2020 September Premier, Volume I

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. For more information about Rock Island Auction Company
visit our web site at rockislandauction.com
SPECIAL VIEWING
Special previewing and auction will take place at the Rock Island Auction
Facilities at 7819 42nd Street West, Rock Island, 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 International Airport. Previewing
of items is available Thursday, September 10th from 10 a.m. to 6 p.m.
Viewing is also open beginning at 7:30 a.m. and all day during the auction
Friday and Saturday on items not being sold that particular day. This is the
time for the prospective buyer to examine each item offered for auction.
Rock Island Auction Company’s web site has the entire catalog on line. All
photographs and descriptions are available. The on-line catalog is typically
posted to the web about 5 - 6 weeks before the 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 any agent inspect each lot
before the sale. A lot may contain one item or a group of items.
RESERVES
All lots in a catalog maybe subject to a reserve. We may accept certain
items to have a reserve. This reserve is the minimum amount that must be
reached for the item to sell.
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.
FOUR 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 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.
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: $10 increment
$200 - $500: $25 increment
$500 - $1,000: $50 increment
$1,000 - $2,000: $100 increment
$2,000 - $5,000: $250 increment
$5,000 - $10,000: $500 increment
$10,000 - $20,000: $1,000 increment
$20,000 - $50,000: $2,500 increment
$50,000 - $100,000: $5,000 increment
$100,000 - $200,000: $10,000 increment
$200,000 - $500,000: $25,000 increment
Over $500,000: Auctioneer's discretion
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 Bids 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 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.
Situations exist that could cause an item to be sold one bid below or at your
maximum bid amount, yet you will not prevail as the successful bidder. We
will execute bids only in the proper bid increments. For example we will
round a bid of $205.00 to $200.00 or a bid of $965.00 to $950.00.
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
starting point on the 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.
4) Live Bidding Via the Internet
In order to bring the auction to you live Rock Island Auction Company
offers their own live bidding site - RIAC LIVE, as well as the outside services
of Proxibid. There is an additional 1% added to the buyer's premium for
using RIAC LIVE - the buyer's premium being 18.5% if paying by credit
card, reduced to 16% if paying by cash or check. There is and an additional
3% buyer's premium for using Proxibid - the buyer's premium being
21.5% if paying by credit card, reduced to 18% if paying by cash or check.
NOTIFICATION OF SUCCESSFUL BIDS
In order to expedite notification of any successful bids, if the bidder has a
RIAC web account, the bidder will be notified via email that the bidder was
successful and to check his or her account. A form will be provided for the
successful bidder to complete and return to RIAC with regard to shipping
instructions and method of payment. Once RIAC receives the form RIAC
will follow up with a phone call to confirm that all information on the form
is correct. RIAC will process the order upon receiving payment and any
applicable licensing fees. If the bidder does not have a web account with
RIAC, RIAC will call the bidder regarding payment and shipping instructions
and follow up with an invoice in the mail.
CONSIGNING PROPERTY TO AUCTION
Rock Island Auction Company, provides you an unbeatable team in which
to offer your firearms to 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 or a Rock Island
Auction Company specialist is available by appointment, to appraise your
property on your premises. 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, Kevin Hogan, or
Jessica Tanghe at 1-800-238-8022
or 309-797-1500 Monday thru Friday
8 am to 5 pm CST.
Recommendations for Bidders
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