Guide for Buyers and Sellers
- Guide For Sellers:
- Guide for Buyers:
Why sell at auction?
Selling using the auction method is one of the fastest and most efficient means to obtain full value for your items.
Through competitive bidding, auction sales establish true fair market value.
Auctions also create excitement for your merchandise and can help to drive up prices.
When you decide to sell at auction [with Oakridge Auction Gallery], you can decide what you will sell, when you will sell it, and what minimum price you will accept.
What items are sold at Auction?
Millions of items are sold at auction daily and auctions are the preferred method of establishing fair market value for most tradable items. Stocks, bonds, treasury bills, and commodities such as gold, silver, platinum, and oil, as well as automobiles, fine art, antiques, fine jewelry, and collectibles, are all frequent items on the auction block. Businesses, exchanges, governments, courts, and individuals use auctions because they have a high percentage margin of successful transactions with swift returns. Auction sales are also among the few methods of determining true fair market value for unique or one-of-a-kind items because the final sale price is determined by the participation of the consumer.
What Is An Auction Estimate?
An auction estimate is an evaluation of the price an item or group of items may be expected to bring at auction, based on past auction performance for similar items and current market conditions.
Occasionally an auction estimate can be given without seeing the item in person. However, typically we would ask to schedule an appointment with you to see the item(s) in person. Please contact us by telephone, by email, or by simply using the form at the bottom of the page to arrange for an auction estimate for your item(s).
An auction estimate, whether verbal or written, is not an appraisal and should not be used for any purpose other than as a rough idea of the price an item might achieve at auction. Auction estimates are not guarantees. Each auction and each item is unique. Each have their own character, qualities, and flaws. Therefore, the actual price realized for an item at auction may be higher or lower than the auction estimate.
Oakridge Auction Gallery regularly schedules Complimentary Auction Evaluation Days and will provide advance notice of the pertinent dates on our Events Calendar. We look forward to hearing from you soon!
What Is the consignment process like?
If you are interested in consigning items for sale at auction with Oakridge Auction Gallery, please contact us by telephone, by email, or by simply using the consignment form on the lower portion of the page. We will typically ask you for details regarding your item(s), and ask for photos to be sent to us, either by email, by US post, or by attaching digital copies to the online consignment form, in order to evaluate your items for auction. For single items or small collections, you may also make an appointment to bring your items to us for an evaluation in person.
Once we have sufficiently examined your items, we will determine if your items are suitable for auction at Oakridge Auction Gallery and provide you with both a low and a high pre-auction estimate for each item under consideration. If you agree to consign your items, we will enter into an agreement with you, letting you know both when your items will be on the auction block and when they have sold in our auction gallery. Your items will be professionally marketed, in print and/or on the internet, to bring you the highest return value for your items. Your items will also be professionally exhibited in our gallery for preview prior to the auction.
What Happens After The Auction?
Payment To Seller
If you are the consignor of items to Oakridge Auction Gallery, within thirty days following the completion of the auction, Oakridge Auction Gallery will:
Provide you with a full accounting of the auction,
Inform you of any installment arrangement made with a winning bidder or winning bidders, and
Remit all proceeds of the sale due to you, less commissions and any expenses that you agreed to pay, due at that time.
In the event that a purchaser pays for their winning purchases in installments, every thirty days, Oakridge Auction Gallery will again provide you with a full accounting of the installments and remit all proceeds of the sale due to you, less commissions and any expenses that you agreed to pay, that are due at that time. This thirty day process will continue until you are fully paid for the items sold on your behalf. Oakridge Auction Gallery will not allow your items to be delivered to a purchaser until that purchaser has paid for the item in full.
Unsold items are typically items that did not sell because they did not meet the reserve. If you are the consignor of an unsold item, you can choose from several options:
You may continue to consign the item or items to Oakridge Auction Gallery. This item or these items will then be offered in a future auction for similar items,
You may choose to allow Oakridge Auction Gallery to offer the item or items for private treaty sale, or
You may have the item or items returned to you.
