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:- 

 

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.

 

 

Auction Date

24.7.2010, Saturday

 

 

Auction Venue

Hotel Royal, 15th Floor

 

36 Newton Roadt

 

 

Viewing Time

10.00 am to 1.30 pm

 

 

Auction Time

Starts at 1.45 pm sharp

 

More information on the auction:-

Order of Sale

Important Notes & Rules to Bidders

Conditions of Sale

Auction Dates for Year 2010

Auction Dates for Year 2011

The 5 Auction Groups for Year 2010

 

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

 

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