Wanting to sell your unwanted belongings? Thinking of sending them to an auction?
Depending on who you ask, the auction experience can run the gamut from incredible to down right heartbreaking. So how do you assure a positive experience if you select auction as the way to liquidate your unneeded belongings? It is first important to realize that auctions are not a “’one size fits all” situation. Over the past 20 years I have logged many hours in the auction facilities of Central Indiana and I have come to realize that they each have a personality and a momentum of their own. As alike as they may appear to the novice, they are each uniquely different to the trained eye. So how do you select the one that is right for you? First let’s take a look at what you are planning to sell.
General household — Any major auction facility can handle the sale of general household content. Furniture and appliances in good condition, mirrors and pictures, kitchen items, glassware, china and garage and yard items, will all sell well at this type of auction. Items that may be rejected include books (that are not antique) clothing, shoes, and any toxic materials. If your furniture is high-end and you have fine decorative items, look for an auction that caters to interior design consultants and staggers. Presentation is a major issue with this type of auction, so visit a few sites and see how they display their items for preview.
Antiques and collectibles — You will want an auction that specializes in antiques on a regular basis, or that holds periodic “antiques only” auctions. To assure a strong buying crowd at an antique auction, it is imperative that the facility advertise. Many will have a website that you can visit to check recently realized prices and for an overview of their experience and appearance. Again, whenever possible, visit a couple of auctions to see first hand the way they display, preview and conduct their sales.
Art — This is a highly specialized field of liquidation. If you are having your art appraised you might consult with your appraiser to see who he/she recommends. Fine art auctions for our area can also be found online. Shop carefully here and deal with only well established companies.
Although it may sound obvious, when it is time to sign on the dotted line — read the contract! Auction houses charge a percentage fee which in this area usually ranges from 25-45 percent, but that does not always represent the total you will be charged. Along with a set percentage of the selling costs, some auctions charge fees for pick up, advertising, storage, or a handling charge for items that do not sell. Always ask if the fee you are quoted is all inclusive. Also inquire if you can reduce your percentage by delivering the items to the auction rather that having them picked up.
The cheapest fee is not always the best; in fact it may be reason to investigate further. I recently saw two identical 1920s oak dressers through two different auctions. One auction charged the consignor 35 percent and the dresser for sold $250. The second auction charged only 20 percent and their dresser sold for $140. The profit from the 35 percent auction, $162.50, while the profit from the 20 percent auction was $112.00. As with many things in life, you often get what you pay for.
Auction is a fast and easy way to liquidate, but there is always an element of risk. Do your homework and deal only with well established and reputable auctions. A little time spent before you begin your liquidation can keep you from regret when you possession are going, going, gone. Until next time….Linda
Irvington resident Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the liquidation of estates and may be reached at 317-429-7887 or lkennett@indy.rr.com