Work Assets Auction
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Frequently Asked Questions

Auction Guide

Terms Explained
Absentee Bids
This is when a prospective buyer places a bid on an item without attending the sale. The bid is submitted prior to the auction by whatever means the auctioneer has stipulated

Absolute Auction
The highest bidder without any limitations or reserve prices being imposed wins absolute auctions

American Auction
This type of auction has a number of items offered at the same price; the highest bid for the most items wins the bidding

When an item is valued or confirmed by an auctioneer it is known as an appraisal. The person doing appraisals may also be known as an appraiser

A public sale of goods or property in which prospective purchasers bid until the highest price is reached

The person who conducts an auction sale

Auction House
Usually refers to auctioneers who hold auctions at their own premises. The company is referred to as an auction house

The amount someone offers to pay for something

Catalogue Auctions
These auctions are usually held in a location different to where the actual goods for auction are kept. Viewing of the goods will have taken place prior to the auction

Dutch Auction
An auction where a seller has listed multiples of the same item. All winning bidders pay only the lowest successful winning bid amount

Hammer Price
The price reached by the auctioneer when the hammer or gavel is dropped. Once the Gavel drops the bid becomes a legal agreement with you and the auction house and cannot be reversed so please ensure you have the funds to buy the item

On Site Auctions
Sometimes it may not be cost-effective or practical to transport surplus or liquidated goods from the company's premises to an auction house (for instance where large items of fixed plant and machinery are involved). Under these circumstances, the auction will be held "on site" at the company's premises.

Online Catalogue
This is when the catalogue is made available for download or viewed directly from the Internet. This form of auction is becoming the norm. due to the lower cost associated with an online sale.

Opening Bid
The first offer made to the auctioneer during an onsite auction. Online auctions normally have a figure set and then several buyers will bid on different items at the same time.

Minimum Bid or (Reserve price)
The smallest offer which the auctioneer or seller will accept. To be successful you must bid higher than the minimum bid.

Private Auction
Bidders identities are not disclosed in this type of auction

Proxy Bidding
Submitting a confidential maximum bid to an auction service. The auction will automatically increase the bid to maintain the high bid. The proxy bidding will stop when the bid has won the auction or reached the limit of the proxy bid

Reserve Auction
The seller has set a minimum (reserve) price for the lot and can decide whether to accept or refuse a bid. The reserve price may not be disclosed

Sealed Bid
Used in sales by tender, rather than auction. Confidential bids are submitted and opened only at a predetermined place and time

Yankee Auction
An auction where a seller has listed multiples of the same item. Each winning bidder pays their exact high bid

Featured Equipment

Frequently Asked Questions

Who can attend a Workasset onsite auction?
Providing viewers are eighteen and over and purchase a catalogue, then they can attend viewings and/or auction day. If you wish to bid for goods then you are required to register before starting to bid. Once registered and you have placed a bid then you are legally obliged to pay for your items.

Do you offer any form of guarantee with the lots?
No. We act as an Agent, and do not own the goods which we sell. No warranties or guarantees are offered, and it is therefore imperative that buyers examine goods before they bid upon them. It should also be noted that software is normally not supplied with equipment as it comes with license deals with the owning company so this must be arranged outwith the auction. We as an auction house try and ensure that the selling Comapny backup software and dont power down PLC's without copies being made.

Can I bid for goods without attending the auction?
Yes. Provided you have registered for the auction and have deposited a set amount then a proxy bid can be made which will actioned by the auctioneer on the day of the sale. With online auctions there is a facility where you can place a maximum amount you wish to pay and the system will bid on your behalf until your limit is met. An email will be sent to you when your maximum price has been reached incase you wish to increase the price you have set.
We always recommend that you view the items as there can be no return of goods once your bid has been accepted.

Telephone bidding can be arranged on higher value lots, again providing the goods in question have been viewed prior.

Do you deliver?
No. We can arrange this on your behalf as we have links to many of the auction riggers around the World or in the UK we have our own team who can quote for the works, pack and ship to destinations worldwide.. Goods are bought where they lie and it is up to buyers to provide the necessary labour, lifting tackle, vehicles and any other requirements in order to remove the goods unless we undertake the removals your riggers must also supply Risk Assessments and Method Statements to comply with UK Health & Safety regulations.

Will you sell my items for me?
Yes, We will be running regular general sales where we will accept your items for placement in the sale. There will be a charge of ?10 for loading your picture and description on the site and this must be paid prior to the item being listed. Once the items has been sold and the payment received from the buyer then a Bank transfer or cheque will be directed to you. There are strict rules on what items are listed and you take full responsibility for the delivery of the item to the buyer unless you want us to do this on your behalf. Any seller who fails to deliver an item will receive a lifetime ban from our site and will be subject to legal action to recover the outstanding monies and possible criminal case.

Where do the sales take place?
The majority of the sales will take place online although we will hold sales at the premises of some clients who prefer the onsite auction format. More and more clients are opting for online sales as it reduces costs for the seller and reaches a much larger audience. We do hope to return to more site live auctions as so many buyers prefer to view the items then buy the items directly after viewing.

Do you take cheques or bank drafts?
No. We take all credit cards payments through Paypal although there will be a 3.5% for this service, cash up to ?9,000 (Sterling only!) and wire bank transfers only.

We do not accept bank drafts or Letter of Credit, as we have found it is now effectively impossible to obtain co-operation/authorization from the issuing banks to ensure we are not accepting stolen or laundered payments.

Can I cancel my purchase
No. Bidding at an auction is a legal process and you are liable for the debt should you bid and are the winning purchaser.

Before bidding you must ensure that you have registered for each individual auction and recieved a bidding number.

So the essential things to address before bidding are :

  • Register and receive bidding number
  • Have the funds available to pay for the goods when requested on the Invoice but no later than 7days after auction.
  • It is essential that items must be collected by the time specified in the auction details, failure to do so will result in the items being scrapped or removed and stored with storage charges being added to your account. If items are not collected then you could also be banned from any future sales.

    Occasionally sales have a different collection timetable ? please read the specific catalogue for the relevant sale to establish the appropriate collection timetable.

Will you load my wagon for me once I have paid for goods?
No. All removals must be arranged by the buyer including any disconnections from electricity supplies. We can organise the removal for you and if required please let us know and we will ensure you get a competitve proposal from one of our approved removers.

Do you offer follow-on?
Yes. Wherever a description in the catalogue is "ditto" or a "quantity of similar", we give buyers of the first lot the right to buy as many of the consecutive lots at the same price as they want. These items may not be identical, however to avoid confusion, we offer follow-on wherever it says "ditto" or "similar" in the catalogue, and we do not offer follow-on under any other circumstances. This does not apply to online auctions where every item is individual even although similar items may follow each other.

Do you have reserves?
We seldom sell anything with a reserve, which means that most lots are sold to the highest bidder on the day. Very occasionally we have to place a reserve on items - e.g. if a finance company insists upon it.

Are there any further charges on top of the hammer price?
Yes. All lots are subject to Buyer's Premium (normally 15%). Most lots are subject to VAT, which we charge on our vendors' behalf, however children's clothing, cars and certain other items are zero rated. Each catalogue states clearly alongside those items which are not subject to VAT the letters 'NV'. All those lots which do not state 'NV' after their description are subject to VAT. Buyer?s Premium is always subject to VAT.

If you have any questions you cannot find answers to then please contact us through out contact form.
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