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Auctions provide a means by which prospective buyers are afforded a pure opportunity to buy at the “market” price. The experienced auction buyer knows the rules and format that each auction event has established. The fast paced action at our auctions make for an exhilarating buying atmosphere. Therefore, we offer the following recommendations to enhance your chances for successful bids. For more information about Rock Island Auction Company visit our web site at rockislandauction.com
SPECIAL VIEWING
Special previewing and auction will take place at the Rock Island Auction Facilities at 7819 42nd Street West, Rock Island, Illinois. The Rock Island Auction Company has constructed from the ground up the finest firearms auction facility in the nation. The Rock Island Auction Company facility is located five minutes from the Quad City International Airport. Previewing of items is available Thursday, August 25th from 10 a.m. to 6 p.m. Viewing is also open beginning at 7:30 a.m. and all day during the auction Friday and Saturday on items not being sold that particular day. This is the time for the prospective buyer to examine each item offered for auction.
Rock Island Auction Company’s web site has the entire catalog online. All photographs and descriptions are available. The online catalog is typically posted to the web about 6 weeks before the auction.
THE CATALOG
Before each auction Rock Island Auction Company publishes the finest catalog in the industry. Our catalogs provide descriptions, estimated values, and usually a photo of each lot.
We offer our catalogs by subscription (3) or by single copy. The catalogs serve as a guide to prospective bidders. They also offer the buyer a very good reference source as a prices realized report is provided to all catalog recipients after the auction.
The catalog is simply a tool at the prospective bidders disposal. We strongly encourage all bidders to inspect each lot or have any agent inspect each lot before the sale. A lot may contain one item or a group of items.
RESERVES
All lots in a catalog maybe subject to a reserve. We may accept certain items to have a reserve. This reserve is the minimum amount that must be reached for the item to sell.
ESTIMATED VALUE
Estimated values for each lot are posted as part of the description. The estimated prices are simply estimated guidelines on current market price for that item. Estimated values are only one person’s opinion on the value. Estimated values for many items are posted months in advance for the sale.
FOUR WAYS TO BID AT AUCTION
1) On-Site Bidding. Bidders are registered prior to auction and each is issued a bidder card. Acceptance of the bidder card is also acceptance of all terms and conditions of the sale. The bidder card is held up to signify a bid. Generally, the bidding begins at one-half the estimated value and will continue at our established bid increments.
Auction bids are designed to adhere to approximately 10% of bid price. Auctioneer’s at their discretion may or may not cut a bid on increments under the $1000.00 level. However, over $2500.00, the auctioneer’s will adhere to the following bid increments:
4) Live Bidding Via the Internet
If the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be a fee charged calculated as 1% of the hammer price. If the purchaser utilizes the third party provider, Proxibid, there will be a fee charged calculated as an additional 3% of the hammer price. The buyer’s premium and RIAC Live fee or Proxibid fee, if applicable, is added to the purchaser’s successful bid to calculate the total purchase price. RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium and the RIAC Live fee or Proxibid fee, if applicable, payable by the purchaser.
NOTIFICATION OF SUCCESSFUL BIDS
In order to expedite notification of any successful bids, if the bidder has a RIAC web account, the bidder will be notified via email that the bidder was successful and to check his or her account. A form will be provided for the successful bidder to complete and return to RIAC with regard to shipping instructions and method of payment. Once RIAC receives the form RIAC will follow up with a phone call to confirm that all information on the form is correct. RIAC will process the order upon receiving payment and any applicable licensing fees. If the bidder does not have a web account with RIAC, RIAC will call the bidder regarding payment and shipping instructions and follow up with an invoice in the mail.
CONSIGNING PROPERTY TO AUCTION
Rock Island Auction Company, provides you an unbeatable team in which to offer your firearms to auction.
