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FAQs
General
Have you every wondered about buying or selling at auction?
Don’t worry, you’re not alone. Here are some answers to questions that we often get asked. If your question is not covered here, just ask us and we’ll be pleased to assist!
Got more questions?
What is a public auction?
A public auction is a type of marketplace where sellers (vendors) bring goods to sell and bidders compete to buy these goods. Auctions are about achieving balance - the best outcome is where the vendor feels they got a fair price and the buyer feels they paid a fair price and everyone goes away smiling.
What does the auctioneers do?
The Auctioneer manages the bidding process with the aim of creating a balanced outcome for both buyers and sellers (vendors). In return, both buyers and vendors pay a fee to the Auctioneer for this service. Vendors pay a “Vendor commission” and buyers pay a “Buyer premium”, both of which are a fixed percentage based on the price achieved at auction (the “Hammer price”).
Bidder
Bidding at auction is easy
Bid live or online from the comfort of your home or office, or even when you’re out and about on your phone or tablet, on our secure platform with a high level of encryption to protect you.
If you’d like to know more about any of our items for auction, just ask us. We’ll be pleased to provide additional measurements, extra pictures, or a video viewing via FaceTime so you can take a closer look for yourself.
How does an auction work?
Lots are sold in number order. When the auctioneer starts the lot, they will call for offers or may suggest a starting bid. A bidder signals to accept the price offered by the auctioneer. Once the bidding begins the price will step up in regular increments each time a bidder bids. The bidding increment is usually around 10% of the price although the auctioneer may elect to set a higher or lower bidding increment at various times in the auction.. For example bids around $100 will be at $10 increments whereas bids at $1000 will be at $100 increments.
Once there are no further bids on a lot, the highest bidder becomes the winner and purchases the lot at the final bidding price - this is called the “hammer price”.
What happens if no-one bids?
If there are no bids, or if the price is lower than what the auctioneer deems appropriate for a low bid, the item will be marked as "Subject to confirmation." This means the auctioneer will take the offer to the seller to see if they are willing to accept the bid. If the seller does not approve the bid, items marked as "Subject to confirmation" will typically be offered again at a future auction.
Who can bid at auctions?
iBid Auctioneers are open to the public. If you are over 18 and can provide valid photo ID, driver's license or passport, you are eligible to bid at our auctions. You can continue to participate in bidding at iBid Auctioneers as long as you adhere to the auction rules.
How do I bid?
Everyone needs to register to bid and obtain a unique bidding number (also called a paddle number) before they start to bid. Register online or at reception in our auction rooms.
If bidding online, you will need to register online and then use your email and password provided to log in to an auction. Once logged in, the bidding part of the online site becomes active and you can place bids by clicking on the bid ladder for each lot. You can place online bids well in advance of the live auction and let the computer manage your bidding. Alternately you may wish to bid live in real time once the auctioneer has opened the lot for auction.
When bidding in the room, we’ll give you a card with your bidding number on it - just hold this up or raise your hand to signal to the auctioneer that you wish to bid. The auctioneer will record your bidding number if you are the winning bidder.
There are many ways to bid so if you're unsure just ask us.
What if I can't come to the auction?
If you can't come in person there are a number of ways that you can participate in the auction. The easiest way is to bid on your computer, phone or tablet. Online bids can be placed well in advance so you don't need to be there at the time of the auction.
If you prefer not to use technology, you may contact our front of house team and leave a written absentee bid and we’ll bid on your behalf. Or request a telephone bid and we’ll call you just before your lot is auctioned so that you can instruct us over the phone.
There are many ways to bid so if you're unsure just ask us.
What is an absentee bid?
If you can't attend the auction or prefer not to bid online, you can place an absentee bid. This represents the maximum amount you’re willing to pay for a lot. Contact us with your absentee bids at least an hour before the lot is auctioned, and we’ll bid on your behalf. The auctioneer will enter your absentee bid at the next available increment as the lot is auctioned. Absentee bids below the published starting price will not be accepted.
Is there any cost to bid?
No, registering to bid at iBid Auctioneers is free. Unlike some auction houses that charge a registration fee before you can participate, we do not charge a fee at iBid Auctioneers. However, please note that a "Buyer's Premium" is added to the hammer price on lots won at auction.
Why is there a "buyer's premium"?
iBid Auctioneers offers a marketplace where buyers and sellers can transact. We charge a fee to both the seller (vendor commission) and the buyer (buyer's premium), which is how we earn our revenue. While a buyer's premium is standard at public auctions, the percentage varies among auction houses.
At iBid Auctioneers, we charge a 15% buyer's premium, which is added to the buyer's invoice after winning an item. Bidders should consider this fee when planning their maximum bid for a lot.
What's the best bidding technique to win an item at auction?
You might hear theories about beating the system, but a public auction is a highly transparent environment where everyone has an equal chance of success. It’s normal to feel nervous about bidding. For the best results, if you’re bidding online, place a bid early to signal your interest. If you're bidding in person, position yourself where the auctioneer can see you clearly and signal your intention to bid early so the auctioneer can watch for your bids and give you extra time if needed. A visible and confident bidder usually has the advantage.
Waiting until the very last minute to bid is risky. If the auctioneer is unaware of your presence or you experience an unexpected internet lag, you are likely to miss out.
What if I changed my mind after I've bought something at an auction?
An auction house operates differently from a typical retail shop. According to auction rules, the bidder becomes the successful buyer of a lot at the fall of the auctioneer’s hammer. There is no cooling-off period, and you cannot change your mind. Items bought at auction are usually much cheaper than those in retail stores, offering buyers a price benefit in exchange for accepting this risk.
