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AUCTION
SALE OF PAWNBROKERS' UNREDEEMED PLEDGES |
Under
the Pawnbrokers Act (Chapter 222), all the 111 pawnshops in Singapore
(including 6 branches of Singapore Post
- Bedok, Bukit Batok, Chinatown Point, Geylang, Toa Payoh & Yishun, that
provide "SpeedCash"
service) will have to put up for public auction, all the pawned pledges with
pawn value above $50 which remain unredeemed 6 months after pawning. The
Minister for Law, through his regulatory body, the Registry
of Pawnbrokers, has appointed 5 auction houses, including this office, to
conduct the auctions on a monthly basis.
All the 111
pawnshops are divided into 5 groups - Group A, B, C, D & E for the purpose
of the auctions. Click here to get the full list
of participating pawnshops.
The auctions
will be held on one day, usually on the 3rd Saturday of the month. The auction
sales for the 5 groups will be held simultaneously at 5 venues - Hotel Royal at
Newton Road, Hotel Royal @ Queens I & II (located at Queen Street), RELC
International Hotel (off Orange Grove Road), and Turf City (off Dunearn Road).
You may click on the link below to get the full schedule of the auction dates
for 2008.
On auction days,
all the pawnbrokers will bring their unredeemed pledges to their assigned venue
of auction for public viewing from 10 am to 1.30 pm. All the unredeemed pledges
are displayed for easy viewing in glass showcases. Items to be sold include
watches, gold chains, 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 1.45 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. These 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 have to collect and pay for the items/lots 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 items/lots
on the following Wednesday, pending the 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 November 2008 at RELC
International Hotel, 30 Orange Grove Road, 5th Floor (Room 506 &
507). Details on the coming auction are as follows:-
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AUCTION SALE OF
PAWNBROKERS' UNREDEEMED PLEDGES NOVEMBER 2008 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 April 2008. |
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Auction Date |
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Auction Venue |
RELC International
Hotel, 5th Floor (Room 506 & 507) |
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30 Orange Grove Road |
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Viewing Time |
10.00 am to 1.30 pm |
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Auction Time |
Starts at 1.45 pm
sharp |
More information on the
auction:-
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For more
details, please contact our Auction Dept at Tel: (65) 6732-7166