As an increased focus on sustainable values and a rise in the cost of living force buyers to shop smarter, movable auctions have become a popular choice for buyers seeking everyday household items and other goods at competitive prices. Whether you’re after furniture, agricultural machinery or office furniture, this auction category offers an excellent opportunity for everyday buyers to acquire reliable items that suit their needs and budget.
Whether you’re a first-time buyer, curious auction browser or an auction veteran, this insightful guide is a great way to wrap your head around what movable auctions are, mistakes to avoid and where to find the best auctions in South Africa.
What are movable auctions?
Movable auctions involve the sale of movable assets. These are items that can be moved from one location to another. This includes everyday items such as kitchen goods, furniture, electronics, vehicles, and machinery, and can extend to specialised items like industrial equipment, collectables, and limited-edition items.
These auctions differ from immovable assets which are items that cannot be moved. This includes land, property and fixed structures. However, the auction process for this category is very similar to other auctions in that buyers bid on auction items as-is – whether in-person or online.
Why do people bid at movable auctions?
Movable auctions are a great option for buyers seeking variety and value. From everyday appliances and electronics to heavy machinery, farm equipment and furniture, this category offers a range of goods that buyers can purchase at competitive prices. Quick ownership transfers are another drawcard for potential buyers, as there are no lengthy negotiations or unnecessary paperwork involved when purchasing at these auctions.
Top Tips for First-Time Movable Auction Buyers
Research and Preparation
As previously mentioned, goods at movable auctions are sold as-is. This means that auction items can come under a variety of conditions – from excellent and good working order to faulty and only usable for parts or repairs.
No matter how experienced you are with auctions, it’s important to do your due diligence. Review auction catalogues, auction photos, and descriptions before noting the condition of any items you’re interested in, and ensure you compare details where possible. Auctioneers aim to be transparent, providing accurate and honest information. However, if you have any further queries, make sure you utilise Auction Calendar’s “contact auctioneer” feature.
Additionally, it’s always advised to attend auction previews. This allows you to inspect for damage, missing parts or excessive wear in person. This way, you’ll have a clear understanding of what you’re bidding on when the auction starts. Remember, most items do not come with warranties or service plans, so being confident in your bid is vital to avoiding buyer’s remorse.
Set a Budget
The excitement of bidding and getting your desired item can easily sweep you up in a bidding frenzy – and before you know it, it’s too late. To avoid regretting your purchase after winning, make sure you set a budget and stick to it. Research the market value of the items on auction (new or second-hand) and develop a budget that factors in taxes, shipping , commission and restoration where applicable. Knowing an item’s market value allows you to set a realistic budget and stops you from missing out on good deals or overpaying.
Registration and Refundable Deposit
Registration is key to ensuring you can attend your preferred auction. Make sure you register on time and have the required documents ready. Buyers need to comply with FICA requirements, so it’s essential to have your proof of address and proof of identification before registering for an auction. Most auctions also require a refundable deposit, which typically ranges from R2,000 to R10,000, and is entirely up to the auction house. If you do not have the winning bid, buyers will receive their deposit back. However, successful buyers have the option to use their registration fee money in part-settlement of their purchase.
Mistakes To Avoid
Auctions can be high-pressure environments, and mistakes are just a split-second away if you’re not prepared. Here are just a few common mistakes you should try and avoid as a first time or seasoned buyer:
Always Be Prepared
Auctions are more than just numbers, it’s about preparation. Lack of preparation can leave emotions high and see you frustrated once the final hammer falls. That’s why it’s crucial to do your homework at every level of the auction process. This includes reviewing the auction catalogue, doing research on items, reading the terms and conditions and making sure you understand the bidding process before auction day.
Bidding is Binding
You’ve won the bid – now what? Auctions are not like purchasing items at your local supermarket, you cannot cancel your sale or return an item. When the hammer falls, you’re legally obligated to complete the purchase, and backing out could be seen as a breach of contract, which would incur legal repercussions. Financial penalties, legal action, or even disqualification from future auctions are just a few of the repercussions you could face. This is why it’s essential to be confident in your decision.
Letting Emotions Blur Your Judgement
It’s not uncommon for bidders to get swept up in the excitement of auction day. Whether it’s overpaying when attempting to beat out the competition or giving in to last-minute irrational decisions – logic can fly out the window when emotions are high.
Letting emotional bidding take over can result in paying more than you planned or ignoring item conditions. To combat this, it’s important to have a plan and stick to it, even if your dream appliance pushes past your budget.
How To Find Your Next Movable Auction
Movable auctions are fast and exciting, offering a range of goods that include everything from a reliable machine for your farm or a used refrigerator for your new apartment.
Finding the right movable auction for your needs doesn’t have to be a hassle. Auction Calendar simplifies your search with easy-to-use filters that let you browse auctions by location, category and type.
As you explore your next movable auction, we hope these insights and tips help you bid confidently.
