A few tips for first time auction attendees:

• Have fun!

• Information and notices about auctions can be found in all forms of media.

• Be prepared.

• Attend auction previews – inspect assets – usually held day of auction.

• Register at the auction, provide identification, etc.

• The auctioneer will announce terms and conditions of the auction before the auction begins.

• The auctioneer will invite bids by suggesting an amount for the opening bid.

• To start the bidding, you (or another bidder in the gallery) place a bid, by raising your bid number, usually at a value lower than the assets market price.

• The bidding continues until no one raises his or her bid.

• When the auctioneer decides that the bidding is over, he or she will drop the gavel and say,”sold! Or indicate in some other fashion that the item is sold.

• At this point, the high bidder has made a binding offer to buy the asset.

• This process continues until the last item is sold.

• Proceed to the checkout line, pay for you items, and take your winnings home!