auction content – gtg

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Our Auction Company agrees to make a professional effort to describe, photograph, and list a seller’s item in the most appropriate fashion. We cannot guarantee the sale or a certain price for any item. Any estimated values or market viability comments are strictly for reference and do not imply a guaranteed outcome. Daily market conditions can affect the outcome of any sale and are beyond our control.

Our Auction Company is acting as an independent party for the sole purpose of listing the sellers’ item(s) for online auction. We do not take the title of the item and are not a party to its ownership.

Our Auction Company will take temporary possession of an item to describe, photograph, and list. If an item does not sell, it will be returned in like condition as received or will be held as collateral if any non-refundable fees are due and not paid. The return of items is at actual shipping costs and is charged to the seller. Any items not picked-up/shipped or fees paid on within 15 days of auction end or notice, will become the property of our Auction Company and donated to charity.

At the end of a successful sale, our Auction Company will carefully package and ship the item and collect the monies from the buyer and deduct our fees and disburse the proceeds to the seller. These monies will only be disbursed once the buyer receives the item and acknowledges its merchantability and representation, at that time the proceeds will be disbursed. We allow buyers 10 days to make a claim for a refund based upon not as described, dead on arrival, or hidden damage.

Our Auction Company may require a minimum non-refundable listing or sales fee depending on the item. The selling fee will be based upon the actual final sales transaction price. Please see the fee schedule or your agreement for details.

All terms are subject to change and agreements are binding within the State law. Or any other court system our Auction Company deems necessary. Any disputes arising should be taken to an independent arbitrator first with all costs paid by the seller throughout the process. Any court and legal fees will be reimbursed to us without prejudice.

We reserve the right to refuse the sale of certain items for cause.

Proceeds are paid via company check, cashiers check, or bank wire transfer depending on the amount, seller, and situation.

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Fee Schedule

Our company fee schedule is as follows. Please keep in mind some situations will vary depending on the circumstances surrounding the item(s). You will be aware of any and all fees prior to doing business with our Auction Company as outlined on the term agreement for each sale. We strive to sell your item for the most money possible as to minimize the effect of the fees on your proceeds. Remember we are paying the auctions listing, sale, and photo fees. Auctions are not free and they charge us even when an item does not sell.

Our general item fees are calculated upon a sliding scale, based upon the final sale price of the item.

General Items up to $25,000

30% of the first $500
25% of the next $500
20% of the next $4000
15% of the next $20,000

The above fees include the basic auction listing fee, up to 6 photos/scans, and auction final sales fee.

We accept returns on items for 10 days after receipt of the item if it did not meet the listing description, had hidden damage, or was dead on arrival. After this time period, we will then disburse the money less fees to the seller.

If your item doesn’t sell in the first auction, we’ll relist it for FREE.

For a special quote on items estimated to sell at more than $25,000, please contact us.

A $10 minimum is charged on any single item to cover our costs. Therefore, we prefer to sell single items valued at $50 or more. Remember, we do sell many items valued below $50, specifically when there are multiples or are easy to store and ship, please inquire.

Reserve auctions require a $10 non-refundable deposit to insure against a no sale. However, when the item sells, the regular fees will apply to the sale, and the deposit credited towards the fees.

Shipping or delivery cost to our location is not covered and is the responsibility of the seller unless we provide the pickup of the item as part of our service.

Any special requests or auction options will be charged at the actual market rates as they are charged to us.

Examples
A seller requests a premium upgraded listing or highlighted position, this charge is above and beyond what we can cover by our fee, so we will pre-charge the upgrade fees to the seller. This premium position may or may not affect the outcome of an auction.

A seller requests an escrow service or professional photographer. We will pass the costs to the seller.

A seller requires an item to be repaired before a sale to get maximum return. We will pass the repair costs onto the seller.

Vehicle Fees

Vehicles fees range from 5% to 20% depending on the type and value of the vehicle. Many times we need to pay for title history (Car Fax report) and have independent 3rd party inspections made prior to or during the sale. In addition, vehicles require a $100 non-refundable listing fee, which will be applied to the fees when the vehicle sells. Please inquire with your specific vehicle information.

Real Estate Fees

Real Estate fees range from 5% to 20% depending on the type and value of the property. Many times we need to pay for title history, appraisals and have independent 3rd party inspections made prior to or during the sale. In addition, real estate requires a $250 non-refundable listing fee, which will be applied to the fees when the real estate sells. Please inquire with your specific real estate information.

Charitable Organization Fees

Charitable organizations contact us with your needs and we will quote a reduced fee.

Business Fees

Businesses contact us with your needs and we will quote a special fee.

Consulting Fees

Individual consulting fee-based upon requirements, contact us with your requirements.

Please inquire about any situation that is not covered here. We are in business to help solve your problems and sell items. “We turn your unwanted and unused items into cash!”

