ATTENDING AN AUCTION


| September/October 1996



Summertime not only brings us show season, but auction season as well. This article will explain terms and how consignment sales work.

First, the bidding process. First step, listen to the auctioneer. If you go to enough auctions, you'll see all the auctioneers in your area and know their lingo. In general, listen for a few minutes and concentrate. It's not a foreign language.

Next are the terms. Let's use a box of drip oilers as an example.

'ALL ONE MONEY.' You are bidding on the box. One price, high bidder takes all.

'CHOICE.' You are bidding on one oiler. High bidder can take one or the whole box. If the high bidder doesn't take all, the auctioneer will put the remainder back into the ring. This leads to our next term.

'SAME WAY.' The oilers are still buyer's choice.