Auction Day

As the in room bidders take their seats, the auctioneer reviews key auction rules and procedures. The first lot is opened for sale.

At Rago’s, we typically open bidding at ½ the low estimate. The exception occurs when two or more left bids push the opening price higher. (For example, I leave a maximum left bid of $3,000 and you leave a maximum left bid of $4,000 on a lot with an estimate of $3,000 to $5,000. The auctioneer will open the lot to you at $3,250, the lowest possible selling price, given the competition.)

The pace of bidding depends on the number of bids and the speed of bidding from all sources. Rago’s sells 80-100 lots per hour on average, but bidding can slow to 50 lots per hour or speed along at 120. If you are bidding by phone, it is very helpful to watch the sale online; you’ll know when your lot is coming up.

If you are the successful bidder on a lot, the auctioneer will acknowledge the number we assigned for you at registration and you will be the new owner of that property.