How to Sell at Auction

Have you ever wondered how to sell at auction? Auctions can be a great way to get rid of unwanted items or to find bargains on new and used items. But before you head to the nearest auction house, there are a few things you should know. In this blog post, we’ll give you an overview of the auction process and some tips on how to get the most out of your auction experience.

How Do You Sell at Auction?

Most auction houses will require that you bring your items to them for evaluation. They will then give you an estimate of what they think your items are worth and how much they estimate they will sell for. If you’re happy with their offer, you can consign your items with the auction house and they will take care of the rest.

What Are the Benefits of Selling at Auction?

There are several benefits to selling at auction, including:

• You don’t have to worry about negotiating prices or haggling with buyers.
• The auction house will do all the work for you, from advertising to promoting your items.
• You can get rid of unwanted items quickly and easily and know a set date the item will be sold.
• Auctions can be fun and exciting, and you never know how much your items may sell for especially if a bidding war ensues.

How Do I Get My Items to an Auction House?

Most auction houses will require that you bring your items to them for valuation or appraisal. That means you need to take care of all the transportation yourself. If you don’t have the means of transporting the items, you may need to hire a shipping company. The costs are paid by you.

Will They Come to Me for the Valuation?

Yes, many auction houses will come to you for the valuation if you contact them and request it. This is especially true for larger or more valuable items.

Auction House Commissions

The auction house will usually take a commission of 10-20% of the final selling price. Some houses use a sliding scale, the more it sells for, the less they take.

This is how they make their money, so it’s important to factor this into your decision to sell at auction.

Paperwork for Consignment

Be sure you have a signed contract with the auction house that outlines their commission, what is being sold, and other important details. This will protect you in case of any problems that may arise.

You should also keep all your receipts and paperwork related to the sale of your items. This will be helpful if you need to file taxes on your auction earnings.

Pre Auction Marketing…

Most auction houses will advertise your items in their upcoming auction catalog. This is a great way to get potential buyers interested in your items and to start the bidding process early. Some auction houses may also hold preview events where potential buyers can come and inspect the items up for sale.

The Auction Event

The auction house will feature your items and they will be sold to the highest bidder. Anyone who bids is making a legally binding agreement to pay and accept ownership of the items.

What Happens if Your Item Doesn’t Sell?

If your item doesn’t sell at auction, you have a few options. You can either take your item back or leave it with the auction house and they will try to sell it again at a future auction.

Is Selling at Auction Worth it?

Potentially yes if you feel that the stuff you’re selling has value.

You need to carefully consider a fine balance between what your item may sell for, the commission to the house, and the cost of transporting your items to auction.

Auction houses do a pretty solid job estimating how much your items will sell for so you can work backward to figure out your take.

In some situations after commissions and transport, any money you hoped to make is gone. Then there are the taxes you will have to pay on the money that remains.

The Best Time to Sell at Auction…

The best time to sell at auction is usually in the spring or fall. That’s because these are the times of the year when most people are looking for bargains on new and used items.

Picking the Right Auction House

There are many different auction houses to choose from, so it’s important to do your research and pick the one that’s right for you.

Consider the following factors:

• What type of items do they sell?
• Do they have a good reputation?
• What are their commission rates?
• What is their auction schedule like?
• Do you feel comfortable with the staff?
• How large is their audience reach?
• Do they do live public auctions or online auctions?

Doing your research ahead of time will help you have a positive experience and get the most out of your auction. Find an Auction House here.

Sell Your Stuff at Auction – Conclusion

Now that you know the basics of selling at an auction, you can start planning your next sale. While they aren’t ideal for everybody trying to sell their stuff, they can be very lucrative in the right situation. Just remember to do your research, understand the process, and be prepared for anything. With a little preparation, you can have a successful auction experience.