RiverTown Auction

Are you handling a loved one's estate? Downsizing for retirement? An estate / liqiuidation auction is the easiest way to sell your stuff for fair market value. You don't have to own a houseful of antiques to have a successful estate auction. Good used furniture, household goods, tools, collectibles - your belongings are worth money!

We also handle inventory liquidation auctions for governmental entities: school board, parish, police jury, town, etc.

Call us at 318-704-5044 for a free and confidential consultation.

 

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Estate Auctions. RiverTown provides a full range of Estate Auction services, from helping with a simple downsizing to cleaning out an entire household. Don't let the phrase "Estate Auction" scare you. You don't need a house full of expensive antiques to take advantage of our services. We specialize in Estate Auctiions for the average homeowner.

Business & Government Liquidation Auctions. Whether you are going out of business, cleaning out your warehouse, or just need to liquidate some inventory, we can help.

Estate Auction vs. Tag Sale. Which is better, an auction or a tag sale (aka estate sale)? It depends! Find out more here.

Like us on Facebook!Like us on Facebook! We let you know what's coming up for sale at our next auction, special sales, and other news.

RiverTown Auction is owned and operated by Tom Sexton who is licensed and bonded in the State of Louisiana, license #1911. We charge a 10% Buyers Premium.

Auction Definitions

Absentee Bid: a bid that is left with the auction firm when the bidder is unable to attend the auction. An agent of the auction house bids for the absentee bidder.

Absolute Auction: all items in the auction will be sold to the highest bidder, regardless of the bid. There is no reserve or minimum on the item for bid.

Agent: A person who is authorized to act for or in the place of another individual or entity. The auctioneer is an agent of the seller.

Auction: A method of selling property in a public forum through open and competitive bidding. Also referred to as " Public Auction," Auction Sale" or "Sale".

Auction House: The person or entity who owns the auction business and fulfills the legal requirements of an auction. In Louisiana, a licensed and bonded auctioneer may assume this responsibility.

Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to auction the seller's property and sets out the terms of the agreement and the rights and responsibilities of each party.

Auction With Reserve, Reserve Auction: Some or all items in the auction have a minimum bid that must be reached by the bidder before the auctioneer can sell the item to the bidder.

Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. The State of Louisiana requires an auctioneer to be licensed and bonded.

As-Is Where-Is: There is no warranty on the merchandise and no refund. The item becomes the property of the winning bidder at the time the auctioneer says "Sold". The bidder should inspect items before bidding, and safeguard his items after winning the bid.

Auction Block: The podium or raised platform where the Auctioneer sits or stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.

Bank Letter of Credit: A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders who are not paying with cash at auction.

Bid Price: The winning bid amount for one item. If the item was offered "choice" or "times the money", the bid price is multiplied by the number of items taken by the bidder. Taxes and buyer's premium are added to the bid price.

Bidder Number: The number issued to each person registered at an auction. At RiverTown, there is also a Seller Number which is the number issued to each registered seller.

Buyer’s Premium: the Buyer’s Premium is a percentage additional charge on the winning bid at auction. It is charged by the auction company to cover administrative expenses associated with conducting the auction and goes directly to the auction firm for their services, not to the seller. Buyer’s Premium charges may include additional fees for the use of credit cards to be used to pay for auction purchases. Buyer’s Premium appears as a separate charge on the bidder's invoice.

Cashier: The person who takes payments at an auction, pays the sellers, and performs accounting and bookkeeping services.

Choice: Auctioneers use this buying option when more than one product is being offered for sale. The bidder may bid for an individual item, and the winning bidder may take as many of the set as they wish. If the bidder does not want all products in the set, then they may be offered for sale at the same price to any bidder.

Clerk or Ticket-Writer: The person who records what is sold and to whom and for what price.

Commission: The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the item.

Consignment: An arrangement whereby items are left in the possession of another party to sell. At an auction, the seller consigns items to the auction house.

Contract: An agreement between two or more persons or entities which creates a legal relationship. A winning bid is a legal contract between the buyer and the auction house.

Estate Auction: The sale of property left by a person at his or her death. A "Living Estate Auction" or "Liquidation Auction" is where the seller is alive, but wishes to liquidate personal belongings and has hired the Auctioneer to do so.

Final Word: the auctioneer has the final word in all bidding situations. If there is disagreement as to who won the bid or the final price, the auctioneer makes the final decision.

Floor Boss: The person who coordinates the auction and determines the order in which items will be auctioned. The Floor Boss is usually one of the Ringmen. The floor boss may also perform pre-auction duties such as accepting consignments and staging or setting up the items for an auction.

Hammer Price: the final winning bid price of an item offered for sale. When the auctioneer "hammers down" with his gavel and/or says the word "SOLD", the item is sold and bidding cannot be reopened.

On-Site Auction: An auction conducted on the premises of the property being sold.

Preview: A specified date, time and place that property is available for prospective buyers to inspect the items to be auctioned.

Reserve: The minimum price that a seller is willing to accept for a property to be sold at auction. The reserve price may or may not be disclosed to bidders. An agent of the auction house may bid up to the reserve price to protect the seller's reserve. For example, if an item has a reserve of $50, the agent may bid up to $49. If no one bids $50, the item will be removed from the auction without being sold.

Ringmen: Individuals who assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision. Also known as "Spotters".

Sold or Closed: When the auctioneer says the words "sold" or “closed,” or the gavel falls after the bidding has ceased, the item is sold as the auctioneer directs to the clerk. The bidding cannot be reopened after the word "sold" is announced.

Tie Bids: When two or more bidders bid exactly the same amount at the same time. A tie bid must be resolved by the auctioneer.

Times the Money: A form of bidding whereby the bid price is per item, but where the winning bidder must take all of the items offered for sale. For example, if 4 figurines are offered "times the money" and the winning bid is $20, the successful bidder must take all 4 figurines for a total bid price of $80.