the rolE of BUYERS AND SELLERS
Whether you find yourself in the role of a buyer or a seller at First Guaranty Credit Corp, this comprehensive guide is designed to provide valuable insights from both perspectives. For buyers, engaging with First Guaranty Credit Corp opens doors to an exhilarating world of acquisitions, including fine art, exquisite jewelry, precious gems, luxury vehicles, and timeless antiques. The range of collectibles that are offered is diverse, presenting opportunities to uncover unique treasures and even stumble upon exceptional bargains, adding an extra layer of excitement to the experience. Allow this guide to steer you towards making the most of your auction participation.
For those embracing the role of a buyer, it’s essential to allocate sufficient time to meticulously examine each lot. If you’re new to the process, attending auctions as a visitor can be highly instructive. This practice allows you to identify your personal interests before embarking on your auction journey.
Procuring a catalog is a crucial step; it serves as your key to familiarizing yourself with the items on offer and their respective valuations. The catalog enumerates all items, or sets of items, in the sequence of their auction presentation. Within the auction context, these are known as ‘lot’ numbers. Paying meticulous attention to the precise descriptions provided is imperative. The introductory section of the catalog furnishes explanations that elucidate terms like ‘attributed to,’ ‘style of,’ and ‘after.’ These descriptors hold significance in determining an object’s date, authenticity, and consequent value.
Every entry within the catalog bears an estimated price, reflecting First Guaranty Credit Corp’s anticipated sale value for each item. In cases where an estimate is absent from the catalog, it may be displayed within the auction venue. Alternatively, the auctioneer can provide this information upon request. It’s important to acknowledge that our estimates serve as rough guidelines rather than definitive price guarantees. The estimates are indicative and should not be regarded as an assurance of the final sale price.
The Buyer's Role at the Auction
Establish a bidding threshold for yourself. Exercise specific caution concerning the item’s condition and factor in potential restoration costs, which can be substantial, before finalizing your bidding cap. Determine an upper price limit and adhere to it consistently. Map out your timing strategy. As certain auctions extend over multiple hours, especially if the lots of interest are slated for the later part of the event, ascertain the auctioneer’s anticipated lots per hour to gauge when your desired lot might appear. Be sure to allow extra time as a buffer. Track the bidding process. When the auction commences, the auctioneer will announce each lot number and initiate the bidding slightly below the lower estimated value. As participants signal their bids with waves or nods, the auctioneer will articulate these bids in incremental amounts. Garner attention for your bid. In a bustling auction hall, don’t hesitate to capture the auctioneer’s notice: elevate your catalog or bidding card and vocalize if necessary. However, if the bidding accelerates swiftly, the auctioneer typically accepts bids from a maximum of two individuals at a time. As one participant withdraws, the auctioneer will scan the room for another contender. When you are still within your predetermined limit, seize this opportunity. The conclusion of the auction The auctioneer will signify the conclusion of bidding by rapping a small hammer, known as a gavel, on the podium. This action marks the closure of the bidding process and triggers the recording of the successful bid along with the name or identification number of the winning bidder.
The Seller's Role at the Auction
Feel welcome to pay us a visit for a professional item valuation. Should you need to register, kindly arrange an appointment with one of our skilled valuators in advance if necessary. At First Guaranty Credit Corp, our valuation service is provided without charge. Your cooperation in offering comprehensive information is crucial. We encourage you to share any details you possess about the item. The historical background of an item, known as its ‘provenance,’ significantly aids in accurate identification and valuation. Even seemingly minor details can greatly assist our valuators. Therefore, if your table has a lineage connecting it to Aunt Ethel of Wales, who acquired it from a local fifth-generation duchess, remember to provide this pertinent information. First Guaranty Credit Corp employs what we term “The Auction Method” for our sales approach. This approach extends far beyond mere transactions; it entails orchestrating a comprehensive business exchange while committing to fulfill the needs of both our clients – the sellers and the buyers. Our responsibility encompasses the entirety of the auction process. We invest considerable time and effort in preparation and facilitation to ensure that when the gavel falls at First Guaranty Credit Corp, the outcome is mutually advantageous for both the buyer and seller.