AUCTION FAQ'S

What is an Auction?
An auction is a method of selling property in a public forum through open and competitive bidding.

Are invitations or reservations needed to attend South Atlantic Auctions?
South Atlantic Auctions are free and open to the public. Everyone is welcome and our staff is great about helping potential buyers. First timers are helped to understand how auctions work and how to make a bid. Understanding the chant is what some people find the most intimidating. It is important to listen carefully to the caller and familiarize yourself with his chant method.

What advice would you give a first time auction attendee as well as a seasoned veteran?
Individuals, whether they are a first-timer or a veteran-do not need to be experienced. Our staff is great about helping first timers to understand how auctions work, how to make a bid, etc. Please keep in mind that there are no stupid questions in the auction industry. Observe, relax and ask questions. Knowledge is power.

What information is needed to bid?
You will need to provide your name, address, telephone number and proof of identity. Your passport or state issued drivers license, together with a credit card, where applicable should suffice. In exchange, you will receive a bid card printed with your personal number for the sale.

How do I bid?
In order to bid at an auction, you need to make contact with the auctioneer. To do this, hold up your bid card with your hand. If the auctioneer does not immediately see you, shout, "Yes". The auctioneer will then take your bid and turn to seek another bid. If another bid is received the auctioneer will return to you to see if you want to bid again.

How do I stop bidding?
To remove yourself from the bidding process, shake your head "No" when the auctioneer makes eye contact with you.

Will I be able to understand the auctioneer?
The "chant" of a good auctioneer is easily understood. The chant is merely a series of numbers connected by "filler" words to create a rhythm and make it pleasing to listen to. A basic chant tells the audience what the bid currently is and what is being asked for. An example is: "I bid 5 dollars will you bid 10?"

How much time in advance do I need to arrive at a South Atlantic Auction?
You will need to arrive approximately 60 minutes before the auction to complete bidder registration and receive your bidding card.

Why must the IRS 8300 Form be completed?
The IRS Form 8300 must be completed and filed for all customers who wish to pay more than $10,000 in cash. The form is mandatory because the Internal Revenue Service (IRS) requires that all cash transactions in excess of $10,000 be reported to the IRS.

What is Cash?
Cash is defined as all currency or a cashier's check, money order, bank draft or travelers check having a face amount of $10,000 or less.

Will shipping charges be included in the purchase price?
When you buy an item at the auction you are responsible for it. All items need to be removed the day of the auction. If you purchase large items and need assistance in moving, you may engage a Moving Service. Please remember to pack your Moving Service's phone number. There are a few cases where we do offer delivery service for a fee.

Why are auctions so popular?
Records handed down from ancient Greek scribes document auctions occurring as far back as 500 B.C. The term "auction" is derived from the Latin word "auctus," which means "increasing or gradual increase." Today the word "auction" as the world has come to know it, means a public sale of property to the highest bidder.

American auctions date back to the Pilgrims arrival on America's Eastern Shores in the 1600s and continued in popularity during colonization, the Civil War Era, the Great Depression, and the 1950s through the 1990s. The 21st century is no exception as technology has transformed the auctioneer industry and made it faster and more efficient. The excitement of bidding, the thrill of the hunt, the rhythmic chant of the auctioneers, coupled with information technology all generates an undeniably high level of enthusiasm and passion.

What is the National Auctioneers Association?
Founded in 1948, the National Auctioneers Association (NAA) is an association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession. South Atlantic owners are members of the NAA Association.

What kinds of items are sold at auction?
South Atlantic Auctions sells a wide variety of original, fine art, and fine prints, jewelry, gems, coins, furnishings, antiques and reproductions, luxury cars, real estate and much more.

How and when do I pay for the items I purchased?
At South Atlantic Auctions, you pay for your items when you are ready to leave. Payment may be made in cash, certified and cahier's checks and Visa and Mastercard credit cards. The American Express card is accepted on a "subject to availability" basis