How to Find a Good Auction House
Whether you have a priceless heirloom, old artifact or valuable collectible that you want to sell there are many ways to go about it. While some resort to selling their items online, to private collectors or even in a garage sale, many enlist the services of a traditional auction house. Auction houses are businesses that conduct sales wherein interested buyers must bid on an item to see who will be able to purchase it. Auction houses are the perfect selling venue for antiques and collectibles, but you should do some research before choosing an auction house.
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Instructions
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Decide what type of items you want to sell--this will determine the kind of auction house you need to find. Some auction houses, such as Sotheby's and Christie's, don't take items under a certain value, while others stick to selling specific items such as furniture and fine jewelry.
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Compare how much advertising is done by the auction houses you're interested in --more advertising means your items will receive more exposure and stand a greater chance of being sold for a higher bid.
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Evaluate the auction house's consignment terms and seller's premiums, which can range from 10 to 35 percent of the item's selling price--this fee can typically be negotiated. You should also take a look at the auction house's reserve policies. A "reserve" is a price set by the seller, under which you will not sell your item. Often, items cannot get a reserve if they are below a certain value.
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Research the auction house's policies concerning storage (most will require that the item be in their possession prior to the auction as opposed to staying with you), additional costs such as catalog, transportation, and buyback fees, and when payout occurs (typically from one week to 30 days after an item is sold). You should also find out whether they have enough insurance to cover your item in the event that it is stolen, damaged while in the auction house's possession or goes missing, especially if your item is of high value.
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Find out whether all your items will go into one auction and how long you will have to wait for your items to be auctioned, which can range from one to 12 months after they are accepted. Some auction houses run on a schedule and hold specialty auctions throughout the year, so you should see where your items will fit in.
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Ask friends and associates who are into antiquing or work within the auction industry for recommendations. You can also read auction magazines, websites, and forums to get the scoop on what people truly think about various auction houses.
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Tips & Warnings
Be sure the auctioneer you contract with is licensed to conduct auctions in your state.
