“How do auctions work?” “What is my furniture worth?” “How do I sell an estate?”
Neely Auction answers these questions on a daily basis. Many people have never been to an auction, and even those who frequent auctions may not have experience selling at auction. Here is an insiders-guide to making the maximum amount of money at Auction.
Step 1: Establish what the likely market value is of you stand out items.
Are they signed, do they have any marks or engravings- look for clues and use the internet to research other items that have sold – using a google image search often yields great results!
I also recommend joining the auction sites below to research your standout items, and while you there you can check out some of our previous auctions. Once you are a member of these sites, you will have access to the auction results of thousands of items like yours.
www.liveauctioneers.com/auctioneer/1243/mg-neely-auction
www.invaluable.com/auction-house/mg-neely-auction-4hqa6sti68
Caution!
Be wary of retail-based antique websites, as the prices advertised are typically negotiable and do not reflect true market value. Prices shown on these sites a good guideline for appraising an items’ value, but should be taken with a pinch of salt as they often exclude commissions and fees.
Step 2: How are you going to extract the value?
You have 4 basic option here:
• sell it to an antique buyer,
• sell the item as part of an estate sale,
• consign the item – this means that your auctioneer or estate liquidator will sell the piece for you for a percentage of the sale- normally between 30 to 35% of the sale.
• do it yourself with a tag sale.
Step 3: Should I do it myself or use an Auction House.
Now that you’ve established your item as having resale value, you can take the next step. For the purposes of this article, I’ll assume you’re liquidating an estate. However, the same logic applies to selling one or two pieces.
There are several ways to sell an estate. You can sell privately, with an estate sale or tag sale. This is essentially a yard sale, and is the most labor intensive option. You will need to advertise, organize, price, and inventory the items, in addition to recruiting friends or family to help you manage the sale. The risk involved with this method lies in the ability to mistakenly price items, either too high or low, and you are left with money on the table and the remnants to pack, donate or store.
Do you want to consign your estate?
In this scenario, you can find an auction house or consignment shop who will house, market, and sell your items for a commission.
A consignment shop is the best destination for gently used modern furniture and household goods. Before you consign, you should find out how long your item will be consigned, what the commission is, and how your items are priced. This avenue is great for items that are too modern or mass produced for an auction, but still have resale value.
Consigning with an Auction House is the best way to sell antiques, fine art, vintage decor, sculpture, art glass and other unique items.
Before you consign with an auction, you want to ask these questions:
Does the auction take place online?
When is the next auction?
What is your commission?
Auction houses who market online have the benefit of millions of potential buyers to view, bid on, and purchase your items for the highest market value. The fastest and easiest way to liquidate personal property is with an auction house who is willing to purchase the full estate for a cash value.
This is usually the method of choice for families who are out of state and have only a few days to settle their loved one’s estate.
This is also great if you need cash fast, and can’t wait for your items to sell to get paid.
Step 4: Sell, Sell, Sell!!!!!!!!!!!
The final step in downsizing or liquidating your assets is to find an auction house or consignment shop to take your piece. There are several ways to do this. Word of mouth is a great way to find a reputable business. Talk to your friends and neighbors, and you might be surprised at how many of them have bought or sold at auction or consignment. Take to the internet. Research, research, research! Try googling phrases like:
‘Estate buyer near me’
‘Palm Beach Estate liquidators”
“Palm Beach auction house’
‘Estate consignment shops Boynton Beach’
Be sure to ask these questions because you want to make sure you have the same expectations as the auction house or consignment shop:
Do they offer a free appraisal?
How long have they been in business?
Do they have a brick and mortar location where they host auctions?
You can view Neely Auctions on Live Auction here; www.liveauctioneers.com/auctioneer/1243/mg-neely-auction/
Very importantly! Do they have an online following?
Remember that the more people viewing and bidding on your items – the more likely they are to sell and the more money you will make from them.
You can view Neely Auctions on Live Auction here; www.liveauctioneers.com/auctioneer/1243/mg-neely-auction/
And at Invaluable.com here: www.invaluable.com/auction-house/mg-neely-auction-4hqa6sti68
For a complete guide to all the estate liquidation services we offer click here
click here To discover our 5 essential rules for getting the most out of an estate Auction! (Jam packed with pro tips)
I’ve given you a lot to think about, but I hope you have found this insiders-guide useful and that you can confidently select the best way to sell anything from one Antique to managing a full estate buyout or liquidation.
We’re always happy to answer any questions or provide expert guidance, so don’t hesitate to reach out to us today!