Frequently Asked Questions

 

What does Thompson & Riley sell at auction?

• Thompson & Riley is equipped to efficiently conduct every type of auction from large-scale farm and bankruptcy auctions to small estate auctions.  Our clients consistently realize the highest prices the market has to offer on real estate, whole and partial estates, consignments of personal property (such as individuals moving to smaller quarters), and even individual items consigned to be sold at absolute auction. 

Where does Thompson & Riley have the auctions? 

• Auctions are held in our auction room at 714 East Main Street or on site when selling whole estates, business auctions, and/or real estate.
• Click on the menu for directions to our auction room.

Do you only have auctions in Lexington?

• No, we welcome calls from all over Central Kentucky.
• We also travel all over the Central Kentucky area to appraise personal property and real estate.

How can I get an appraisal?

• Call our office (859-252-6677) to make an appointment for an expert appraisal of your personal property or real estate.
• Appraisals of personal property are complimentary if the items being appraised are sold with Thompson & Riley. 

What are the advantages of selling at auction?

• Items are sold that day to the highest bidder so transfer of ownership is guaranteed.  
• Thompson & Riley arranges for packing, moving, cleaning, and displaying items so they bring the maximum price.
• All real estate sold at auction with Thompson & Riley sells in "as is" condition and closes within 30 days after the auction date.
• All auctions are marketed locally via the Lexington Herald-Leader Sunday Homeseller section, and also nationally on our web site.
• When selling personal property, the seller receives a settlement statement and a check within 21 days of the auction.
• Contact Thompson & Riley about items you are interested in selling at auction.

What are the advantages of buying at auction?

• Buy premium quality antiques that increase in value for prices that rival the lesser quality items found in some furniture stores.  Designers, dealers, and gallery owners have long known that auctions are an excellent source for fine antiques.
• Unique items that can’t be found in stores such as original works of art, decorative items, collectibles, glassware, silver are also sold at very reasonable prices.  Check our web site frequently to see if your favorite collectibles are in our next auction.
• We accept cash, checks with prior approval, Visa and Mastercard.
• Take your items home that day.
• Contact Thompson & Riley with your buying questions.

Why should I buy at Thompson & Riley?

• Unlike most auction firms, Thompson & Riley never charges a buyer’s premium at our in-house auctions.  A buyer’s premium is a fee added to your total by the auction firm based on a percentage (usually 10%) of your total purchase. 
• The amount you bid is the amount you pay (plus any sales tax that may apply) at our in-house auctions.

How do I know when the auctions are held?

• In-house auctions are held generally every other Tuesday in our auction room at 714 East Main Street.
• Previews are held to allow the public to inspect the items up close before the actual auction.  Click on the Description and Terms page for each auction to see dates and preview times.

Do I need an invitation to attend one of your previews or auctions?

• All previews and auctions open to the public.  Everyone is welcome to attend whether you place a bid or just come by to observe.
• The previews and auctions are very relaxed and informal.  You’ll find our staff friendly and helpful in answering any questions you may have about the auction process.
• The bustling auction room atmosphere makes it easy to come and go, even when the previews and auctions are in progress. 

I’ve never been to an auction.  How does it work?  What do I do?

• Come to Thompson & Riley during the preview or just before the auction and go to the cashier’s window to register for a bid card. 
• The cashier will need your name, address, and phone number (and a resale tax certificate if you are an antique dealer.) The cashier will then present you with a bid card, which has your unique bid number on it.  Be sure to read the “Terms and Conditions” on the back of the bid card.
• It’s important to carefully inspect the items in which you are interested.  If you have questions or would like an estimate of what the item is likely to sell for, feel free to ask our knowledgeable staff. 
• When the auction is in full swing and your item is up for bid, raise your bid card high to get the auctioneer’s attention when you are ready to bid. 
• If you are the successful bidder, raise your card so the auctioneer can get your bid number.
• When you have finished buying, see the cashier to settle your account.  Thompson & Riley accepts cash, checks (with proper identification), Visa, and Mastercard.
• The cashier will give you a receipt to show that you have paid for your items. 
• Take your receipt to the check out room (directly across the hall from the cashier’s window) to receive your items.

What if I see something I want but I can’t come to the auction?

• You don’t have to be present to bid. 
• Let Thompson & Riley know how high you are willing to go on a certain item (or items), and our staff will bid for you in the increments currently being bid on that item—as if you were there bidding on the item yourself. 
• All bids are strictly confidential.
• Call our office at 859-252-6677 for a fax copy of the Absentee Bid Form.