After doing live auctions for almost 25 years, we now conduct all of our auctions online. There is a common misconception that it just means snapping a picture of whatever property or item we are selling, posting it online, and then waiting for someone to bid on it. But the online platform simply takes the place of the bid calling and makes it more convenient for our customers to attend auction. Much more goes into an auction than you might think before the bids are placed.
One of the first things that we do before placing items up for bid is research. It is important to know what you are selling, how to go about selling it, and to whom to market it. Our company goes through this research process with most everything we sell, including real estate and unique items.
One such unique item that came in was a Louis Vuitton trunk, which we knew was collectible. It was in need of some restoration, but the seller thought it might be worth around $400. So we starting doing some research and found that there were restoration companies that deal in Louis Vuitton items. We notified these companies and had several that wanted to know more about the trunk. One came by our office, looked the trunk over from end to end, and told us that even in that condition, he estimated it to be worth around $2800. Another restoration company wanted more photos, so we sent photos of every side and angle of the trunk. They both ended up bidding on the trunk, with one being the winning bidder. Without doing any research, the seller would have been happy with $400. Imagine his surprise when it ended up selling at the auction for $2700!
Research is just one of the many things that goes into an auction before placing the items online and taking bids. We look at everything about the items we sell to get top dollar for our sellers.
We hope you are enjoying our new video series. If you have a topic that you want us to address, or if you have any questions about the auction process, please let us know!