BUY & SELL
HOW TO BUY
World over, auctions are an exciting way to buy rare and wonderful objects. In India, auctions are also the best way to buy used machines, vehicles, buildings, etc. The process of auction satisfies the Indian psyche of touch and feel of the articles one wants to purchase. Regulars at Murrays know how simple it is to take part in our auctions. The following are some basic tips, which will help you.
See you at the auctions...
Murrays' catalogues are a buyer's first tools. They contain descriptions of the asset being sold. Each sale may have different conditions regarding payment & delivery and also have specific clauses pertaining to the sale. Murrays catalogues also tell you the Conditions governing the sale. Treat these publications as you would any catalogue - make notes, highlight, and earmark and study them. Read through the conditions of sale and acquaint yourself of them. For some sale, there may be pre-conditions for inspection & participation in the sale. If you have any doubts regarding the sale or the contents in the catalogues, get it clarified before taking part in the auction.
The single most important point to remember about auctions is: know what you are buying. All assets to be auctioned is usually open for inspection for several days prior to a sale. The dates & place(s) of inspection are normally mentioned in our catalogues. At our Auction Hall, we invite you to come in, browse and talk one-on-one with our staff. We, at Murrays, are happy to discuss the quality, background, and condition of each piece. These pre-sale inspections are normally free and open to the public.
After you have looked through the catalogue, examined and asked questions about the assets, you are ready to bid. For sales conducted at the seller's premises, we do not normally accept written bids. For a first timer, participating in an auction could be intimidating. We suggest that you visit our auction Hall to get a feel of an auction before participating in an auction outdoors.
At our Auction Hall, there are three ways to bid: in person, by written bid or by telephone.
Bidding In Person
Though there are no specific guidelines regarding the opening bids, the auctioneer usually opens the bidding on an item at about half of the estimated price. Each bid usually follows a set increment. When your lot comes up simply raise your hand so the auctioneer can acknowledge your bid. That is all there is to it. The auction is fast - around 60 to 75 lots in an hour. Follow the auction carefully. Our staff will be at hand to help you. If you are the successful bidder, our staff will have a form to be filled up confirming your bid and will also be collecting a deposit. The deposit can be paid by cash or drafts.
Don't worry if you are too busy to attend an auction. At our Auction hall, we can bid on your behalf. With written bids, simply decide on your maximum bid for a particular lot and then leave a bid form - written instructions that allow Murrays to bid for you - prior to the auction. Murrays will try to secure the piece for you at the lowest price possible under your stipulated maximum bid. The Bid Form will be available at our Auction Hall. Fill up the form and hand it over to our staff. You may be required to pay a deposit.
Bidding by Telephone
If you are within Chennai and you want to feel as though you were in the room when you bid, even if you are not able to attend the auctions, try telephone bidding. To arrange phone bidding, simply contact Murrays at least one day before the sale. Murrays will call you during the auction, when the property you are interested in comes up. You'll be involved in the auction action as your Murrays representative relays your bids. This service is free of charge but reserved for our more expensive lots.
If you are the successful bidder, congratulations!
Payment & Delivery
For sales conducted at the principal's premises, payment will have to be made either at our Administrative Office or at the principal's cash office. This will be specified in the catalogue or announced prior to the auction. The price you will pay will be the final bid plus duties and taxes as indicated in our catalogue or announced in the auction. The principal will issue the bills/ invoices. Delivery of the materials will have to be taken by you from the principal's premises.
At our Auction Hall, you can collect your property in person or have Murrays assist you with shipping arrangements. The price you pay will be the amount of the final bid plus sales tax as per the Tamil Nadu General Sales Tax Act and handling charges of 2% on the final bid. Normally, payment must be received within a day after the sale.
If you are still not convinced it's this easy, why not come in and watch a sale? Murrays auctions are free and open to the public. You'll see first-hand that the process of buying at auction is that simple.
BUYING IN A TENDER SALE
In the case of tender sales, the only difference will be the instead of bidding, you will need to submit your offers in writing. The tenders will be opened, in some cases in the presence of the tenderers at a pre-fixed time and the successful buyers will be intimated. The tender documents will be available at our Administrative Office or at the Principal's premises, at the time of inspection. The tender document will contain every information as in the catalogue with provision for you to mark your offers.
HOW TO SELL
Since 1920s, people have trusted Murrays with the sale of their assets. A strong emphasis on customer service and unparalleled expertise are just a few of the reasons why sellers entrust their assets to Murrays for sale. If you are interested in having your valuables appraised or sold by Murrays, read on.
At Murrays Auction Hall, we are happy to give you a free verbal estimate of an object's value. With our vast experience, we are able to provide authoritative evaluations of decorative art, furniture, jewellery, second hand vehicles, used machines and other valuables. We determine estimates by evaluating recent prices realized for similar objects, the current state of the market, as well as the condition of your object.
To sell through Murrays, please contact us with details of the articles to be sold. We will assist & advice you regarding the modality of sale to be adopted and also brief you on the process.
For efficiency & ease of operation, Murrays has three departments, which handle specific sales:
Industrial Disposal Department - plant & machinery, vehicles, unclaimed air & surface transport cargo, process/ maintenance scrap, unused spares & stock, office equipments. Address: No.234, V M Street, Mylapore, Chennai - 600 004. Phone: +91(44) 2499-5208, +91(44)2499-5219. E-Mail: firstname.lastname@example.org
Furniture & Curios Department - furniture, household goods, residential and office equipments, antique furniture, reproductions, bronzes, porcelains, glassware, paintings. Address: Ground Floor, Gemini Towers,No.601, Anna Salai,Chennai – 600 006. Phone: +91(44) 2821-2437, +91 (44) 2821-0881. E-Mail: email@example.com
Property Department - hypothecated and pledged machines, stock, jewellery mortgaged property, land and building. Address: No.234, V M Street, Mylapore, Chennai - 600 004. Phone: +91 (44) 2499-0612, +91 (44) 2499-5212. E-Mail: firstname.lastname@example.org
In the Industrial Disposal Department and Property Department, we conduct tender sales, in addition to auctions. The type of materials to be sold and the location dictates the type of sale to be adopted. Through our experience we have found that in certain cases, the credentials of the purchasers are of primary importance (For example, sale of high volume process scrap generated in the regular production process). Certain sales may also call for discussions with the purchasers with regard to the modality of delivery. In such cases, tender sales are more effective than auction sales. Further, particularly for sale of machines, vehicles, and process/ maintenance scrap we conduct a tender cum auction, which is a marriage between the auction & tender processes.