Buying From An Auction

Kramer Auctions Ltd. has become a household name amongst prairie farm families, conducting hundreds of auctions since 1949. Thousands of people each year attend numerous Kramer Auctions in search of Farm Equipment, Heavy Industrial Equipment, Vehicles, Antiques and Collectibles and more. All of our auctions are Unreserved or Absolute auctions unless otherwise noted. This means all items are sold regardless of price with no minimums.

Start by searching our upcoming auctions by auction name or by equipment type. You will find numerous photos, item information, auction time & location, terms and conditions and much more. Not sure what an item should be worth, you would find it valuable to search our past auction results. Feel free to call the seller or the auction coordinator for more information. We also encourage you to make arrangements to preview the items prior to auction day. If you find an item you wish to bid on you have three choices - Attend a live auction OR if you are unable to attend you can make an absentee bid OR register for live internet bidding where applicable. When attending a live auction be familiar with the registration and payment terms. Review the auction timeline and auction location. It is a good idea to arrive well in advance for registration and to inspect items prior to the auction. If you require further assistance please inquire at the auction site. If you have nay further questions please contact our office by phone or . We would be more than pleased to assist you.

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History of Auctions...

Auctions have existed for more than 2,000 years and continue to grow in popularity every year. An auction occurs when consumers gather physically, or online, to buy an item by bidding against each other until the highest price offered is reached.

If you've never attended an auction, you're missing out on a great time! Auctions are exciting and most importantly, auctions are fun!

Auctions exhilarate and captivate everyone, from the opening call of "Would you bid?" to the sound of the gavel slamming down and the ringing of "Sold!"

Everywhere you turn at an auction, there's a thrill in the air as potential buyers find something they want and set out to successfully bid against others who want the same thing. Auctions bring out the competitive nature in all of us!

Before You Bid...

• Understand the basic types of auctions: absolute (Unreserved), reserve, and subject to seller confirmation.
• Arrive early and register for the auction. Always read the Terms and Conditions because you are bound bind them if you bid. Also inspect items you are interested in buying because when you buy at auction you typically buy "as is" which means if you bid and win, you now own and cannot return the item.
• Bid in sync with the auctioneers chant. You should be listening closely and following the increasing bids. Remember: Filler words in the chant are used to remind buyers of the last bid number and give buyers time to consider their next bid.

Below are common auction terms...

Absentee Bid
A procedure, which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or their representative. The particular rules and procedures of absentee bids are unique to each auction company.

Absolute Auction (Auction Without Reserve)
An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount.

"As Is"
Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise knows as "As Is, Where Is".

Auction Listing Agreement
A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

Auction With Reserve
(Subject to Seller Confirmation)
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline and bid within a specified time.

Ballroom Auction
An auction of one or more properties conducted in a meeting room facility.

Bidder's Choice
A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

Bidder Package
The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction.

Buyer's Premium
A percentage added on to the high bid. Buyer premiums are used by many auction houses as a way of spreading the cost of the event with the people who benefit most from the opportunity to purchase; the buyer. It is an amount added to the high bid in addition to the high bid and payable by the buyer.

Caveat Emptor
Latin term meaning "let the buyer beware". A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.

Minimum Bid Auction
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.

Opening Bid
The lowest acceptable amount at which the bidding must commence.

Terms and Conditions
"Terms and Conditions" are the printed rules and format of the auction. Terms and conditions outline the type of auction, the commission structure of auction, and any other pertinent information. The terms of each auction vary and differ between auction companies.

Ringman
The "ringman" is a member of the auction team who works with bidders throughout the auction. A "ringman" is generally recognized as the person in the crowd yelling and flashing hand signals to the auctioneer when a bid has been made. This individual works the auction "ring", hence the name "ringman".

Withdrawal
Failure to reach the reserve price or insufficient bidding.

There's even more curiosity among bidders when it comes to the prices obtained at auction. Auctions are a social event and while people attend to find great deals, many walk away making new friends.