Definitions

Below are some definitions we've put together to help you better understand the auction process. Don't hesitate to contact us if there's anything you need more information about!

Antique

An older item that is valued because of its rarity, beauty or some other extraordinary quality. As a yardstick, something is considered an antique if it is in the neighbourhood of 100 years old. Some pieces of furniture that are around 50 years old are considered antiques as well.

Applicable Taxes

GST and PST apply to most auction items. Customers with exemption certificates are excepted from applicable taxes.

As Is, Where Is

"As is, where is" simply means that the auction company does not imply any guarantees or warranties for auction items. We advise our customers to inspect all goods to the best of their ability before bidding.

Bonded

The auctioneer or auction company is insured to handle cash on behalf of its clients so that the consigner's monies are guaranteed.

Buyer's Premium

A charge - usually a small percentage over the buying price - that is assessed to the winning bidder to offset some of the auction costs such as transport and loading.

Collectibles

Often items that are collected as a hobby. Collectables can include items like sports memorabilia, older dishes and china, numbered prints, rare comic books and primitive tools.

Consigner

The person or company who places items up for auction. The consigner usually pays the auctioneer a fee in the form of a commission.

Estate Auction

An auction held to sell the contents of a large home or farm. In most cases the estate is being sold because the owner has passed away.

Insured

The auctioneer or auction company is fully insured against fire, theft and so forth. Any items stored inside the auctioneer's buildings or trucks are insured.

Licensed Auctioneer

In most cities and towns in Ontario auctioneers are required to purchase a license before than can conduct any auctions.

Owners and Auctioneers

The owners and auctioneers are not responsible for any accidents or injuries that occur in conjunction with the auction sale.

Peel Region Police Auctions

Auctions of bicycles and small items confiscated or retrieved by the police that have not been claimed by their owner or insurance companies.

Registration

All prospective buyers must register prior to the auction so that they can be given a number to bid with.

Storage Auctions

These are auctions held to clear the contents of lockers or storage units whose accounts have fallen into arrears. Bids are placed for the full contents of the container or locker, not individual items.

Terms and Conditions

The terms and conditions of an auction describe when and how payment is to be made and vary from one auction company to another. For example, the auction company may expect payment on the day of sale at a particular time. The company may also accept deposits on auction items and it may accept cash, credit cards or debit cards for payment.

Viewing

The time during which you can inspect items prior to the auction. In some cases bidders will only see items during the actual auction.