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AUCTION
SALE OF PAWNBROKERS' UNREDEEMED PLEDGES |
Under
the Pawnbrokers Act (Chapter 222), all the licensed pawnshops in Singapore will
have to put up for public auction, all the pawned pledges with pawn value above
$50 which remained unredeemed 6 months after pawning. The Minister for Law,
through his regulatory body, the Registry of
Pawnbrokers, has appointed 4 auction houses, including this office, to
conduct the auctions on a monthly basis.
Presently there
are 169 pawnshops participating in the auctions and they are divided into 4
groups - Group A, B, C, & D for the purpose of the auctions.
The auctions are
held on one day and usually on the 3rd Saturday of the month. The auction sales
for the 4 groups will be held simultaneously at 4 venues - Hotel Royal at
Newton Road, Hotel Royal @ Queens I & II (located at Queen Street), and
Entrepreneur Centre #B1-01 (located at No.50 Tagore Lane). You may click on the
link below to get the full schedule of the auction dates for 2012.
On auction days,
the pawnbrokers will bring their unredeemed pledges to their assigned venue of
auction for public viewing from 9.30 am to 12.30 pm. All the unredeemed pledges
are displayed for easy viewing in glass showcases. Items to be sold include
branded watches, gold jewelleries like necklaces, bracelets, rings, earrings,
diamonds, and other semi-precious stones, etc. Auction sale catalogues with
details like item description, weight, quantity, reserved price, etc, will be
provided at a nominal charge of S$1 per copy. Copies of the catalogues will
also be provided on the top of the showcases for browsing purpose. Also,
representatives from the respective pawnshops and from the auction houses will
be on hand to provide assistance.
The auction
starts at 12.45 pm. The auction will be conducted on a shop-by-shop sequence
according to the Order of Sale, which is pre-determined by the auctioneers
prior to the day of auction. Details on the order of sale and auction dates
will be advertised in all local major newspapers. Current month auctions’
information will also be on display on the shop front of all the pawnshops days
before the auction date, or you may refer to this web-site or call our office
for more details on the auction and bidding procedures.
All successful
bidders at the auctions have to collect and pay for the bid items immediately
after the auction sale of the pawnshop that they have bid from. Payment can be
made either in cash or crossed cheques (in Singapore Dollars Only), payable
directly to the pawnbrokers. Bidders paying by cheques can only collect their
bid items on the following Wednesday, pending clearance of the cheques. At the
moment we do not accept NETS, cashcard or credit & debit cards.
We will be
conducting the auction sales for pawnshops of Group A in February 2012 at
Entrepreneur Centre #B1-01, 50 Tagore Lane. Details on the coming auction are
as follows:-
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AUCTION SALE OF
PAWNBROKERS' UNREDEEMED PLEDGES FEBRUARY 2012 Items to be sold consisting of unredeemed pledges from the pawnshops listed in the Order of Sale, including watches, gold chains, bracelets, rings, earrings, diamonds, and other semi-precious stones, etc, pawned up to the month of July 2011. |
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Auction Date |
18.02.2012, Saturday |
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Auction Venue |
Entrepreneur Centre,
#B1-01 |
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50 Tagore Lane |
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Viewing Time |
9.30 am to 12.30 pm |
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Auction Time |
Starts at 12.45 pm
sharp |
More information on the
auction:-
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For more
details, please contact our Auction Dept at Tel: (65) 6732-7166