How are items sold in a business asset or liquidation sale?
Items will be identified by ‘lot’ numbers. These numbers indicate the order of the sale, beginning with lot number 1 and continuing in sequential order through the last lot of the auction. Lots may consist of one or several items. In the event a lot consists of more than one item, be aware at the time of sale whether the lot will be sold ‘by the piece’ or as one ‘lot.’ Items sold by the piece usually indicate the piece count on the lot tag or in the catalog. If, for instance, one lot number indicates a quantity of 3 widgets, and the auctioneer says sold at $5.00, this will be charged at 3 times $5.00 or $15.00 total. If, however, the lot tag, the catalog or the auctioneer indicates the lot will be sold ‘for one money’ or ‘as a lot’, a $5.00 hammer price will be charged at $5.00 total. Keep in mind that an auctioneer has the right to change an item, when offered up, to a piece count or a lot at their discretion. A good auctioneer will make clear announcements to ensure the audience is a
