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Premiere Firearms Auction (December 4, 5 & 6 2009)

BIDDING INFORMATION > PREMIERE AUCTIONS


Download Absentee Bidding Frequently Asked Questions

Auctions provide a means by which prospective buyers are afforded a pure opportunity to buy at the “market” price. The experienced auction buyer knows the rules and format that each auction event has established. The fast paced action at our auctions make for an exhilarating buying atmosphere. Therefore, we offer the following recommendations to enhance your chances for successful bids.

Special Viewing
Special previewing and auctions take place at the Rock Island Auction Facility at 4507 49th Avenue, Moline, Illinois. The Rock Island Auction Company has constructed from the ground up the finest firearms auction facility in the nation. The Rock Island Auction Company facility is located five minutes from the Quad City Airport (MLI). Previewing of items is available before every sale. This is the time for the prospective buyer to examine each item offered for auction.

The Catalog
Before each auction Rock Island Auction Company publishes the finest catalog in the industry. Our catalogs provide descriptions, estimated values, and usually a photo of each lot.

We offer our catalogs by subscription (3) or by single copy. The catalogs serve as a guide to prospective bidders. They also offer the buyer a very good reference source as a prices realized report is provided to all catalog recipients after the auction.

The catalog is simply a tool at the prospective bidders disposal. We strongly encourage all bidders to inspect each lot or have an agent inspect each lot before the sale. A lot may contain one item or a group of items.

Reserves
All lots in a catalog are subject to a reserve. We may accept certain limited items to have a reserve. This reserve is the minimum amount that must be reached for the item to sell. As a matter of policy the reserve will not exceed the low estimate listed in the description and many times will be less than the low estimate.

Estimated Value
Estimated values for each lot are posted as part of the description. The estimated prices are simply estimated guidelines on current market price for that item. Estimated values are only one person’s opinion on the value. Estimated values for many items are posted months in advance for the sale.

Three Ways to Bid at Auction
1. On-Site Bidding
Bidders are registered prior to auction and each is issued a bidder card. Acceptance of the bidder number and card is also acceptance of all terms and conditions of the sale. The bidder card is held up to signify a bid. Generally, the bidding begins at one-half the estimated value and will continue at our established bid increments. Rock Island Auction Company has established the following bidding increments.

Auction bids are designed to adhere to approximately 10% of bid price. Auctioneer’s at their discretion may or may not cut a bid on increments under the $1000.00 level. However, over $2500.00, the auctioneer’s will adhere to the following bid increments:
$50 - $200:  
$200 - $500:  
$500 - $1,000:  
$1,000 - $2,000:  
$2,000 - $5,000:  
$5,000 - $10,000:  
$10,000 - $20,000:  
$20,000 - $50,000:  
$50,000 - $100,000:  
$100,000 - $500,000:  
$10 increment        
$25 increment
$50 increment
$100 increment
$250 increment
$500 increment
$1000 increment
$2,500 increment
$5,000 increment
$10,000 increment

Each lot will be identified by display on closed circuit TV throughout the auction gallery. Each bidder should decide in advance the maximum amount they wish to bid. When bidding starts, leave your bidding card up until your bid wins or your maximum amount is reached. The advantage in leaving your bidding card up is that if the final bid is your limit, you will prevail as opposed to another bidder who also had the same maximum limit but did not raise their card in time.

2. Sealed or Absentee Bids
If you are unable to attend the auction, you may submit a sealed bid. An auction staff member will then bid on your behalf. The bidding proceeds as if you are in attendance. The staff person will try to secure the lot with the lowest possible bid. Located in the back of the auction catalog you will find a sealed bid form complete with instructions. All sealed bids require prior credit approval or a deposit equal to 15% of the total bids submitted. All deposits on unsuccessful bids will be returned within (10) days after the sale. By their submission all sealed bids signify agreement by the bidder to the terms and conditions of sale. When submitting sealed bids, please be aware of our established bid increments.

3. Telephone Bidding
Bidding by telephone can also facilitate participation in our auction. This type of bidding requires prior notice and prior credit approval. Absent credit approval a telephone bidder must submit a deposit equal to 15% of the low estimate on all lots to be bid by telephone. All deposits on unsuccessful bids will be returned within (10) days after the sale. A person who wishes to bid by telephone must contact Rock Island Auction Company prior to the auction date. Upon approval, the bidder will be telephoned on the day of the auction at the time the lot or lots they have arranged to bid on come up for auction. An auction staff member will bid according to instructions received over the telephone. Refer to the Terms & Conditions of Sale for further information.

NOTE: The telephone bidding can become fast and noisy. We strongly recommend that telephone bidders give the auction staff member a maximum amount to bid on each lot before the bidding begins. We can apply the idea of leaving a card up until the bid prevails or the amount is exceeded. Telephone bidders also possess the option to exceed their original maximum if they so choose.

Buyers Premium
Each successful bid is subject to a 17.5% buyers premium, discount to 15% if paid by pre-approved check or cash.  See Terms & Conditions of Sale. The premium is added to your successful bid and the two added together equal the total purchase price. Sales taxes are computed on the total purchase price. All sales are subject to the Terms & Conditions of Sale.

Payment and Sales Tax
The Terms & Conditions of Payment are contained in the stated policies on payment terms (see Terms & Conditions of Sale). All purchases delivered in Illinois will automatically be charged sales tax unless a valid resale number has been furnished. Generally sales tax is not charged for items shipped out of state.

Shipping
We will arrange for packing and shipping at our earliest possible convenience. In the case of crating, or exceptional packaging, the buyer will be charged our cost from outside agents. The buyer pays all shipping and insurance charges. 

Consigning Property to an Auction
 The process commences with an evaluation of the property. This information can be gathered several ways. Initially a detailed list is invaluable. Once the list is assembled Rock Island Auction Company will provide a determination of pre-auction value estimates. Photographs can further convey condition and are very helpful in establishing a pre-auction estimate. Any other pertinent information (i.e. dimensions, factory letters, etc.) are helpful. If you have a sizeable collection, Mr. Hogan is available by appointment to appraise your property. After that specific appraisal, you may decide to consign your collection to an upcoming auction. Rock Island Auction Company is also prepared to offer to purchase the collection outright.

If you decide to consign your property for auction, we will provide assistance each step of the way beginning with assistance in packing the collection for transport to Rock Island Auction Company through the presentation of the collection, in the most professional manner. We will treat the collection as if it were our own. We will provide insurance for a preset value and all items will be stored properly and safely in a secured alarmed area. A total account statement of prices realized will be provided. Payment in full will be made within 35 days after auction.

Sales commissions vary, depending upon the overall value of the collection. Rock Island Auction Company offers the most competitive rates in the industry and will deal with you on a professional level.

For further information regarding consigning please contact:

Patrick F. Hogan or Judy Voss at
1-800-238-8022 or 309-797-1500
Monday thru Friday 9am to 5pm CST.
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