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1. Auction myths and mysteries 1.1. The stigma traditionally associating auctions with the disposal of distressed estates is the single biggest misconception about auctions. It is a myth that auctions are all about the disposal of distressed estates; be it liquidations, sequestrations, deceased estates and bank repossessions. 1.2. The perception that auctions offer bargains is […]
1. Auction terms and definitions The following terms and definitions apply to auctions. 1.1. “Absentee or commission bid” refers to a procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under […]
1. Types of auctions There are two broad types of auctions across the world, and a third variant in the event where reserve is not met as outlined here under: 1.1. Absolute auction or auction without reserve Regulation 18 (1) of the Consumer Protection Act, No. 68 of 2008 (CPA) defines ‘absolute auction’ or ‘auction without […]
Download Auctioneering is a funny old business Article.
1. Ten most important tips buyers must know when buying on auction The tips contained herein are meant to introduce buyers to the auction method with a view to make their auction experience an interesting, hassle-free and rewarding one. 1.1. Auctions are for everybody Auctions are for everybody, and they offer value for money deals […]
1. Five most important tips sellers must know about auctions The tips contained herein are meant to advise sellers about the dos and don’ts of using the auction method to dispose their assets, with a view to make their auction experience an interesting, hassle-free and rewarding one. 1.1. Auctions offer sellers many benefits Contrary to […]
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