When it comes to selling art or antiques, you can just walk into a pawn shop and sell it, but the price you get will be next to nothing compared to the value the item has. Finding an auction house may sound intimidating when you don’t know where to look. There are high-end auction houses, like the ones in New York, that sell to the highest paying clientele. Mid-range auction houses are the most common ones where the auctions are held for and are open to every interested person, selling the items for reasonably high prices for the value of the items. And low-range auction houses that hold auctions like garage-sales, getting you the minimum amount of money you can expect out of the item that the general public can afford. When it comes to picking an auction house, whether, in person or online, there are some things to consider.
Don’t just pick the cheapest house!
You will need to pay some fees to any and every auction house. For you to get the best price for your item, you might think about picking the auction house with the cheapest fees will give you a bigger number or a better profit if you are selling something you bought, but remember that the cheapest auction houses might not have a large client base, therefore, your item won’t get enough exposure to be sold at a higher price.
Ask the right questions
Make sure to ask what their estimated price range for your item would be and what their minimum price would be. Think it through while considering the estimated fees and the buyer’s premiums. Knowing that an auction house has high buyer’s premiums may make the buyers bid lower prices to meet their budget after the buyer’s premiums. Also always ask how long it would take for your item to go on auction after the deal to avoid waiting longer than you would like to.
Consider online auction houses
When you go to an auction house for the sale of your items, the auction house has to keep your item for presentation, so interested people can come and see it and decide whether they want to participate in the auction or not. This means, if the auction house doesn’t offer insurance on the items they are holding, you will need to get insurance yourself. Getting a valuable item insured to stay at an auction house can cost a good sum of money. Consider online auction houses for your item’s auction. Online, you will only need to provide details and pictures of your item and buyers can bid on it from the comfort of their homes or offices. This may bring more interest and raise the bid.
Whether you go for an online auction house or a local one, remember there will be fees, a waiting time and processing time for the buyer. Always ask their average times before making a decision and once you have made it, try to market your item yourself to get more exposure for the item. While you can attend the sale auction of your item, it is against the rules to bid on something you are selling to get the price higher.