What must be reviewed by bidders before participating in an auction?

Before participating in an auction, it is essential for bidders to thoroughly review the auction terms and conditions. This document outlines all the rules governing the auction process, including details about payment methods, buyer's premiums, item descriptions, and any specific requirements that are unique to that auction. Understanding these terms is crucial as they dictate how the auction operates and what is expected from bidders, ensuring there are no misunderstandings during the bidding process.

Bidders might assume they have a grasp of the auction's parameters based solely on spoken announcements or brief descriptions, but failing to read the terms and conditions could lead to unexpected fees or misunderstandings about the bidding process. Therefore, familiarity with these important details empowers bidders, allowing them to make informed decisions and engage in the auction competitively and responsibly.