Selling Personal Property At Auction 101
Tips For Dealing With An Auction House
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If you decide to sell an item through an auction house, consider the following tip:
- Only consider auction houses with a good reputation.
- Check to see whether you can do as well or better by doing an online auction. For example, on a large site such as eBay.com or a smaller site which may specialize in the types of items you are selling.
- Think about whether to set a price that allows people to purchase the item without going through an actual auction. You may not get as much money as you would through an auction, but the operation word is "may" since there is never an assurance of how much will be bid at auction.
- Ask about what other items wll be included in the sale. For example, if you are selling a painting by a particular artist, is the auction all of his or her paintings, or of that particular school of painters? The more like items, the more likely that there will be a variety of collectors present. (The more collectors who are present, the more the bidding competition).
- Promotion
- Find out about what the auction house will do to promote the sale in which your item will be listed.
- If you are selling an expensive item, what promotion will the auction house do about your item?
- How much, if anything, will you be charged for promotion? For example, to make color reproductions of the item.
- What date will the auction occur? Is that a good time for a sale?
- Consider setting a minimum price ("reserve"). If the bidders do not bid the minimum, the item will be returned to you. Check to see what the charge will be, if any, in the event the minimum is not satisfied.
- Be sure the items are insured from the moment they leave your possession until they are either sold or returned to you. If the items will be insured by the auction house, check to see exactly what coverage is being provided and how much you will be charged.
- Read the fine print - particularly about charges.
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