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 3 auction houses, including this office, to conduct the auctions on a monthly basis.

For the purpose of the auctions, the participating pawnshops are divided into 4 auction groups - Group A, B, C, & D.

The auction sales for the 4 auction groups will be held at Hotel Royal @ Queens, Level 3, Prince, Queen’s and Royal Ballrooms (located at Queen Street, next to the Circle Line MRT - Bras Basah Station). The auctions are held over 2 days, 2 groups on each day, and usually on the 2nd and 3rd Saturday of the month.

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 precious or 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 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.

 

More information on the auctions:-

Important Notes & Rules to Bidders

Conditions of Sale

 

For more details, please contact our Auction Dept at Tel: (65) 6732-7166