Often we receive questions about how our live room auctions work and general questions about payment, attendance and other issues. We’ve compiled the list of questions we are most frequently asked so that we can provide you with substantive answers immediately. Please feel free to contact us by email if you have any further questions that have not been answered here.
Q – How can I attend an auction?
A – All of our auctions are free and open to the public. There is no obligation to bid. Bid Global auctions provide an excellent opportunity to learn, observe and familiarize yourself with the bidding process before you begin to buy.
Q – I’m interested in a certain piece in the online auction but unfortunately the auction for it has passed. What can I do?
A – Even though the item has passed, you can fill up the Absentee Bid Form and we will contact you via email within 24 hours.
Q – What is the Buyer’s Premium?
A – The buyer’s premium is a 20% premium paid by the Buyer, on the pre-tax total of all invoices. This amount goes to the Auction House. For example an item sold for $100.00 with a 20% Buyer’s Premium will cost the purchaser $120.00 plus any applicable sales tax or VAT. Since many of our unique pieces come from government agencies, courts and other official entities, the buyers premium is fixed by the seller at the time of consignment to Bid Global International Auctioneers.
Q – How do I pay for my purchases?
A – We accept Visa, Mastercard, and American Express. Once payment has been made in full, jewelry can be removed from the auction venue. For online auctions, we generally have a substantial deposit made via credit card and the remainder is then sent via wire transfer. Please read our Payment And Bidder Agreement.
Q – What are the estimates you show and who assesses the values?
A – For bidders, presale values or estimates serve as rough guidelines of what we think each item will sell for. The estimates are intended to give buyers a range of the anticipated sale price by indicating and low and high estimated dollar amount. It is based on three generations of experience in jewelry auctions, previous sale prices and current market conditions. Items can sell above or below estimates. Our estimates are done by watch, jewelry, gemstone and diamond graders with a realistic expectation of the actual value of the given lot at auction.
Q – Are there any reserves?
A – There are no fixed reserves. However, the auctioneer has the right to refuse a bid or pass on an item if he deems the bid unacceptable.
Q – Who issues the gemological certificates?
A – Bid Global uses four types of independent certifications:
Diamond Laboratory Reports: these reports are conducted by internationally and nationally renowned diamond laboratories with the diamond out of the setting, allowing for a more accurate assessment of the stone. These include a map of the diamond detailing the diamond’s inclusions, dimensions and proportions.
Certificates of Appraisal: these appraisals are conducted by examining the finished piece of jewelry, with the stones in the setting. As such the grades are approximate. The certificates are from independent Certified Gemologists who are registered and certified by the Gemological Institute of America.
Diamond grading is not an exact science. The reports, appraisals and valuations represent the best professional opinion of the individual Certified Gemologist. As such, Bid Global does not guarantee the independent gradings. These reports are available for viewing throughout the auction. Please read them carefully prior to bidding. The purchaser retains the certificates which transfer with the given lot of jewelry.
Q – How do I bid?
A – At a live room on-location auction, you simply raise the bidding card that you received at registration. Our online auctions provide a screen where you can see the product, evaluate it, review the relevant provenance documents and bid via a bidders screen where you simply type your bid and hit or click enter. The bid immediately appears on the screen for the live room and the other internet bidders to see making your bid the new high bid for that item.
Q – What happens if I can’t stay for the auction but would like to bid on an item?
A – You can register to bid over the telephone or you can leave a bid for the auctioneer to make on your behalf. Please speak to any of our staff and they will give you an Absentee Bid Form. For our online auctions, you can simply place your highest bid before you must leave the screen and our system will automatically advance your bids for you in total privacy and confidentiality. Neither staff nor other bidders ever see your maximum secret bid so you can be assured that if your bid is the highest bid, you will be the winner of the given item.
Q – Where does all this jewelry come from?
A – At Bid Global we are a trusted partner and liquidation source for many entities, including wholesalers who have overstocked, government agencies who have seized jewellery as part of a bankruptcy, civil or criminal action, private estate liquidations both large and small, retail operators and even manufacturing jewellery business closures. We specialize in new jewelry from vendors that are willing to permit the marketplace to determine the fair market value of items through the auction process.