An auction is a public sale where items are sold to the highest bidder. Auctions may be conducted online, on-site, or in a simulcast (live with online bidding). Once the auctioneer declares an item sold, the sale is final and legally binding under Texas law.
Kiefer Auctioneers conducts a wide range of auctions, tailored to meet the needs of individuals, families, businesses, organizations, and nonprofit groups. Our auctions include, but are not limited to:
Each auction is structured based on the type of assets, audience, and goals of the seller or organization, ensuring the most effective format and marketing approach.
The location, date, and time of each auction are clearly listed on the auction listing page, included in all applicable marketing and advertising materials, and displayed on the auction’s bidding platform(s). Because each auction is structured differently, auction formats and schedules may vary.
The auction is conducted in person at the property location or a designated venue. The auctioneer will verify bidder registration, announce the bidding procedures, and conduct the live auction.
Bidders may participate either in person or online in real time while the auctioneer conducts the sale live. Approved bidders will receive access to the webcast link and bidding instructions.
All bidding takes place electronically through our secure online platform. Online auctions include a published opening date, closing date, and specific closing time. Any extended or staggered bidding rules will be stated on the auction listing page and outlined in the auction’s Terms & Conditions.
A Live On-Site Auction means the auctioneer and bidders are physically present at the auction location. Terms & Conditions are announced, questions may be answered in real time, and bidding takes place through traditional live auction.
A Webcast or Simulcast Auction combines a live auction with real-time online bidding. Remote bidders can hear the auctioneer calling bids and compete simultaneously with bidders attending in person.
An Online-Only Auction is conducted entirely online. All bids are placed electronically, and all bids are legally binding. This format offers maximum convenience and accessibility for remote bidders.
An Absolute Auction means the property sells to the highest bidder regardless of price, with no reserve and no minimum bid.
Under the Uniform Commercial Code (UCC) § 2-328, all auctions are presumed to be with reserve unless they are clearly advertised and announced as absolute.
An auction is considered absolute only if it is clearly identified as such. You will know an auction is absolute if:
If an auction is not clearly advertised or announced as absolute, it should be assumed to be with reserve, meaning the seller retains the right to accept or reject the final bid.
A Reserve Auction allows the seller to retain the right to accept or reject the highest bid. The item does not automatically sell unless the seller’s reserve price is met.
In a reserve auction:
Under Uniform Commercial Code (UCC) § 2-328, all auctions are presumed to be with reserve unless they are clearly advertised and announced as absolute. All reserve prices must be submitted to the auction company in writing prior to the auction.
In a reserve auction, there are several ways bidders may be informed that the reserve has been met:
The actual reserve amount remains confidential unless the seller authorizes disclosure and the auctioneer elects to announce it. Bidders should not assume an item will sell unless the reserve has been met or the auction has been advertised as absolute.
All property is sold AS IS, WHERE IS, with no warranties or guarantees, either expressed or implied.
This means:
Buyers are responsible for completing all inspections and due diligence before bidding.
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Cory: (903) 821-8717