Engaging in the World of Buying and Selling
Whether you’re buying or selling at Master Estate Auctions, this comprehensive guide is designed to assist you from both perspectives. As a buyer, our auctions offer an exciting opportunity to acquire fine art, jewelry, gems, luxury cars, and antiques, among other collectibles. Follow our guide to make the most of your auction experience.
For buyers, it’s crucial to allocate sufficient time to thoroughly examine lots. If you’re new to the auction process, attending regularly as a visitor can help you discern your interests. Obtain a catalog, read descriptions, and ask questions. Familiarize yourself with terms like ‘attributed to,’ ‘style of,’ and ‘after’ to gauge the piece’s date, authenticity, and value.
The catalog provides estimated sale prices, but these should be considered as rough guides, not guarantees. As a buyer, set a bidding limit, considering restoration costs and the condition of the piece. Choose a top price and stick to it. Work out your timing, especially for lengthy sales, and follow the bidding process actively.
When the auction concludes, the auctioneer’s gavel signifies the end of bidding. The successful bidder’s name or number is recorded, closing the transaction.
For sellers
visit us to get your item valued, and register if needed. At Master Estate Auctions, valuation is free, and providing detailed information, including an item's history or 'provenance,' aids in accurate identification and valuation. Our Auction Method involves orchestrating a business transaction and committing to meeting the needs of both sellers and buyers. We dedicate extensive hours to prepare and facilitate the sale, ensuring a positive outcome for all parties when the gavel falls. Visit us to experience the Master Estate Auctions commitment firsthand.
Payment and Delivery Policy
The cost of each item is determined by the hammer price, signifying the price when the auctioneer's hammer falls. Additionally, there is a 15% buyer's premium (calculated from the final hammer price) and applicable value-added taxes. Buyers will receive a detailed invoice reflecting their name and address from the registration form, listing all purchased items and their respective costs. Payment details are conveniently outlined on the back of each bidder card, and our staff is readily available to provide further clarification.
Payment flexibility is offered, allowing buyers to settle their accounts immediately after each purchase or when ready to depart. Goldman Resource Settlements accepts Certified Checks, Visa, MasterCard, and American Express. Certified Checks should be submitted on the auction day, with a replacement required on the next business day.
If you wish to pay $10,000 or more in cash, you must fill out the IRS 8300 Form located at http://www.irs.gov/pub/irs-pdf/f8300.pdf. Our staff will also have these forms available at the registration desk. Law requires that any trade or business that receives a payment like this must report the transaction to the IRS within 15 days of receipt of the cash on Form 8300. The law also requires that the form includes the correct cash payer’s name, address and tax identification number, as well as the amount of cash received and the date and nature of the transaction.
Payment can be made at the cashier's desk during the auction, and upon payment, buyers can collect and take their items home. Buyers are responsible for removing purchased items from the auction premises. For those residing outside our 30-mile radius, arranging a moving service may be necessary.
Within the 30-mile radius, Goldman Resource Settlements offers a delivery service for a flat fee of $300. In exceptional cases outside this radius, a delivery service may be provided for a fee of $500, subject to potential rate adjustments based on distance and circumstances.
International shipping is available in unique cases, determined on a case-by-case basis with agreed-upon terms between both parties. Dispatch instructions and full payments, inclusive of shipping costs, must be received for this arrangement.