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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 5 auction houses, including this office, to
conduct the auctions on a monthly basis.
Presently there
are 137 pawnshops participating in the auctions and they 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), and Grand
Copthorne Waterfront Hotel I & II (located at Havelock Road/Kim Seng Road).
You may click on the link below to get the full schedule of the auction dates
for 2010 & 2011.
On auction days,
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. 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 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 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 July 2010 at Hotel Royal, Newton Road, 15th Floor. Details
on the coming auction are as follows:-
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AUCTION SALE OF
PAWNBROKERS' UNREDEEMED PLEDGES JULY 2010 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 December 2009. |
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Auction Date |
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Auction Venue |
Hotel Royal, 15th
Floor |
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36 Newton Roadt |
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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