Can I get a refund on a lot bought at auction?
Generally, no. Auction items are sold without returns or warranties, so it's crucial to thoroughly inspect your lots before bidding. You can test and examine most items to ensure they meet your expectations. If you can't visit the auction room in person, call us, and we'll gladly test items for you, provide additional photos, or arrange a real-time video inspection.
However, at iBid Auctioneers, we want you to enjoy your purchase and feel that you’ve gotten a great deal. If you have concerns about something you've bought, please talk to us, and we'll do our best to resolve the issue. email support@ibidauctioneers.com.au
How does a Timed Onine Auction Work?
Timed online auctions operate similarly to live auctions, but without an auctioneer. When the auction begins, the online bidding system manages each lot sequentially. Each lot starts with the highest bid placed during the pre-auction period and features a 10-second countdown. Bidders can place "live" bids during the final moments of each lot. If a live bid is received, the countdown resets for an additional 5 seconds and continues to reset with each new bid until no more bids are placed. The lot is then awarded to the highest bidder.
What if I can't get there to pick up my purchases?
Purchases must be paid for and collected within 2 working days of the auction. This is because we immediately start preparing for the next auction and lack the space to store items. Regardless of your location, we can arrange to pack, send, or deliver your purchases directly to your door. Please contact us to discuss the arrangement that best suits your needs.
How did someone win the item at my maximum bid?
Occasionally, you might encounter a situation in an auction known as "wrong footing." This occurs when a higher bid limit is set in advance of bidding, and it's not unique to Abbeys Auctions—it can happen in any auction setting.
Auction rules state that:
(a) Your bid limit cannot be exceeded without your permission.
(b) You cannot bid against yourself.
In a live auction, this means you might reach a point where you're winning the lot at one increment below your maximum bid. Since you can't bid against yourself, another bidder might win the lot at your maximum bid if they place a bid equal to or above it.
For example:
• You set a bid limit of $200 (which is not visible to others).
• The computer system places your bids automatically each time another bidder challenges you. If your last bid was $175 and bidding stops at that point, you win the lot for $175.
• However, if another bidder places a bid of $200, reaching your maximum bid, they will win the lot for $200, which matches your limit.
Our online biding platform(Live auctions have hard copies recorded by the auction assistant.) records every bid limit and bid placed for each lot, and we can refer to these records in case of a dispute.
Seller
Valauations
If you're considering selling, we offer a free valauation service. Just send photos of your items through our a valuation upload form or bring them to the Auction Rooms, and we’ll be happy to provide an auction estimate. For a full house or a large collection, please call us to arrange a no-obligation, free visit from one of our valuers.
Contact us for a consultation and sale proposal
What things are suitable for auction?
At iBid Auctioneers, we sell a diverse range of items, including both pre-loved and new. Whether it’s equipment from the hospitality industry, items from an entire office block, farming and industrial equipment, or typical household goods, as long as they are in good, clean condition and working order, they can be sold at auction. We also offer motor vehicles, boats, caravans, motorbikes, trailers, tools, and commercial quantities of new consumer products.
What is not accepted for auction?
We do not accept items that are damaged, or in poor condition, as well as those needing restoration or showing visible repairs. Used safety or baby equipment is excluded unless it is new and has Australian Standards safety tags attached to ensure customer safety. Certain styles of furniture, even if high quality, may not be suitable due to current demand (e.g., pink floral lounges).
If you’re unsure, send us some pictures of your items, and we’ll be glad to provide feedback on their suitability and estimated auction values.
How will I know what my ietms is worth?
The fastest and easiest way to get feedback on the value of your items is to send us a photo. Our valuers will provide an initial auction estimate. Be sure to include relevant details such as size and dimensions, brand names, how long you’ve had the items, their original purchase price, and any notes on their condition. If you have a large quantity of items or need to clear an entire household, we can often arrange an on-site appraisal visit.
Is the auction estimate price gauranteed?
No, an auction estimate is just that—an estimate. You might achieve a higher price if there is strong bidding competition, or a lower price if interest is limited—this is the nature of auctions. While the auctioneers will strive to meet the estimated price, the final selling price is determined by the bidding audience. Lots estimated below $400 will be sold at the best market price on the auction day.
For items estimated over $400, you can discuss setting a "reserve" minimum price. Reserve prices must be agreed upon with the auctioneer before the auction, and specific rules apply to reserves. If the item remains unsold, you will be required to pay the applicable lot fees and arrange for its collection at your own expense.
What is a Lot?
A lot is an item or group of items offered for sale at an auction. For example, a lot might consist of a blender with all the attachments, a box of assorted small items grouped together, or a single door fridge. Each lot includes items from only one vendor, and grouped lots usually consist of items from related categories.
Typically, we group items into "Box Lots" or "Shelf Lots" when their individual value is low. This approach allows us to achieve an efficient sale outcome for vendors without incurring multiple lot fees for listing each item separately.
What happens if it doesn't sell?
All items will eventually sell for their market value. The auctioneer will set an initial estimated selling price range for each lot, and if this range is not met, the item will be offered again in future auctions with progressively lower estimates until it is sold. The advantage of a public auction is that it draws a broad buying audience, and competitive bidding will determine the price that the market is willing to pay.
Are my goods insured whilst at the auction?
Yes. iBid Auctioneers' premises are equipped with monitored security systems to ensure your items are kept safe throughout the sale process. Additionally, your items are insured for their auction value while in our care, covering any loss or damage.