Rates and fees are subject to change.

Please contact us for details!

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The Origin of the Public Auction

The Auction, like law, literature, and art, had its beginnings in the misty centuries of the long ago; and like them, its evolution may be traced through our parent European civilization of Rome and Greece —– yes, back even to ancient Babylon with almost forgotten splendor.

The history of the Auction may, for convenience, be divided into three divisions; its origin, its growth in Western Europe, more especially in England, and its development in the United States.

Auctions from Latin
The word Auction itself is derived from the Latin word auction, which means a gradual increase. An Auction sale, therefore, is a sale however conducted, by which a person obligates himself to transfer land or other goods to the highest bidder, within the conditions of sale.

Very shortly after man emerged from the barter age, and a stable medium of exchange was employed, the auction method of selling, virtually as we have it today, came into use. How long before the close of the barter age, this method of exchange was used, no one knows; but the very nature of this method of sale pointed to the fact that it must have been employed almost from the beginning of the time man first began to trade with each other. For example, one man was the proud possessor of an elegant stone hatchet, and two or three other men possessed strings of shells, teeth, and bundles of arrows, and each of the three men were desirous of exchanging part of their wares for the stone hatchet. The very nature of their desires and possessions gave rise to the very same conditions that are found present at every auction or competitive bidding sale today, and the primitive owner of the stone hatchet, in seeking to drive a good bargain, appealed to the very same human instincts, to which the auctioneer and all other classes of salesmen appeal today.

Roman Origin?
Although it is held by some that the Auction is wholly of Roman origin, and although the very word from which the name itself is derived, it appears to present evidence of the fact, yet the fact remains that the Greek traveler, Herodotus, during his travels, some 450 B.C., tells us of having seen Babylonian villages, disposing of young woman in marriage by delivering them to the highest bidder, in an assembly annually held for that purpose. So also, among the Romans the questor, or public treasurer, sold military booty and prisoners of war at public auction to the highest bidder. In Roman times anything sold at auction was said to have been sold sub hasta, meaning under the spear, the spear being the symbol of legal ownership. On such occasions, a spear was stuck in the ground either in the open field or in front of the tent of the prisoner, or other goods to be sold, to indicate the place where the sale was to be held. To the handle of the spear was attached a red streamer, which is probably the origin of the present custom of indicating places of sales by displaying red flags.

The perfect familiarity of the Auction among the Romans is further shown by the fact that, in 192 A.D., after the assassination of the Emperor Pertinax, when the Roman Empire fell into the hands of the Praetorian Guard. The soldiers knowing the superiority of the auction over the private sale proclaimed from the ramparts that the Roman world would be disposed of at public auction to the highest bidder. There were but two bidders, the one was Sulpicanus, the father-in-law of the assassinated emperor and the other was Didius Julianus, a wealthy senator who, regardless of public calamities, thirsted for honor and power.

Persuaded by his wife and daughter this vain old man went to the soldiers’ camp, and began bidding, standing at the foot of the rampart. The bid of his opponent, Sulpicanus was what in our money would be equal to seven hundred and seventy-five dollars to each soldier, in the entire army. Didius Julianus ran the bid up to what in our money would be equal to nine hundred seventy-five dollars to each soldier, and for that amount, under the spear, he bought the Roman world and was proclaimed by the praetors, Emperor of Rome.

Auction in England
In England, the manner of conducting auctions was greatly varied. In some places, the custom was to set up a lighted candle an inch in height when the bidding started, and the last person to make a bid before the wick fell, was proclaimed the purchaser. Such bidding was known as “candlestick bidding.” Another method was for the owner of the property to place the lowest price he would accept under the candle, with the stipulation that, no bidding should avail if not equal to it. This was called “dumb bidding.” In what was known as “Dutch auction.” The property was offered at a certain price, and then the prices successfully reduced until someone accepted it.

The most unusual custom followed in England was to duly advertise the proposed auction in a printed catalog, in the case of chattels, or particulars of the sale in case of land, together with conditions of sale. Sometimes the conditions of sale were merely placed in conspicuous places on the day of sale. At the appointed time the auctioneer, standing in a rostrum, “put up” the several articles listed, by inviting bids by the tap of a hammer, and so “knocked down” the article to the person making the bid. A bid in itself was only an offer and could be retracted any time before the fall of the hammer. In Scotland, an Auction was called “Roup.” “Puffing,” or by-biding, was unlawful unless the owner of the property made such fact known before the sale started, and even then only one “puffer” was allowed to bid. It was unlawful for an auctioneer to make a pretense of having received a bid which, in fact, was not made.

