Auctions. RiverTown provides a
full range of Estate Auction services, from helping with a simple downsizing
to cleaning out an entire household. Don't let the phrase "Estate
Auction" scare you. You don't need a house full of expensive antiques to
take advantage of our services. We specialize in Estate Auctiions for the
& Government Liquidation Auctions. Whether you are going out of business, cleaning out your
warehouse, or just need to liquidate some inventory, we can help.
Estate Auction vs. Tag
Sale. Which is better, an auction or a
tag sale (aka estate sale)? It depends! Find out more here.
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up for sale at our next auction, special sales, and other news.
RiverTown Auction is owned and operated by
Tom Sexton who is licensed and bonded in the State of Louisiana, license
#1911. We charge a 10% Buyers Premium.
Absentee Bid: a
bid that is left with the auction firm when the bidder is unable to attend
the auction. An agent of the auction house bids for the absentee bidder.
Absolute Auction: all items in the auction will be sold to the highest
bidder, regardless of the bid. There is no reserve or minimum on the item for
Agent: A person who is authorized to act for or in the place of
another individual or entity. The auctioneer is an agent of the seller.
Auction: A method of selling property in a public forum through open
and competitive bidding. Also referred to as " Public Auction,"
Auction Sale" or "Sale".
Auction House: The person or entity who owns the auction business and
fulfills the legal requirements of an auction. In Louisiana, a licensed and
bonded auctioneer may assume this responsibility.
Auction Listing Agreement: A contract executed by the auctioneer and
the seller which authorizes the auctioneer to auction the seller's property
and sets out the terms of the agreement and the rights and responsibilities
of each party.
Auction With Reserve, Reserve Auction: Some or all items in the
auction have a minimum bid that must be reached by the bidder before the
auctioneer can sell the item to the bidder.
Auctioneer: The person whom the seller engages to direct, conduct, or
be responsible for a sale by auction. The State of Louisiana requires an
auctioneer to be licensed and bonded.
As-Is Where-Is: There is no warranty on the merchandise and no refund.
The item becomes the property of the winning bidder at the time the
auctioneer says "Sold". The bidder should inspect items before
bidding, and safeguard his items after winning the bid.
Auction Block: The podium or raised platform where the Auctioneer sits
or stands while conducting the auction. "Placing (an item) on the
auction block" means to sell something at auction.
Bank Letter of Credit: A letter from a bank certifying that a named
person is worthy of a given level of credit. Often requested from prospective
bidders who are not paying with cash at auction.
Bid Price: The winning bid amount for one item. If the item was
offered "choice" or "times the money", the bid price is
multiplied by the number of items taken by the bidder. Taxes and buyer's
premium are added to the bid price.
Bidder Number: The number issued to each person registered at an
auction. At RiverTown, there is also a Seller Number which is the number
issued to each registered seller.
Buyer’s Premium: the Buyer’s Premium is a percentage
additional charge on the winning bid at auction. It is charged by the auction
company to cover administrative expenses associated with conducting the
auction and goes directly to the auction firm for their services, not to the
seller. Buyer’s Premium charges may include additional fees for the use
of credit cards to be used to pay for auction purchases. Buyer’s
Premium appears as a separate charge on the bidder's invoice.
Cashier: The person who takes payments at an auction, pays the
sellers, and performs accounting and bookkeeping services.
Choice: Auctioneers use this buying option when more than one product
is being offered for sale. The bidder may bid for an individual item, and the
winning bidder may take as many of the set as they wish. If the bidder does
not want all products in the set, then they may be offered for sale at the
same price to any bidder.
Clerk or Ticket-Writer: The person who records what is sold and to
whom and for what price.
Commission: The fee charged to the seller by the auctioneer for
providing services, usually a percentage of the gross selling price of the
Consignment: An arrangement whereby items are left in the possession
of another party to sell. At an auction, the seller consigns items to the
Contract: An agreement between two or more persons or entities which
creates a legal relationship. A winning bid is a legal contract between the
buyer and the auction house.
Estate Auction: The sale of property left by a person at his or her
death. A "Living Estate Auction" or "Liquidation Auction"
is where the seller is alive, but wishes to liquidate personal belongings and
has hired the Auctioneer to do so.
Final Word: the auctioneer has the final word in all bidding
situations. If there is disagreement as to who won the bid or the final
price, the auctioneer makes the final decision.
Floor Boss: The person who coordinates the auction and determines the
order in which items will be auctioned. The Floor Boss is usually one of the
Ringmen. The floor boss may also perform pre-auction duties such as accepting
consignments and staging or setting up the items for an auction.
Hammer Price: the final winning bid price of an item offered for sale.
When the auctioneer "hammers down" with his gavel and/or says the
word "SOLD", the item is sold and bidding cannot be reopened.
On-Site Auction: An auction conducted on the premises of the property
Preview: A specified date, time and place that property is available
for prospective buyers to inspect the items to be auctioned.
Reserve: The minimum price that a seller is willing to accept for a
property to be sold at auction. The reserve price may or may not be disclosed
to bidders. An agent of the auction house may bid up to the reserve price to
protect the seller's reserve. For example, if an item has a reserve of $50,
the agent may bid up to $49. If no one bids $50, the item will be removed
from the auction without being sold.
Ringmen: Individuals who assist the auctioneer, spot bidders and
assist prospective bidders with information to help them in their buying
decision. Also known as "Spotters".
Sold or Closed: When the auctioneer says the words "sold" or
“closed,” or the gavel falls after the bidding has ceased, the
item is sold as the auctioneer directs to the clerk. The bidding cannot be
reopened after the word "sold" is announced.
Tie Bids: When two or more bidders bid exactly the same amount at the
same time. A tie bid must be resolved by the auctioneer.
Times the Money: A form of bidding whereby the bid price is per item,
but where the winning bidder must take all of the items offered for sale. For
example, if 4 figurines are offered "times the money" and the
winning bid is $20, the successful bidder must take all 4 figurines for a
total bid price of $80.