How to Auction Items

Auctions facilitate competitive bidding for items and establish a true market value.

Auctions have been part of culture since 500 B.C. -- when it was considered illegal to allow a daughter to be sold outside of the auction system. The first nation to license auctioneers in 30 A.D., the Roman Empire was itself auctioned in 193 A.D. after its fall. If it can be sold, it has been sold at auction. Auctions offers buyers and sellers a better opportunity to realize true market value than any other method.

Things You'll Need

• Auctioneer
• Merchandise
• Advertising
• Clerk
• Cashier
• Settlement

Instructions

How to Auction Items

1. Hire an auctioneer. Auctioneers are well-educated experts in marketing and advertising. Top price for your assets will be met when excited bidders are in hefty attendance. Auctioneers achieve the market value for the assets they sell through thorough product knowledge and maintaining a competitive atmosphere among bidders.

2. Consign the items you wish to sell. Depending on their value, they will be sold absolute -- with no minimum opening bid -- or with a minimum price agreed upon between you and the auctioneer. The items will be inventoried, photographed, researched and cataloged. The auctioneer will cluster smaller items into parallel groups so they will be more saleable. Items suitable for auction include art, antiques, collectibles, automobiles, heavy equipment, permits, livestock, commercial and residential real estate, domain names or an entire estate.

3. 

   The auction firm will best market your items for a successful sale.

   The auction firm will advertise the items and market them to prospective bidders. Effective auction marketing typically includes classified newspaper advertising, as well as online marketing on the auction company's website and on others that specialize in your type of merchandise. Color brochures highlighting featured items are a must. Brochures are circulated and direct mailed two weeks in advance. Auction Zip -- a global auction location site -- offers a free listing. Signs advertising the date, time and place of your sale are the best way to attract bidders. Consignments generally will reach or exceed fair market value if a competitive crowd attends.

4. 

   Auction will liquidate items quickly, turning your assets into cash.

   Enjoy the auction as your assets are turned into cash efficiently and effectively. Buyers come to auctions to find unique items and compete against other interested buyers. The auction team will handle the setup, preparation and sale of your assets. Items are typically sold in less than two minutes each to keep bidders focused. The auction staff will track the items sold and maintain records. The auctioneer will collect all the revenue for the event and escrow the proceeds. The auction firm will issue a check for the proceeds, less expenses, once the sale has settled and closed. Request a closing statement and copies of all clerking tickets. Auctioneers are dedicated to their profession and will certainly leave you sold on auction.

Tips & Warnings

• The competitive bidding of an auction determines the market value and establishes the highest price a consumer is willing to pay. Items will meet or exceed market value based on simple supply and demand.

• Check with the Auctioneer Commission in your state to confirm the auctioneer has a sound reputation and has met licensing requirements.

• Contract an auction company that has a proven track record for your category of merchandise. The number of informed bidders at the auction will determine the highest value. Bidder attendance is based on on the auctioneer's marketing plan and following.

References

• National Auctioneers Association
• Auctioneer - For Marketers Its Survival of the Fittest

Resources

• The AuctionGreers - Auction Experts
• National Auctioneers Association
• Bill Colson Auction and Realty Company, Inc
• Auction Zip