Sometimes a combination of persons at an auction, in order to prevent competition among themselves agree that only one of their number shall bid, and anything obtained by them shall afterward be disposed of privately among themselves. This practice is called “knock-out.” A “Mock Auction” is a proceeding in which a combination of persons interested in the sale, conspire to make it appear that a bona fide sale is being conducted, when in fact the real purpose is to cause articles to sell for more than their real value. Those who invite others to the place where the proposed auctions are to be held are called “barkers.”

General Laws
The general laws regulating auctions in the United States are very similar to those in England: but as to the bidding of the owner himself, the laws are very much less stringent. “Puffing,” or by bidding, as it is called under bother systems alike renders the auction void, at the option of the purchaser when it amounts to fraud. The weight of authority in the United States, however, is in favor of the view that the owner may without notice, employ a person to bid for him if he does so with no other purpose than to prevent a sacrifice of property under a given price.

In England and in many of the states of the United States, no one is allowed to conduct an auction unless licensed. In states where a license is required, protection to the public seems to be the only end sought. Many states, in addition to a license, require an auctioneer to give bond with one or more securities, for the faithful performance of his duty.

Clearing House
To the small community, the Auction acts as a sort of clearinghouse. A farmer decides to discontinue farming and wishes to dispose of his farming implements quickly. If he had to depend on private sale to dispose of them, the task would be an almost endless one, and the absence of competitive bidding would be an enormous loss, as a private buyer for each and every article would not be forthcoming. With the advantages offered by the present-day auction, aided by the modern methods of advertising, every man, woman, and child, in and even beyond borders of the immediate community, are made acquainted with the fact of the various articles to be sold. So, when the day of the sale arrives, there are on the ground, several prospective buyers for almost every article. The very fact that there is more than one buyer for each article insures a price far above what the owner could have hoped to get at private sale. In this case, the Auction benefits both buyer and seller. The seller is enabled to convert his property into cash, or its equivalent, without loss of time, and many a buyer has been enabled to purchase articles he needed, at a great monetary saving thus making their service mutual. What is true of the small community is equally true of the larger one whether the larger one is a county, state, or nation, or even a continent. This fact, coupled with the fact that the art of selling at an auction like all other lines of salesmanship is striving for the utmost efficiency and ability to serve, makes the auction business of the future, one of the most alluring vocations for young men and women of character and ability.

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Auctioneers & Appraisers

Our company combines certified appraisals, technical innovation, and attention to organizational detail, with the personal service you’ll find only in a family-owned business. Each client’s needs are unique; we take time to learn about your circumstances and expectations. Each lot requires one of our certified appraiser’s inspection to determine its true value. And that’s what we’ll report to you. You know from the beginning how far the auction may go toward meeting your financial requirements.

We are well-versed in the sales and evaluation of machinery and equipment, personal property, and basic industry throughout the United States, Canada, and Alaska. As a company with prime concentration in auctions and appraising, our facility includes a full time certified auctioneer and appraiser, management staff, and computer input personnel. Our services include a general appraisal, pre-lease residual forecast, post-lease inspections and evaluations, desktop valuations, and market studies.

Watch an expert auctioneer at work, and you’ll be pulled right into the action along with the bidders. An excited audience shouting bids spiraling ever higher is an auctioneer’s job… and their client’s dream. Before the frenzied sale can occur, however, a lot of hard work and planning is necessary. Without it, the auction falls flat — low turnout, tepid bidders, and worst of all, a poor return for the customer. Liquidating assets at the highest value possible is what auctions are for. Hiring an experienced, trustworthy auction company is the only way to ensure such results.

Publicizing your auction is just as important as sounding the gavel. Our website lists all approaching sales, so your bidder base includes everyone on-line; our 24-hour Auction Hot Line puts your lot information just a call away. Our design staff will produce and position print advertising to suit your budget. Newspaper and brochure exposure are coordinated with Hot Line information to intrigue wisely-targeted and well-informed bidders.

On auction day, you’ll see our peerless skills in full swing. We study each lot item with an eye toward set-up and display, so previews inspire bidders to go the distance for what they want. Our self-sufficient portable office is set up at your auction site, complete with generators, cell phones, and support equipment. Our computer tracking system generates on-location running reports for your sales figures — your finger is right on the auction’s pulse. Quick return on your money — usually within 7 to 10 days — is a final important detail.

Our client list includes government agencies such as the Federal Deposit Insurance Corporation, the Internal Revenue Service, Department of Transportation, Department of Airports, Multiple Banks, Attorneys, School Districts, and the U.S. Small Business Administration. We also serve private businesses, individuals, and estates. This broad, intensive experience makes us experts at executing the paperwork required by government agencies prior to and following an auction. Our company is accredited by the Certified Auctioneers Institute, the International Society of Appraisers, and other professional associations. We are fully licensed and insured.

We are proud of our close attention to each customer, and of the loyal clientele, we’ve built over the years. Please ask us for references. Talk to the people we’ve worked for. Regardless of your requirements, we’re certain you will be extremely pleased with our style and results.

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