If an item fails to sell in multiple consecutive auctions, Oakridge Auction Gallery reserves the right limit the number of auction attempts for a given item.
How do I bid in an auction with Oakridge Auction Gallery?
There are many ways to bid at our auctions, but bidding live in the showroom is by far the most exciting way to bid. Your first step will be to register to bid by filling out our Bidder Registration and Credit Card Authorization Form, either at our customer service desk prior to the auction or online using the Bidder Registration and the Credit Card Authorization Form here on our website. After your registration is processed, our staff will provide you with a bidder number paddle. This paddle allows you to bid at the auction for which you are registered. You must register for each auction in which you would like to bid in person.
For your convenience, we utilize the services of online bidding platforms, such as LiveAuctioneers.com and Invaluable.com to facilitate online bidding at our auctions. Each auction may utilize one or more of these services. All auctions may not be available on all services. Please check the auction listing on our website to determine which online bidding services are available for a particular auction. Once you register with the online bidding service of your choice, we will contact you to complete your Bidder Registration and Credit Card Authorization Form. To expedite this process, you may fill out the Bidder Registration and the Credit Card Authorization Form here on our website. Once the registration process is complete and your payment history verified, our staff will then authorize you to bid online in the auction for which you have registered. You must register for each auction in which you would like to bid online.
If you cannot be present at an auction to bid in person and do not wish to bid online, you may still participate at the auction as a telephone bidder. To participate as a telephone bidder, you must register prior to the day of the auction by filling out the Absentee/Telephone Bidder Registration and Credit Card Authorization Form either at our customer service desk before the auction or online using the Absentee/Telephone Bidder Registration and the Credit Card Authorization Form on our website. After your registration is processed, our staff will provide you with a bidder number. During the auction, one of our Telephone Bidding Clerks will attempt to telephone you at the telephone number that you have provided us on the Absentee/Telephone Bidder Registration Form, once the lot(s) you have indicated on your Absentee/Telephone Bidder Registration Form are coming onto the auction block. Our Telephone Bidding Clerk will bid on your behalf, according to your instructions while on the phone with you, using your the bidder number paddle you received following registration. You must register for each auction in which you would like to bid as a Telephone Bidder.
If you cannot be present at an auction to bid in person, and do not wish to bid Online, or as a Telephone Bidder, you may still participate at the auction by participating as an absentee bidder. To participate as an absentee bidder, you must register prior to the day of the auction by filling out the Absentee/Telephone Bidder Registration and Credit Card Authorization Form either at our customer service desk during or online using the Absentee/Telephone Bidder Registration and Credit Card Authorization Form on our website. After your registration is processed, our staff will provide you with a bidder number paddle. This paddle will allow a proxy bidder from our staff to bid on your behalf up to the maximum bid that you have indicated on your Absentee/Telephone Bidder Registration Form, at the auction for which you are registered. You must register for each auction in which you would like to bid as an Absentee Bidder.
How do I pay?
In general, all winning bidders are expected to pay for and pick up their purchases within 10 days after the sale. Invoices can be picked up in person on the day of the auction or will be emailed to the email address listed on your Bidder Registration Form, no later than the day following the sale. All purchased items must be paid for in full, prior to any items on the invoice being released. Acceptable forms of payment are: Cash, Cashier’s Check, Wire Transfer, MasterCard, UnionPay, or Visa. Items paid for by Cashier’s Check will be held and not released to the purchaser for 10 business days following the receipt and deposit of the Cashier’s Check, in order to verify correct funding.
How much is the Buyer’s Premium?
