MY EXPERIENCE AT MURRAY &CO, AUCTION SALE
Murray &co is a leading auction house in Chennai who deals with Auction sale of Antiques, Consumer durables, Home appliances, Office equipments, Residential / Office furniture, Paintings, Bronzes, etc .AUCTION takes place at ground floor ,Gemini towers ,annasalai, ch-6.inspection can be done on Saturday 10.00 am to 5.30 pm
And Sunday 9.30 am to 10.30 am. Auction takes place on Sunday 10.30 am.
I had never been to an auction sale and so this was a first hand experiences. Had seen so many auctions on TV which were so exciting. I went late and at the entrance I was given a sheet with the list of items for auction on that particular day. usually these details are uploaded on their website 5 days prior to the auction so that know what kind of products .you have to sign and give your contact number and that’s it you are free to enter the auction hall
From what I have witnessed it seems more of a buyer’s advantage as price is very less compared to what you buy outside for the same product. Auction is done in a professional manner with the product been displayed and auction starts at a price which is fixed by the auction company. Here you can see all class of people participating and this opens up the auction floor into a battle zone with the person with the highest bidder for the product wins the auction
What you should as a buyer
Log on to their website to see the list of products
If you like something in the list, visit the place in advance for inspection and inspect the product for any damage. The articles shall remain in every respect at the risk of the buyer from the moment they are sold and the auctioneers will not hold themselves responsible for any loss or damage to the articles while in their custody
Have a maximum price your willing to spent for the product
Do your homework on what the price would be if the same product was available at other places, don’t be overenthusiastic, stay calm and don’t raise your hand if the price crosses your maximum price which you have fixed in your mind
So if you have won the bid, for bids up to and including rest 200 full amount should be paid as deposit amount. For bids over rest 200, 25 percent subject to a minimum of rest 200 is paid as deposit immediately the bid is knocked down on the spot. I see people paying rest 500 immediately afar the have won the bid.
Balance amount plus vat (14%) and handling charges of 2.29% should be paid the next day and goods removed, failing which the deposit amount will be forfeited and the lot re-auctioned
Articles paid should be taken for delivery off by the purchaser on the date of payment
What kind of products we can expect
Rosewood single door bureau
Wooden TV tables with shelves
Teakwood single door bureau with mirror
Teakwood coat stand
So it was really worth spending your time, even if you don’t buy anything you can know the price trend of the products on auction, don’t raise your hand if you are not fully comfortable with the price, look for other products .usually more than 100 products gone on auction, so even if you miss one you have a better chance of buying another one. About the quantity of the people participating it was around 50, so not overcrowded
Inspect the product for damages and try to fix a price which you feel worth buying and don’t ever over bid.