The process commences with an evaluation of the property. This information can be gathered several ways. Initially a detailed list is invaluable. Once the list is assembled Rock Island Auction Company will provide a determination of pre-auction value estimates. Photographs can further convey condition and are very helpful in establishing a pre-auction estimate. Any other pertinent information (i.e. dimensions, factory letters, etc.) are helpful. If you have a sizeable collection, Mr. Hogan or a Rock Island Auction Company specialist is available by appointment, to appraise your property on your premises. After that specific appraisal, you may decide to consign your collection to an upcoming auction. Rock Island Auction Company is also prepared to offer to purchase the collection outright.
If you decide to consign your property for auction, we will provide assistance each step of the way beginning with assistance in packing the collection for transport to Rock Island Auction Company through the presentation of the collection, in the most professional manner. We will treat the collection as if it were our own. We will provide insurance for a preset value and all items will be stored properly and safely in a secured alarmed area. A total account statement of prices realized will be provided. Payment in full will be made within 35 days after auction.
Sales commissions vary, depending upon the overall value of the collection. Rock Island Auction Company offers the most competitive rates in the industry and will deal with you on a professional level.
For further information regarding consigning please contact:
Patrick F. Hogan, Kevin Hogan, or Jessica Tanghe at 1-800-238-8022
or 309-797-1500 Monday thru Friday 8 am to 5 pm CST.
$50 - $200: $10 increment $200 - $500: $25 increment $500 - $1,000: $50 increment
$1,000 - $2,000: $100 increment
$2,000 - $5,000: $250 increment $5,000 - $10,000: $500 increment $10,000 - $20,000: $1,000 increment $20,000 - $50,000: $2,500 increment $50,000 - $100,000: $5,000 increment $100,000 - $200,000: $10,000 increment
Over $200,000: Auctioneer's discretion
Each lot will be identified by display on closed circuit TV throughout the auction gallery. Each bidder should decide in advance the maximum amount they wish to bid. When bidding starts, leave your bidding card up until your bid wins or your maximum amount is reached. The advantage in leaving your bidding card up is that if the final bid is your limit, you will prevail as opposed to another bidder who also had the same maximum limit but did not raise their card in time.
2) Sealed Bids or Absentee Bids. If you are unable to attend the auction, you may submit a sealed bid. An auction staff member will then bid on your behalf. The bidding proceeds as if you are in attendance. The staff person will try to secure the lot with the lowest possible bid. Located in the back of the auction catalog you will will find a sealed bid form complete with instructions. All sealed bids require prior credit approval or a deposit equal to 15% of the total bids submitted. All deposits on unsuccessful bids will be returned within (10) days after the sale. By their submission all sealed bids signify agreement by the bidder to the terms and conditions of sale. When submitting sealed bids, please be aware of our established bid increments. Situations exist that could cause an item to be sold one bid below or at your maximum bid amount, yet you will not prevail as the successful bidder. We will execute bids only in the proper bid increments. For example we will round a bid of $205.00 to $200.00 or a bid of $965.00 to $950.00.
3) Telephone Bidding. Bidding by telephone can also facilitate participation in our auction. This type of bidding requires prior notice and prior credit approval. Absent credit approval a telephone bidder must submit a deposit equal to 15% of the low estimate on all lots to be bid by telephone. All deposits on unsuccessful bids will be returned within (10) days after the sale. A person who wishes to bid by telephone must contact Rock Island Auction Company prior to the auction date. Upon approval, the bidder will be telephoned on the day of the auction at the time the lot or lots they have arranged to bid on come up for auction. An auction staff member will bid according to instructions received over the telephone. Refer to the Terms & Conditions of Sale for further information.
NOTE: The telephone bidding can become fast and noisy. We strongly recommend that telephone bidders give the auction staff member a starting point on the amount to bid on each lot before the bidding begins. We can apply the idea of leaving a card up until the bid prevails or the amount is exceeded. Telephone bidders also possess the option to exceed their original maximum if they so choose.
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Recommendations for Bidders