REGULAR AUCTION RULES (Rev 01/08/2018)
1) Each participant selling in the auction must sign the Attendance Sheet.
2) The first Seller to sign the Attendance Sheet will be the first to have his lots auctioned. The next Seller signed in will follow and so on until all lots have been auctioned.
3) A fee of 10% of the hammer price for each lot will be retained by the WPS. Sellers who set a minimum bid on any lot should take into account that they will receive only 90% of the hammer price.
4) Each Seller shall be limited to not more than 10 lots.
5) Each Seller shall fill out two copies of the Auction Control Sheet. One sheet will be attached to the lots for sale and the other copy will be given to the Treasurer. Be sure to designate your minimum opening bid and state whether or not such minimum is firm. (Download and print two copies of the Control Sheet at the bottom of this page.)
6) Sellers shall display their lots for review by the Buyers. Each item should be secured in a protective cover and be marked with the Sellers name, lot number, minimum bid, and lot description. The lot description should be detailed enough and typed or printed clearly to provide the Auctioneer with all the information needed to be clearly identified for a quick sale.
7) Prior to the start of the auction, Buyers shall be given ample time to view the lots as displayed by the Sellers.
8) The auction shall be conducted and controlled by the Auctioneer. Only the Auctioneer shall offer lots for bid. Each lot shall be hammered and immediately distributed to the winning Bidder.
9) The Auctioneer shall conduct the auction in an orderly fashion with minimum interruptions from the floor.
10) By entering a bid, the bidder agrees to pay for any lot won. A bid may not be withdrawn or changed after the lot is awarded.
11) Lots shall be awarded to the highest bidder as determined by the Auctioneer.
12) The WPS bidding increments shall be as below:
Bidding Range Increase
$ 0.01 to $ 1.00 $0.10
$ 1.01 to $ 5.00 $0.25
$ 5.01 to $ 10.00 $0.50
$10.01 to $20.00 $1.00
$20.01 to $50.00 $2.00
$50.01 & above $5.00
13) The Treasurer shall complete a Bid/Sales Sheet.
14) Winning Bidders and Sellers shall not approach the Treasurer for settlement until all lots are hammered and auction is declared completed. All winning Bidders need to settle with the Treasurer first before Sellers approach. If any Seller or winning Bidder has to leave the auction prior to completion it is up to that individual to request another member to act as his/her proxy to settle with the Treasurer in his/her behalf. No loose ends.