Korslien Auction (2024)

FAQs

How do auctioneers talk so fast? ›

Slurring filler words to make multi-part filler word phrases is a key element, giving the illusion that the auctioneer is talking fast, meant to create more excitement and bidding anxiety among the bidding crowd.

The auctioneer announces the prices, and the bidders call out their bids until no participant is willing to bid higher. The process ends when the auctioneer accepts the highest final bid. This type of auction is commonly used for selling wine, antiques, tobacco, and art.

Traditional auctions are usually held at an auction house. All interested buyers will be there and they'll place bids in front of each other. If you're the highest bidder, you exchange contracts and pay your deposit on the day of the auction.

Example filler words: Dollar-bid-now, Would-ya-bid, Bid-it-now, Would a bid it, Gotta get it, Now, Dollar, Money, Bid.

Commission: Auctioneers often charge a commission, representing a percentage of the auction's gross sales. A 10% to 15% commission is typical for this profession. Depending on the deal, they may also receive bonuses.

You're liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction). If you can't pay the deposit, you may face legal consequences. The auction house and seller can demand that you pay the amount specified in your contract.

Auction weaknesses are:

Reserve price is not always met. The market value of your property is decided on the spot. You can never be sure of precisely how much you will get. Marketing costs tend to be higher.

When you place the winning bid, you meet with the auctioneer to provide your contact information, how you want the property to vest (for example as an individual, a partnership, an LLC or a trust) and pay up. The auctioneer has the name of the trustee, to whom you sign over your cashier's checks.

While the simple answer is anything of value, the more complex answer goes deeper than that. Antiques, fine artwork, and classic jewelry see the best returns at an auction most of the time.

Auctions are open to the public and anyone can attend. Very occasionally, if there are many more buyers than usual, and more than the auctioneer expected, they may ask that space is made available as a priority to those wishing to bid.

What to bring to an auction? ›

You'll need to provide your name, address and telephone number and you'll be required to show proof of ID such as a driver's licence or passport. Each state and territory has different regulations so always find out what is required of you prior to auction day.

If you decide to submit your items to auction (known as consigning), the auction house will guide you through the process. It will ask you to sign a consignment agreement which details the auction house's terms and conditions – always read it carefully and ask about which charges will apply to your items.

On average, traditional auctions take 10-12 weeks from instruction to completion. Modern auctions take slightly longer on average at 12-16 weeks. If you set an aggressive price and agree a pre-auction sale, it's possible to instruct, exchange and complete on an auction sale in as little as 4 weeks.

For example, suppose 10 buyers want to buy a share of a company called ABC and make bids at Rs 10, Rs 20, Rs 30, Rs 40 till Rs 100. On the other hand, there are 10 sellers who seek to sell the same shares at Rs 15, Rs 25, Rs 60, and Rs 120.

Auctioneers first learn the chant at an auction school, then put it into practice when they become an auctioneer.

Auctioneers, on the other hand, speak at around 250 words per minute. Not to be outdone, though, commentators for events such as horse racing, among other things, can at times equal or even surpass auctioneers in speed.

Speech and listening

Slide presentations tend to be closer to 100–125 wpm for a comfortable pace, auctioneers can speak at about 250 wpm, and the fastest speaking policy debaters speak from 350 to over 500 words per minute.

Auctioneers appear in movies, TV shows and more, often because they sound, to be blunt, funny. This fast-talking way of selling goods has a name for it: auctioneer chant. Well, it has a few names; it's also known as bid calling, the auction cry and the cattle rattle (a number of auctions are cattle auctions).