The Most Advanced Platform 4 Estate Sales & Auctions
Find AN Auction Company
WHAT TO EXPECT BEFORE AUCTION
Selling an item at auction can be an exciting way to reach a large national audience but there are a few key things to expect:
1. Choosing the Right Auction House
- Specialization: Pick one that matches your item (art, antiques, cars, collectibles, etc.)
- Reputation & Reach: Consider how well they market to potential buyers, including online visibility
2. Valuation & Consignment
- Appraisal: The auction house will typically appraise your item and suggest a value range.
- Reserve Price: You can often set a *reserve* (minimum price), but it has to be reasonable otherwise the auction house won’t bother to sell.
- Consignment Agreement: You’ll sign a contract detailing fees, timing, and terms.
3. FEES & COMMISSION
- Seller’s Commission: A percentage of the final sale price goes to the auction house (usually 10–30%).
4. Marketing & Cataloging
- Promotion: The auction house will photograph, describe, and promote your item through their catalog and marketing channels.
- Previews: Items are often displayed in a public preview before the auction.
5. Auction Day
- You don’t need to be present, but you can attend. Your item will be presented and auctioned to live or online bidders.
- If the item sells, great. If it doesn’t meet the reserve, it may be passed (unsold) or offered in a post-auction sale.
6. After the Auction
- Payment: You typically receive payment within 2–6 weeks after the sale, once the buyer has paid.
- Unsold Items: You can choose to re-auction the item, lower the reserve, or take it back.
Additional Notes
LEAVE SENTIMENT BEHIND- I GET THAT YOU PURCHASED YOUR ITEMS ABROAD AND YOU HAVE CHERISHED IT IN YOUR CHINA CABINET FOR YEARS. IT’S BEEN HANDED DOWN OVER THE YEARS AND YOU THINK IT’S WORTH A TON. TRUST ME THAT IT’S MOSTLY LIKELY NOT. IF IT’S GATHERING DUST IN YOUR CLOSET OR YOU’VE BEEN THERE AND DONE IT, SELL IT. CHANGE IS GOOD SOMETIMES. DON’T ASSUME THAT WHAT YOU BOUGHT IT FOR IS EVEN CLOSE TO WHAT IT WILL SELL FOR. EVEN IN PRISTINE CONDITION, IT’S A SECOND HAND, NO WARRANTY ITEM THAT WILL SELL ACCORDINGLY. YES, THERE ARE ITEMS THAT HAVE APPRECIATED OR KEPT THEIR VALUE BUT MOST ITEMS DON’T FIT THIS CRITERIA. SO AT THE END OF DAY, BE REALISTIC. KEEP IN MIND THAT THE MORE YOU MAKE, THE MORE THE AUCTION COMPANY MAKES. SO IT’S IN THEIR BEST INTEREST TO SELL THE ITEMS FOR AS MUCH AS POSSIBLE.