Company
Contact
An introductory guide to the Marriott & Co. sales procedures
Auction Sales
Auction sales are of huge economic importance in the UK, accounting for a multi-billion pound trade concerned with so many
tradable items including livestocks, fine arts, vehicles, machinery and equipment, land and buildings, comodities and so forth.
|
Although an auction sale of business assets is second nature to the Marriott & Co. team, there is frequently at least one potential bidder at our auction sales who has never been to an auction sale before. Our auction sales are completely straight forward, and we are always pleased to outline the procedure to whoever enquires. Procedure at an 'on-site' auction An auction sale is not a consumer sale, so it is essential that prospective bidders satisfy themselves that the lot(s) in which they are interested are fit for the intended purpose. No lot can be returned to the Auctioneer after the sale with a view to seeking a refund; there are no warranties, and all lots are purchased ‘as seen’. This is considered by some as not very fair, but bidders generally attend auctions in the hope and expectation of availing themselves of a bargain, and bargains there will surely be; the bargain prices generally paid for goods sold at auction reflect the risk purchasers take with regard to the suitability and condition of the goods in question. Guide Prices There may be reserves, but these will never be above the guide price of any lot. Attendance Proxy Bids Marriott & Co’s auctions are completely transparent. The Auctioneer will make it clear when the ‘absent bidder’ (as mentioned above) is bidding, and Marriott & Co’s Auctioneers will never take bids ‘off the wall’ or attempt any other deception. The Auctioneer will set the bidding increments to increase at around 5% per bid. Payment The successful bidder must pay for and collect the lots purchased within the times stated in the catalogue’s Conditions of Sale. Failure to do so renders the successful bidder in breach of contract. Lots can only be released once the Auctioneer is in receipt of cleared funds - cash, bank draft, or CHAPS inter-bank transfer; payment can be made by cheque provided there is sufficient time for the cheque to be ‘Specially Cleared’ through the banking system. The Auctioneer is notified that the funds are cleared within the period available for clearing the lots from the premises. Our Role Our auction sales are well run, and we believe that they are enjoyable occasions. Tender Sales Procedure at ‘on line’ auction
Automatic increment bidding is enabled on our online sales. Placing the maximum amount you are willing to bid on a particular lot will not necessarily become the current bid. If you bid £100 on a lot with a current bid of £50, your bid will beat the £50 by the increment specified by the system. If another places, or has already placed a higher bid, then the system will automatically bid for you up to your maximum of £100. At the end of the sale, the final bid figures will be submitted to our client for approval. The seller or the selling agent may refuse to accept any offer and shall not be obliged to accept the highest offer. Marriott & Co. will contact the successful bidder and then forward an invoice for payment.
Private Treaty Sales The advantage of private treaty sales is that they are flexible, and allow us to negotiate with interested parties - often without publicly marketing the goods in question – with a view to completing a sale economically and expediently. A private treaty sale will normally be concluded under our Conditions of Sale, adapted to accommodate the circumstances of the case. |
|