A twenty-five percent (25%) “Buyer’s Premium” will be charged on all Successful Bids, or purchases. If your invoice for the Successful Bid(s) is paid within the ten (10) calendar day payment period, the Company offers a five percent (5%) discount on the Buyer’s Premium for Bidders who bid in person, by telephone bid, or by absentee bid. Please note, all payments made by credit card are subject to an additional three percent (3%) processing fee. Therefore, the net Buyer’s Premiums for those Bidders providing payment within ten (10) calendar days are as follows:
28% Buyer’s Premium – Online Bidders paying with Credit Card
25% Buyer’s Premium – Online Bidders, paying with Cash, Cashier’s Check, or Wire Transfer
23% Buyer’s Premium – In Person, Telephone, or Absentee Bidders, paying with Credit Card
20% Buyer’s Premium – In Person, Telephone, or Absentee Bidders, paying with Cash, Cashier’s Check, or Wire Transfer
Because Oakridge Auction Gallery is located in Loudoun County, in the state of Virginia, we are legally required to collect a 6% Sales Tax on all sales made and delivered within the state of Virginia. By state law, the sales tax applies to the total invoice price including the Buyer’s Premium. The buyer will be responsible for any out of state sales tax due on items shipped. Buyers purchasing items for resale, or Tax Exempt Bidders, are required to provide a current Resale Certificate, or Tax Exempt Certificate, prior to each auction, in order to waive sales tax on invoices. Sales Tax cannot be removed from an invoice for items purchased in person, picked up in person or shipped within the state of Virginia, without a current Resale or Tax Exempt Certificate.
Reporting of Cash Payments
In order to comply with the United States Internal Revenue Service (IRS) and the United States Financial Crimes Enforcement Network (FinCEN) rules, Oakridge Auction Gallery will file a Form 8300 to report all transactions or related transactions that involve the receipt of Cash or a combination of Cash and a Cashier’s Check, where the total of the Cash or Combination of Cash and Cashier’s Check(s) received in the transaction or related transactions is in excess of $10,000.00. Wire Transfers and Credit Card payments are not considered Cash Transactions. No reporting is required for:
1. Non-Cash transactions such as Wire Transfers and Credit Card payments,
2. Cash and/or Cashier’s Check Transactions of $10,000.00 or less, or
3. Transactions where a Cashier’s Check is received in excess of $10,000.00 and Cash received in the transaction or related transactions is $10,000.00 or less.
To accurately complete Form 8300, you will be asked to provide your Taxpayer Identification Number (TIN). If you are a nonresident alien individual or a foreign organization that meets the criteria below then you are not required to provide a Taxpayer Identification Number. Transactions between Oakridge Auction Gallery and nonresident alien individuals or foreign organizations must still be reported on Form 8300, and you must provide us with a valid foreign address and a government issued identification, such as a Passport:
A Taxpayer Identification Number is not required if the buyer:
1. does not have income effectively connected with the conduct of a United States trade or business,
2. does not have an office or place of business or a fiscal or paying agent in the United States,
3. does not file a United States Federal Income Tax Return,
4. does not furnish a United States Withholding Certificate,
5. does not furnish a Taxpayer Identification Number on any return, statement, or other documents as required by the United States Income Tax Regulations, or
6. if as an individual you have not chosen to file a joint United States Federal Income Tax Return with a spouse who is a United States Citizen or Resident.
How do I ship my purchased items?
Costs associated with the shipping and handling of an item are the responsibility of the purchaser. If the purchaser is not picking up directly from Oakridge Auction Gallery, they must select a shipper to pack and ship the items. Oakridge Auction Gallery, Inc. does not recommend any particular shipper and is not liable for any damage or loss due to negligence of a third-party shipping company. The purchaser is responsible for handling all shipping details.
Items must be shipped within two (2) weeks of payment; any items remaining in the company’s custody or control at the expiration of the two (2) weeks past payment will be subject to storage fees of no less than $50. All storage fees must be paid before the shipper can pick up items. Any items remaining sixty (60) calendar days following the date of payment made on an invoice will be considered abandoned property and be subject to resale or disposal with no refund.
Shippers must schedule their pick-up times with Oakridge Auction Gallery to ensure availability of staff onsite, and must provide a copy of the paid-in-full invoice. Shippers must sign a copy of the invoice and indicate any damage or imperfection seen on the item at time of pick-up.
Items may be shipped to/picked up from:
Oakridge Auction Gallery
44675 Cape Court #171
Ashburn, VA 20147
For in person pick up, items may be picked up any time during normal operating hours Monday - Friday, 9:00AM - 4:00PM.