Alf Duncan Auctioneers

• Sellers do not have to wait long to sell. You immediately get a definite date of sale.
• It is safer and more convenient than inviting strangers into your home for private appointments.
• Buyers know that the highest bidder wins, so they do not waste time finalising decisions.
• The auction method of marketing is rapidly becoming a leading method of selling worldwide.
• An auction creates an exciting atmosphere among highly interested buyers.
• The seller remains in control.

• Items can be delivered, or collection arrangements can be made by calling the offices.
• The seller's goods are catalogued in the Goods Received Book and the seller receives a Goods Received Note.
• Alf Duncan Auctioneers sets the auction date, advertises, notifies relevant buyers and sells the items by auction.
• Reserves may be set on certain items only by agreement with the auctioneer. If reserves are too high for auction purposes, the auction house will advise the seller.
• If a seller insists on a reserve and the item is not sold, a 10% premium is payable.
• Alf Duncan charges 21% seller's commission. For large parcels, commission can be negotiated.

It is that simple.

• Viewing the items is a must, because what you see is what you get.
• No returns are accepted after an auction, except electrical appliances sold as working may be returned within 24 hours if non-working.
• Register to receive your buyer's number. Deposits may apply for various auctions.
• Bid by holding up your buyer's card to catch the auctioneer's attention. Stop when you have reached your limit.
• Always check payment requirements. The buyer's commission is 15% VAT inclusive.
• Example: R100 purchase plus 15% buyer's commission equals R115.
• Frequent buyers may register once, maintain a number for a year and save time.

Auction

A method of selling an item in a public forum through open and competitive bidding.

Auctioneer

The person engaged by the seller to direct, conduct or be responsible for a sale by auction.

Auctioneer's assistant

Assists the auctioneer to identify bidders, duplicate prices and assist with telephonic bids.

Auction Plan

The plan for pre-auction, auction day and post-auction activities.

Auction Price

The price obtained through the auction method of marketing.

Absolute Auction

An auction where the item is sold to the highest bidder with no limiting conditions or amount.

Absentee Bid

A procedure allowing a bidder to participate without being physically present.

Appraisal

The act or process of estimating values.

Bank Letter of Credit

A letter from a bank certifying that a named person is worthy of a given level of credit.

Bid

A buyer's indication or offer of the price they will pay at auction.

Bid Ringing

An illegal practice where people agree not to bid against one another to deflate value.

Broker Participation

An arrangement for third-party brokers to register potential bidders for commission.

Buyer's Commission

An advertised percentage or fee added to the highest bid to determine the buyer's total contract price.

Buyer's Number

The number issued to each person who registers at an auction.

Catalogue

A publication advertising and describing items available for sale at public auction.

Clerk

The person who records what is sold, to whom, and at what price.

Commission

The fee charged to the seller by the auctioneer for auction services.

Conditions of Sale

The legal terms governing auction conduct, payment, premiums, possession and reserves.

Due Diligence

The process of gathering information about the condition and legal status of assets to be sold.

One to Take All

A method where the highest bidder wins the right to choose the number of lots they want.

Opening Bid

The first bid offered by a bidder at an auction.

On-Site Auction

An auction conducted on the premises of the property or items being sold.

Preview

A specified date and time for prospective buyers to view and audit items before sale.

Reserve

The minimum price that a seller is willing to accept for an item.

Ringman

Assists the auctioneer to identify bidders during the auction.

Subject to Confirmation

An auction where the seller may set a reserve, accept or decline bids, or withdraw the item.

Vendue Roll

The document used to record the buyer's number and price bid.

Voetstoots

Selling without warranties as to condition or fitness. Buyers must examine and judge the property themselves.

• Know your auctioneer and use recognized professional organizations such as SAIA where a code of ethics governs members.
• Start by observing an auction that deals with items of interest to you.
• Know that different auctions proceed differently. Observe first, bid later.
• Attend the preview and inspect the items that interest you.
• Know the rules, including buyer premiums and payment conditions.
• Set a limit beforehand and stick to it.
• Listen to the auctioneer for lot numbers, descriptions and catalogue changes.
• If you do not wish to continue bidding, clearly signal no.
• If you successfully bid, complete payment and arrange collections before leaving.