The Basics of Selling to an Auction

If you have an antique or other rare or valuable item that you’re thinking of giving to an auction for selling in Fort Lauderdale or other areas of the country, then you’ll want to know these key basics about what you can expect from the process and exactly how it works.

Picking Your Perfect Place 

When choosing to sell your item you want to make sure that the company you’re entrusting it to has a good performance record. In addition to checking their standard online reviews from both buyers and sellers, it’s a good idea to also find out their sell-through rate, which is the percentage of items that they successfully sell at each event. Any rating under 80 percent is generally considered a pretty unsuccessful event.

Before the Bidding

The process of getting your item in an auction begins long before the bidding does. The first thing you have to do is gather any ownership or authentication documents for the object so you can more easily prove that it isn’t a duplicate or knockoff. Then you will contact an auctioneer company that specializes in selling your type of item and meets the criteria previously mentioned.  

Once the item has been seen in person and is closely inspected, the appraiser will give you an estimate for how much they believe your item will garner when put up for bidding. Based on this amount you can choose to set a reserve, which is the minimum price that you are willing to part ways with your item for.

By this point, you should know what the company’s fee is that they’ll charge you for including your item in their event. These fees are usually either calculated by a percentage of the “hammer price” (the amount of the highest bid) or on a flat fee basis.

Heading on Stage

Once a contract has been signed and your item is officially in the hands of the company, it is then scheduled to become part of one of their events. If your particular item fits into a certain upcoming themed sale they’re having, then the company might want to postpone its sale so that it will garner a better price at the themed event.

Regardless, when it comes to the bidding part, the item is brought out on stage and the spectators begin the bidding war. If the highest bid meets or surpasses your reserve price then it becomes official property of the buyer. However, if the highest bid does not reach your reserve then the item becomes bought it, which means it remains your property. At this point, you can either attempt to sell it at another event or choose to hold onto it.

The Phases of High-End Sales

Did you know, that when you are preparing for auction selling in Fort Lauderdale, there are a series of distinct steps which you need to take to prepare? Successfully preparing for the event, as well as successfully preparing the art is only part of the process of what is involved. It is important you understand these phases and complete each one prior to arriving at the auction or prior to participating in the sale.

Arrange a Valuation

When you decide you would like to sell your item, you need to find out how much it is worth in order to be able to know how much to expect at an event, or how much to ask for when you put it on the market. This is determined using a valuation. Valuations are performed by certified evaluators who have education and knowledge surrounding the history and value of art, the depreciation considerations, current market trends and values and much more.

Choose a Sale Option

After the valuation, the evaluator will be able to offer you the best advice on where you should plan to sell your piece. In some cases, auctions aren’t the best option, and it is advisable to try to take the piece on the market privately, to offer it to a particular museum or gallery, or to wait for a special event which is catered more towards the style of piece you have and will fetch you a better price. Whatever the case, listen to the experts and make your decision carefully.

Sign Documents

Whatever the option is that you choose in terms of putting your piece on the market, you will be required to sign some documents to support this decision and to indicate you are willing to conform to the conditions of sale. These terms and conditions change for each marketplace, but legally binding documents are always advised for the benefits of both parties.

Finalize Sales

In many cases, for a lot of people, the piece is not sold by the current owner directly but instead is left in the hands of an agent to handle all the affairs with marketing the piece and getting appropriate funds in return. Once the agent has sold the piece, sales are finalized and you can expect to receive a call or email detailing specifics about commission payment and then transferring the sale money. Typically before this stage, owners have arranged the details of this process with their agent or representative, and have given the green light to proceed on the market with the art piece.

While the process may seem daunting for a first-timer, with the right support and a bit of practice you will soon find yourself happily immersed in the life of collecting art and attending regular events for it to go on sale and for you to acquire more!

What are the Best Items to Sell at Auction?

Although auctions offer a variety of goods, there are certain items that do better than others. As an owner, it is recommended to be aware of these items. That way, you can generate interest, and maximize profits. This article highlights all of the best items, and explains why owners can earn the most from them.

High End Merchandise

Any type of high end merchandise is likely to generate a lot of interest. That’s because, buyers typically turn to these locations as a way to access high end products. This will likely increase the interest that your item receives. In turn, when interest increases, so too does the competition among buyers. Meaning, you will likely be able to maximize the profits from the sale. This is especially true when selling at auction in Fort Lauderdale where there are many people bidding.

Art

Artwork is best to be sold through this avenue. That’s because, they will be able to set the price on your behalf, and navigate the sale process to maximize the outcome. Plus, buyers will be drawn to the location without the owner having to put in any work. The house will be able to generate interest through their marketing and work to match your item with a buyer.

