.)
• Estate items (furniture, clothing, appliances, etc.)
• Real estate (land, houses, condominiums, businesses, etc.)
• Commodities and livestock

 
And that’s just to name a few!
 
In more traditional-style live auctions, the bidders come to the greater Chicago auction site, register with the auctioneer’s staff, and bid on items of interest in person. Some people from the community may come simply to watch the activity, just like they would a spectator sport.
 
However, thanks to today’s tech-enabled world, you do not always have to attend a live auction location. Sometimes, participants phone in their bids or watch live auctions via auction websites, easily bidding with a few strokes of the keyboard and mouse. People can even go to online auction websites, such as eBay, to shop, bid, pay, and arrange shipment while enjoying a cup of coffee at their desk or in the comfort of their office or home.
 
How did the Auction Industry begin?
 
Believe it or not, auctions have been around for a long time. Although we cannot pinpoint a clear date of origin, we do know that historical records as far back as 500 B.C. note the use of auctions in ancient Babylon and Greece. Men used auction-style selling as a major mode of business transactions during this time, selling everything from livestock to property. Even young women were auctioned off to men looking for wives.
 
Auctions continued to be used as a major mode of commerce in both the East and the West. But the auction industry saw no greater change than in the 1990s, when technology came in full force. Fax machines, cell phones, computers, and the Internet flipped the auction industry on its head. A real tipping point came in 1995 with the birth of eBay, an auction website that quickly rose to the top in the world of online auctions websites. Today, most auctioneers offer both live and online auction options to accommodate participants from all around the world.
 
Why Participate in Auctions?
 
You can find many great reasons to begin shopping around at auctions in Chicagoland. The benefits abound! A few reasons you may choose to visit an auction site for your next big buy include:
 

• Quick, easy, and honest purchasing. Where else can you go view an item (maybe something like a car up for bid at an auto auction), bid on it for a great price, and come home with it all in the same day? Plus, auctions are set up for a painless business transaction, all conducted legally within the auctioneers’ code of ethics.
• Set-your-price shopping. At Chicago auctions (whether a vehicle auction, an estate auction, or the like), you alone determine how much or how little you are willing to pay. You’re the boss!
• Great deals. At auctions, what you see is what you get, but that also means that you can come home getting what you want at the price you want to pay.
• The thrill of the bid. You just can’t deny the fun and electricity that surrounds the entire auction process. From the chant of the auctioneer to the competition of bidding, you are sure to have a good time participating at your next auction in Illinois.
• Sometimes, the ability to buy from home. Due to auction websites like eBay, you can participate in auctions, receiving many of the same benefits of live auctions, but you can do it from the comfort of your own home. (However, you will miss out on the excitement of attending a live auction in person.)

 
So what’s holding you back? The time has come for you to dive into the auction industry and join in on all the fun!
 
How can You get Started?
 
A common misconception among the general public is that Chicago IL auctions are for an elite group of people. While you may run across the occasional private auction, most auction sites are open to anyone and everyone. That means you!
 
If you’re interested in attending and participating in a live auction, start by knowing what you want to purchase and then scouring the Internet or the local paper for advertised auction sites. You should be able to get a feel for what auctions are available and what type of property is up for bid. If you are looking for a new vehicle, be sure to check out auto auctions, vehicle auctions, government auctions, and repo auctions. Many locations hold car auctions on a regular basis, so do not miss out!
 
Here are some tips for the day of the live Chicago auction:
 

• Before you head out the door, make sure you are armed with a pen and paper to take notes, a value book (if applicable), your photo identification, and your checkbook. (You may actually want to call the auctioneer’s staff ahead of time or check their website to verify what form of payment is acceptable.)These items are necessities if you are going to make your auction experience a success. Another tip: It pays to dress comfortably, so leave your high heels or dress slacks at home.
• Arrive early to preview the merchandise to be auctioned off. You will want to inspect the items that you are interested in and determine just how much you are willing to pay.
• Register with the auctioneer’s staff. Be sure to inquire about whether there is a buyer’s premium before you begin bidding and ask any questions you might have about delivery.
• Once bidding begins, pay attention! You don’t want to miss your item or bid on the wrong one.
• Don’t jump the gun! Remember that although fun and often competitive, the auction process is still an official, legal business transaction. You certainly do not want to raise the price if you are not willing to pay it. Therefore, know ahead of time which items are most important to you and how much you are willing to pay for them.
• When you want to bid on an item, raise your paddle, your hand, or gesture to the auctioneer or Chicago auction staff so that the auctioneer takes your bid. From that point on, you should be able to accept or deny a higher bid with a simple nod of the head.
• If you win, remember that you have entered into a contractual agreement to purchase that item. Be sure to pay either the Bookkeeper or the Clerk promptly.

 
With these tips, you should be able to successfully navigate your way around a live auction in Chicago Illinois.