Bidding, Security & Auction Rules 

Dear Lee,  

 

Last month, I talked about my preparations to sell some of my enamels collection. I chose the auction route. Sellers need to research to find the right auction house, make sure they set aside some of the collection for friends and family, and of course, ask questions (preparation, delivery and fees, for example) before signing any legal papers. Set a date for the sale and most important, ask how soon after the sale you get paid! But what are the rules for bidding, pricing and unsold items? That knowledge is vital.

Price estimates are often set low to encourage bidding. Online bids by early birds are entered before the sale and entered automatically by phone or computer up to the highest bid during the sale.

It is the auction house’s responsibility, not yours, to follow all the laws, especially those that regarding endangered species or anything containing ivory. States have their own laws about selling whiskey, drugs, some plants and trees, historic items, human parts and more.

You are not legally allowed to bid on your own items or ask someone else to bid for you. If there is an argument about the bidding, the auctioneer rules.

If you can give permission to the auction house to put it in an after-auction sale with corrections and an adjusted price. Possible reasons for this: if anything is left after the sale because a bidder didn’t pay, if there is a problem with a description, or if an expert determines something is a fake.

Think of your auction items as dollar bills. You wouldn’t leave piles of money on a table with strangers. You expect workers in your house to have been checked for honest and safety, and it’s the same for auction house employees. Get short-term insurance against damage or theft. Make sure your collection is safe, whether it is still at your house, or when the auction house delivers it to the auction location.

Take pictures of each item to be sold. Compare your pictures to the photographs and descriptions in the catalog sent to you ahead of time by the auction house. When I saw the rough draft of my catalog, I checked each piece against my pictures and found one thing missing. The auctioneer had taken it out of the sale because it was similar to another expensive piece. It will be sold next time.

My sale went well. Only four pieces went below estimate and a few were double or triple estimate. The auction experts recognized several of my enamels as European and Asian. I only knew they were not typical USA pieces.

In summary, if you are thinking of selling a collection at an auction, do your research, keep track of every item, be mindful of security, and familiarize yourself with auction rules and regulations. Online auctions have opened selling to a world of buyers sitting in their own living rooms and bids have been high. That’s good for you!

 

 

Tips on Selling a Personal Collection

Dear Lee,

I have attended many auctions in all parts of the country. I read magazines, papers and websites that follow sales, prices and trends in the collectors’ world. But I still had the worries of a novice when deciding to sell some of my 40-year collection of artists’ enamels. Although I’m an antiques “expert,” the sale of my large collection was filled with surprises. And good and bad choices. If you are considering selling a personal collection, do your research. Your collection must have items in good condition and be marketable, that is, similar to items that have been featured in other auctions (that research will help on the how-to steps I am about to share). Selling a collection takes about six months from the beginning of the process to the date of the auction. If you need to sell your house or settle an estate, the auction house can store the items for you.

• My first step was to ask my children, some local museums and a few friends which enamels I should save for them.
• The next important step for me was to hire an auction house with experts who understood my collection of fired, ground glass on metal enamels. I found a well-known auction gallery that had recently sold about 20 vintage enamels in a sale that included other high-priced antiques. There were more than the usual bidders and prices were often over-estimate. It was the perfect gallery for me. If you have an unusual collection, whether pottery or comics, make sure to find an auction house with experience selling similar items.
• Call the auction house, or houses if you are considering a few. Explain what you have and send pictures. Have questions ready for them, like what is the process and timing. Get everything in writing about processes and charges. Request, fill out and return all the legal papers. Get a signed copy from the auction house. Be clear on the financial responsibility of the auction house in case of damage, theft, omission, problems with storage and shipping, etc.
• Ask about what will happen if bids are questioned and be clear on charges and payment amounts and responsibilities (taxes and buyers’ premiums are the most confusing).
• An auction house may not want to sell your items. They must get enough money from the commission charges to cover expenses and make a profit. It must also be something they think will sell to their clients.
• How does your collection get to the gallery? If you are nearby, you might take some yourself. Larger pieces are shipped to the gallery usually at no cost to the seller. I was surprised when three people came to pick up my enamels.

I didn’t sell my entire collection. In addition to ones saved for friends and relatives, I kept some for when I was ready to part with the rest. The auction house took care of all the publicity, reaching out to museums (some of whom successfully bid on items in the sale), collectibles magazines and newspapers.

These are just some of the lessons I learned. Next month, look for my explanation on bidding and other auction rules. Auctions might be the perfect solution if you are downsizing or taking care of an estates. A bonus of now dominant online auctions is that the reach is international. Which is good for sellers like you and me!

 

Photos: Treadway