Jewelry

Oftentimes, putting up authentic and rare pieces of jewelry is best done at these facilities. They are a great way to maximize profits on a piece of jewelry. That’s because, many people turn to these avenues as a way to purchase jewelry. This means that, putting the item up with a reliable house will likely maximize the amount that you will get for it as there will be plenty of interested parties in it.

Designer Items

Just like with high end style merchandise, any type of designer items is best to send. Designer items such as clothing or jewelry always have a great deal of interest. In turn, resulting in a quick sale of the item.

Furniture

Another item that typically does well is furniture. This is especially true for items that are unique, or made by a designer. Buyers typically seek out the facility as a way to purchase furniture, which will likely increase the chances of getting a high price for the item.

Collectibles

Items such as collectibles do well at these locations. That’s because, they offer interested parties an opportunity to have access to rare goods. Collectors typically seek out these locations as a means to acquire these goods, which means you will likely receive a great deal of interest in your product which will increase the final price of it.

How to Protect Yourself When Selling at an Auction

When letting go of an item, there are steps that the owner should take to protect themselves. Failing to follow these steps can leave the owner disappointed in the sale, and dealing with additional costs. This article highlights the steps that all owners should take in order to protect their goods and ensure a seamless process.

Have an Appraisal

One of the most vital steps to take prior to placing their item up for sale is to have it appraised. The owner of the time should seek a highly trained professional with prior experience to assess the item. This can help let the owner know exactly how much the item is worth, and protect them from settling for anything less. This can also help to determine how much you should insure the item for. That way, if an accident were to occur the owner can rest assured that they will be fully reimbursed.

Choose the Correct House

Although many people think that all houses are the same, they are not. For example, there are a number of different locations for selling at auction in Fort Lauderdale alone. This means, the owner should take the time to carefully research the house before they place the item with them. Some locations specialize in specific types of good such as jewelry, antiques or art. Knowing this information prior to placing the item is vital in generating interest in the item. As well, you should research how reliable the place is. Knowing this information prior to placing your item with them can help to ensure that the sale process is as seamless as possible.

Set a Reasonable Price

Prior to placing the item for sale, you should set a reasonable amount that you will be willing to get for it. This can help to avoid any disappointment following the sale. That way, the owner does not settle for anything less than what they feel comfortable with.

Only Put Up What You are willing to Part With

People should carefully think about the items they are wanting to give away. They should be sure that they are willing to let go of the item for profit, and no longer are interesting in having it in their home. So, if there is any reluctance in getting rid of the item the buyer should hold onto it to avoid disappointment in the future.

Understand the Terms of the Contact

It is best to fully understand the terms and conditions of the house prior to listing their item. Oftentimes, they require fees and interest rates for placing their item with them. But, failing to understand these additional costs and requirements can result in disappointment following the sale.

Why You Should Sell Your Goods at Auction

There are many reasons that people choose to let go of their goods at auctions. Oftentimes, they offer a reliable place for people to maximize their profits, and avoid any disappointments that can come from private sales. As well, they offer a solution for people in need of an avenue for high-end goods. This article highlights all of the benefits of putting an item up for sale, and why more should try it.

Sense of Urgency

Unlike other methods, these facilities give consumers a sense of urgency when purchasing the item. This means that the item will likely be sold quickly. As opposed to private sales, galleries, or stores, customers may not feel a sense of urgency to show interest. That’s because, the potential buyer may feel like the item will still be available when they decide to buy. But, these facilities make the interest in the item be known, which can speed up the sale process.

Competition amongst Buyers

When letting go of an item, competition amongst buyers is recommended. That’s because, competition can drive up the price amongst bidders who don’t want to lose out on an item. This is especially true in heavily populated areas such as Fort Lauderdale where they see plenty of auction selling.

Set Terms and Conditions

These locations are a great avenue for people who want to set out specific terms and conditions on their item. Doing this, can be hard in a private sale where the owner of the item has to navigate and manage the sale on their own. But, the owner will have access to assistance with this avenue. This means, that the owner of the item can be guided through the process to ensure the terms and conditions regarding the sale are reasonable. This can help to eliminate any surprises along the way, or disappointment from a sale that did not go according to plan.

Price Protection

Unlike other sale avenues, owners will be able to set a minimum price for the good. Other types of stores may pressure people into accepting a lower price than they are willing to take. But, the house will only begin bids on the item at the lowest price you agreed upon.

Marketing to Buyers

These facilities will be able to handle all of the marketing of the item. Relying on yourself to do this in a private sale can be difficult as you will not have access to the same resources or buyers that the house has. But, this can eliminate the worry of trying to find interest parties. As well, the owner won’t have to do any of the work for this.