Auction FAQs

AuctionInformation.co.uk offers introductory answers to frequently asked questions about Auctions to help you better understand the auction process, format and general rules. If you have any further questions that haven't been covered on this page then please submit a new question at the bottom of this page.

Can I see the list of lots beforehand?
Can I view the goods prior to bidding?
Do I get a warranty or guarantee on the goods?
Is there a entrance fee to get into an auction?
Are there any fees associated to the sale price?
What if I change my mind after I have bidded?
Why do goods go to auction in the first place?


Can I see the list of lots beforehand?
Yes, most auctions will publish a catalogue or a list of goods to be auctioned. For example, an auction house selling a collection of memorablia will provide a full colour catalogue but will charge a nominal fee for the catalgue. Larger car auction will provide a list of cars, the times they expect to put lots through - this will be abvailable by fax, internet or at the auction itself.

Can I view the goods prior to bidding?
It is highly recommended that you view the goods before bidding. With this in mind many auctions will allow time before the auction commences for potential bidders to inspect, and sometime test the goods. Obviously some goods going to auction i.e. Houses will be subject to an offical inspect or survey.

Do I get a warranty or guarantee on the goods?
This depends on the type of auction and the goods to be sold but in many case a warranty period or limited guarantee is available. Be aware that unwarranted auctions do take place, this means that all goods will be sold as seen with no return.

Is there a entrance fee to get into an auction?
Generally there is no entrance fee however some auctions may charge a fee, or charge by catalogue under certain circumstances. For example - an auction for high profile pop memorabilia may warrant an entrance fee due to excessive demand. Typically an auction house will charge for a bidding paddle as a refundable deposit.

Are there any fees associated to the sale price?
Yes, virtually all auction houses will charge a buyers premium. This can vary from 2% to 20% depending on the lot. For example a house may attract a buyers fee of 1%, where as a TV may be as little as 1%.

Most auction prices do not included VAT and this can be charged on both the lot value and the buyers premium.

What if I change my mind after I have bidded?
Nothing. Bidding on a lot is a legally binding contract and can be pursued through the courts. Auctions for high value goods usually mean a pre-auction vetting to prove your ability to pay.

Why do goods go to auction in the first place?
There are many reasons why goods end up being sold at auction. Bankrupt, excess stock.