Live Auction - Rules and Regulations

As per Jonnie Keys, during the last Euro Auctions sale in the month of July, 49% of the equipments sold were exported overseas, an increase of 2% over the previous sale in the month of May. Live auctions are lively dealings with participants bidding on different services and goods, as an auctioneer functions as a moderator.

One has to follow numerous rules and regulations in order to play an active role in live auctions. Here is a list of some regulations which are common to most events:

* Registration is a must: Before bidding it is mandatory for all the bidders to register with the auction house. The bidders have to give their identification and often some amount of money as deposit. In return they are given a special number or a paddle with which to bid.

* No guarantee: The items sold are without any guarantee on their price, genuineness or function. Due to this the items are often put up for inspection for a certain period before putting them up for bidding.

* Bidding is determined by the auctioneer: Whether a bid has been placed or not is determined by the auctioneer. By any chance if the auctioneer misses a bid then the bidder is not allowed to reinstate the bid.

* No liability of the auction house: Once the item has been transferred legally over to the bidder the auction house stops holding any liability for the products. Any damage incurred due to the misuse of the item is not a concern of the auction house.

* Removal of items from bidding: Although items may be listed on the catalogue for bidding, it is up to the auction house to remove such items from bidding anytime and due to any reason.

* Pay immediately: In most cases, bidders are required to pay the entire amount or a part of the price immediately after the auction takes place; failing which might result in forfeiture of the item or financial penalties.

* Auctioneers decision is final: The decision taken by the auctioneer is final in case of any argument or disputes that may arise.

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