The auction is a fun and interesting experience. For many buyers it is considered a wholesale event, and buying for resale is not unusual. For other buyers the opportunity to purchase a part of an estate collection is an unsurpassable opportunity.
At an auction, all lots are offered AS-IS and sold to the high bidder. It is the responsibility of the buyer to inspect each item of interest. If a buyer cannot personally inspect he should phone or e-mail the auction gallery for a condition report or send a representative to inspect.
If you purchase an item at auction you will be declared the high bidder. You are then the owner of the item and must complete the contract by rendering full payment. The auction payment will include the bid amount, a buyers premium of 15% for gallery and catalog auctions, or in the case of Internet purchases, a buyers premium of 18%, and state sales tax on the entire purchase unless you offer proof of exemption from sales tax.
Most of the conditions for participating at the auction are required by state and federal law. This is for the protection of all parties. The auction gallery is employed by consignors who have made their property available for auction. Some items will be offered with a reserve or starting bid required by the consignor. Other items will be started by the auctioneer, thus establishing a reasonable opening bid and moving the auction to its conclusion. Neither consignors nor their agents may participate in the sale of their consignment.
Sometimes other terms may be included and these will be posted or announced at the beginning of each auction. The auctioneer in charge is Ross Featherston, Texas auction license number 8069. The auctioneer(s) conducting the auction are licensed by the Texas Department of Licensing and Regulation, P.O. Box 12157, Austin, Texas, 78711, telephone 512-463-2906, and are protected through a recovery fund administered by the Department. Any unresolved complaint can be directed to the Department.