FAQ’s
Welcome to the FAQ page for Blue Lobster Treasure Auctions! Here, you’ll find answers to common questions about buying and selling with us, from how our auctions work to what to expect during the process. We’re committed to making your experience as smooth and enjoyable as possible, so this page is updated regularly with the latest information. Be sure to check back often for new insights and updates!
Family-owned and operated.
328 East Main Street, Searsport, Maine 04974
207-835-1930
Frequently Asked Questions (FAQ) for Selling and Consigning at Auction
Q. What is consignment?
A. Consignment is when you provide items to an auction house to sell on your behalf. The auction house handles the sale process, and you receive a percentage of the final sale price.
Q. How do I consign items to an auction house?
A.
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Contact the Auction House: Reach out to the auction house to discuss your items.
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Evaluation: The auction house will evaluate your items to determine their suitability for auction.
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Agreement: Sign a consignment agreement outlining the terms of the sale.
Q. What types of items can I consign?
A. Items suitable for consignment include fine art, antiques, jewelry, collectibles, vehicles, and other valuable items.
Q. How is the value of my items determined?
A. The auction house will conduct an appraisal based on market trends, historical data, and expert evaluations to estimate the value of your items.
Q. What are the costs associated with consigning?
A. Commission: A percentage of the final sale price goes to the auction house.
Q. What is a reserve price?
A. A reserve price is the minimum amount you are willing to accept for your item. If bidding does not reach this amount, the item may not be sold.
Q. How will I be paid after my item sells?
A. After the auction house deducts their commission and any fees, you will receive the proceeds through a method agreed upon in the consignment agreement, usually by check.
Q. Can I set a minimum bid for my items?
A. Yes, you can set a minimum bid, also known as the reserve price, to ensure your item sells for a satisfactory amount. A minimum reserve is $100.
Q. Can I attend the auction where my items are sold?
A. Yes, consignors are generally welcome to attend the auction in person or view it online, however you may not bin on your own items.
Q. How do I know if my items sold?
A. The auction house will notify you of the auction results, including the final sale price of your items.
Q. What should I do to prepare my items for auction?
A.
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Clean and Repair: Ensure items are in good condition.
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Documentation: Provide any certificates of authenticity, provenance, or appraisals.
Q. Can I withdraw my items from the auction?
A. Yes, but withdrawing items may incur fees or penalties based on contract.
Q. How does the auction house decide which items to accept?
A. We consider factors like marketability, condition, value when deciding which items to accept for auction.
Q. What is a consignment agreement?
A. A consignment agreement is a contract between you and the auction house that outlines the terms of the consignment, including commission rates, fees, reserve prices, and payment terms.
Frequently Asked Questions (FAQ) for Buying at Auction
Q. How do I participate in an auction?
A.
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Register: Sign up as a bidder prior to the auction.
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Get a Bid Card: You will receive a bidding number for live auctions.
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Log In: For online auctions, create an account on the auction platform.
Q. What types of auctions do we have?
A.
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Live Auctions: Conducted in person with an auctioneer.
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Online Auctions: Conducted over the internet.
Q. How do I know if an item is authentic?
A. Check for certificates of authenticity, provenance documentation, and expert evaluations provided by the auction house.
Q. What is a reserve price?
A. A reserve price is the minimum amount the seller is willing to accept for the item. If bidding does not reach this price, the item may not be sold.
Q. What is a buyer’s premium?
A. A buyer’s premium is an additional fee paid by the buyer on top of the winning bid. It’s typically a percentage of the final bid amount.
Q. How can I preview items before the auction?
A.
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In-Person Previews: Visit the auction house during scheduled viewing times.
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Online Catalogs: Browse detailed listings and images on the auction house’s website.
Q. Can I place bids before the auction starts?
A. Yes, you can place absentee or proxy bids either online or by contacting the auction house directly.
Q. What should I do if I win an item?
A.
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Payment: Pay promptly according to the auction house’s terms.
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Pickup/Shipping: Arrange for pickup or shipping of your item.
Q. What happens if I can’t pay for the item I won?
A. Failure to pay may result in penalties, legal action, and being banned from future auctions.
Q. Can I return an auction item if I change my mind?
A. Typically, all sales are final. Returns are generally not accepted unless there was a misrepresentation or an agreement with the auction house.
Q. How can I increase my chances of winning at an auction?
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Research: Know the value and history of the items.
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Set Limits: Determine your maximum bid ahead of time.
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Bid Strategically: Pay attention to the bidding activity and adjust your strategy.
Q. What forms of bidding do you offer?
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Live Bidding: Our auctions feature live on-site bidding at our location: 328 East Main Street Searsport, ME 04974.
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Absentee Bidding: You can also submit absentee bids via our Absentee Bidding Form. Absentee bids are executed by a trained bidding agent on the day of the auction.
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Phone Bidding: Available for most items. Call us at 207-835-1930 at least 5 hours before the auction with your lots of interest and contact number for phone bidding.
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Online Bidding: Live online bidding is available through Hibid.com.
Q. What are absentee bids and how do they work?
A. An absentee bid is a maximum bid submitted in advance. The auctioneer will bid on your behalf up to your maximum amount if necessary.
Q. What is a starting bid?
A. The starting bid is the initial bid amount at the beginning of the auction. It’s the lowest amount at which the auctioneer will accept a bid.
Q. Are auctions regulated?
A. Yes, auctions are subject to laws and regulations to ensure fair practices. It’s important to choose reputable auction houses that comply with these regulations.
Q. How are auction items described in catalogs?
A. Items are described with detailed information including dimensions, condition, provenance, and any notable features. High-quality photographs are often included.
Q. What are hammer prices and final prices?
A.
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Hammer Price: The winning bid amount, before fees.
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Final Price: The total amount paid by the buyer, including the hammer price, buyer’s premium, and any taxes or additional fees.
Q. Can I get financing for buying at auctions?
A. We do not offer any financing services.