How to Sell at Auction

Known for regular appearances on Flog It!, Bargain Hunt, Dickinson’s Real Deal and Cash In The Attic, and one of the UK’s finest antique experts and auctioneers – Adam Partridge asks senior auctioneer, Steven Parkinson about How to Sell at Auction. 

A lot of our sellers have never sold at auction before and most are unsure how it works, but once they have sold for the first time they keep coming back. Why? Because we do all the work, they just bring the items in and bank the money. I have asked Steven Parkinson, the senior auctioneer and valuer at our Lancashire, Lakes and Rural office in Catterall near Preston to explain how it works.

Firstly, we must understand that there are different types of auctioneers – those who work more with house clearances and general sales, this is where you will find your toasters, washing machines and boxed lots, then there are auctioneers that do a mix of both general and antiques then there are auctioneers like us who focus on antiques, collectables, fine art and jewellery.

“My first bit of advice is never be afraid to ask questions. These are your items and you need to make sure you understand how they are going to sell your items for the best price. You must remember all good auctioneers will give you auction valuations for free and you are under no obligation to leave it with them to be sold. Go home and think about it, possibly get a second opinion, this way, when you do decide to sell, you are 100% sure.

THINGS YOU MAY WANT TO ASK

Is my money safe should anything happen to the company?

We operate a client’s account – a designated account that holds your money safe until it is paid to you. Some companies don’t do this, meaning your money may be at risk if anything should happen.

Do they have experience selling this type of item?

Like all businesses some have a lot more experience than others, we are fortunate to have a large team of valuers and specialists and access to many more, but some auction companies have limited experience and little or no qualifications.

How do I prevent my items being sold for less than I want?

Firstly, at the valuation the auctioneer will discuss their suggested auction estimate. This is a price range that they think it will sell for, for example £80 – £120. If you don’t want it to sell for less than the bottom estimate, you can ask for a reserve to be put on your item. There are two types of reserve: a fixed reserve, which means it has to be that price or they cannot sell it, or you have discretion, which means if the bidding gets near to your reserve (usually within 10%) the auctioneer can sell it.

What charges will I have to pay?

Auction houses charge you a commission for selling your items, for example we charge 20% including VAT and ,that’s it. Some auctioneers will charge other fees such as a commission for selling, a lotting fee, an additional percentage for loss and warranty which some people describe as a contribution to the insurance, unsold fees, an internet contribution fee or storage fees.

Make sure you get a receipt with estimates and agreed reserves – this is your contract with them, read the terms and conditions, ask how long after the sale will you be paid. This is your money and you need to know when you are likely to expect it.

Before the sale look out for a pre-sale advice, this will have all your details, lot numbers descriptions, etc., make sure your personal details are correct and the estimates and reserves are stated. It is very important to contact the auctioneer well before the auction if something is wrong, doing so after the auction may be too late.

These are your items and you need to make sure you understand how they are going to sell your items for the best price.

If the company doesn’t send you a pre-sale advice contact them before the sale and ask for your lot numbers, look at the online catalogue or go in to the auction on viewing day and check your items are correct.

On sale day, most auctioneers host their sales on various internet auction portals. Not all live sales are the same.

We use two to get the best results including ‘the-saleroom’ which probably has the biggest worldwide reach from New York to China, Alaska to Burnley. It’s not unusual for thousands of people bidding on one of our lots at one time.

Why not attend the auction in person? We love to see our sellers in the auction enjoying the whole auction experience, some auction companies have stopped people attending on auction day and do it all online, however, speaking as an auctioneer, you cannot beat having a room full of bidders as well as bidders on the telephone and online.

NorthernLife Sept/Oct 22