How To Make Money Off Of The Auction House – With all the current decluttering and “konmari” craze, people are digging through their closets and garages and throwing out things they no longer want. Getting space is great, but making money by selling through auction is even smarter. You could have a treasure trove in there!
Last year, an ancient Chinese vase that had belonged to a Perth family for many years sold for $500,000 through auction. And in 2017, a ring believed to be a fake bought at a garage sale for $17 turned out to be a 26 carat diamond that went under the hammer in the UK for over a million dollars.
How To Make Money Off Of The Auction House
Most items at auction come from estates, people retiring and people looking to realize money from valuable assets they have invested in. An auction is a great way to sell a collection of items such as fine jewelry or Swiss watches because there will be other collectors there who are willing to pay a much higher price than casual buyers. Auction houses also want to get the commission, so it is in their interest to help sell items for the best price.
Estate Sales Vs Estate Auctions
Selling at auction is also easy because everything is arranged for you. The auctioneers will appraise and value the item, take professional photographs and promote it widely, for example through catalogues, direct mail, social media and advertising.
These days, online auctions allow the maximum number of buyers to participate, including overseas collectors. This makes selling through auction an even more efficient way to get the most out of your jewelry. Many buyers are short on time, or simply prefer to browse and bid from the comfort of their own home. The ARA (Australia Retail Association) says many Australians are buying their bargains online rather than the hassle of crowded stores and shopping centres.
An online catalog also makes it possible to display high resolution images of your item along with all relevant certifications and details.
What is the best way to proceed? First, find an auction house that specializes in what you are trying to sell.
How To Make More Money In Online Auctions
First State Auctions specializes in fine jewelry and collectible Swiss watches, including loose gems and designer jewelry such as Cartier, Chopard and Tiffany. Our items come from private individuals and private collections, as well as jewelers selling surplus goods, estates and police seizures. So there is a very wide selection, from new to antique, and this attracts collectors. All items for auction are examined and certified by gemologists and diamond graders.
Appraisal of auction sale values is usually free. You can start by photographing your item yourself and sending the pictures to an auction house. Make sure photos are taken in good light and take close-up photos of identifying marks, such as a manufacturer’s stamp. Include any other information you have about the object, including any history you know. This can increase its value: A gold watch once owned by the Czar of Russia and donated to your great-great-grandfather will have added historical value and can fetch an incredible price.
The auctioneer will give you a low and high estimate of what your item can sell for. You can decide that you will only sell if the auctioneer achieves the low amount. If so, you can set this price as a reserve. You don’t need to worry about jewelry cleaning or repairs – the auctioneer will advise on any necessary restoration.
The auctioneer’s commission will be offered to you and includes an insurance component. It is deducted from the final selling price of your item. You can find more information about the sales process here.
Taxes And Privacy In Storage Auction Resale
At First State Auctions, jewelry and collectible watches can go under the hammer for incredible prices. If you’re planning to get rid of heirlooms or newer items you no longer want, consider selling at auction as a great way to make the most of your possessions. Auctions can bring in significant amounts of money when you run them correctly – but mistakes can be costly and they’re easier to make than you might think. Fortunately, others have made auction mistakes long before you, and by learning about their missteps in advance, you can avoid falling into the same pitfalls when it comes to your event.
We designed Bid Beacon to make auctions simpler, more streamlined – and most importantly, more successful for hosts and their organizations. Let us share our experience of what works and what doesn’t so you know how to make your event a success!
Your guests need to know what they’re offering—and more importantly, they need to know why they should be excited about each item. Concise, specific descriptions help your audience see the value of each item in your auction. The right narrative is always a powerful tool for generating interest.
Be sure not to underestimate the items that have been donated to you for the event. Setting the right starting bid is the best way to tell your guests what’s fair, so be sure to carefully consider each item’s retail value. It also helps to know who is coming to your auction – the right audience may be willing to pay more for certain items.
Who Gets The Proceeds From Us Spectrum Auctions — And Who Should
Allowing guests to bid in $1 increments can provoke a lot of competition, but it will also prevent your items from seeing real fundraising growth. By setting the minimum bid increments to $5 or $10, you can keep your bidders fighting for the win while generating revenue that makes the auction worthwhile.
Here’s another tip: Make the bid increases for each item proportional to its value. If you e.g. have a big-ticket item worth thousands of dollars, increase the minimum bid increase to the hundreds instead.
In general, there are two types of items you want to collect at auctions to help encourage higher bids: small items that are unlikely to generate much excitement on their own, and lightly valued items that people are unlikely to bid more than a certain amount amount for . But by placing these items with others, you can increase their value in the eyes of your guests.
Here’s an example: people probably won’t bid more than $100 for a $100 gift card. But pairing that card with something harder to value—like event tickets, a home decor item, or a liquor basket—could encourage people to bid $300 (or more!) on it.
Going To Your First Auction? Here’s What You Need To Know
You need to know what type of event you are hosting and who will be there. For example, if you’re holding a golf auction, you should have at least a few items that are golf-related – tee times, golf lessons or a set of clubs will likely attract more attention (and raise more money) than a pair of tennis shoes. Cater to your audience’s interests!
Like descriptions, images tell the story of your items and make them compelling to your guests. It is important to have high quality photos or graphics that make your items look professional and appealing.
It’s also a good idea to keep the images for your items consistent – it makes your whole event look more professional. Either take high-quality photos of each item against similar backgrounds with similar lighting, or use free software like Canva to easily design graphics for each using a clean, professional template.
Having too many items for the guests at your auction results in less competition by making it less likely that people will bid on the same items. When planning your auction, try to have a 2:1 ratio of bidders to items to avoid a situation where each guest bids on something different and wins it with their first bid.
How To Get Dining Experiences Donated For Your Fundraising Auction — Sarah Knox Auctioneer For Fundraising Benefit & Charity Events
You want to make sure people show up to your auction, which means being clear to them about important information. E.g:
It’s also important to invite people to the auction across multiple platforms – use all your different social media accounts, send emails and even consider putting together physical mailings with postcards or pamphlets! You’ll also want to send reminders, as they can greatly increase participation rates (as much as 79% for virtual events when sent correctly).
On the heels of the last suggestion, we also suggest opening up your event to people who can’t be there physically. The more people that can come to your auction, the more competition you can encourage and the more revenue you can raise! Allowing people to participate in the auction virtually through an app like Bid Beacon is also a great way to connect with a wider audience and build support for future events.
The longer you make your auction (within reason), the more time you have to attract guests – and the more time they have to outbid each other. Even if your auction is tied to a limited-time event, it’s always a good idea to open bidding a few days in advance, which helps spread the word and build excitement.
How Do First And Second Price Auctions Work In Online Ads?
The average auction duration on our platform is 9 days, but Bid Beacon auctions can run live for 30 days – giving you plenty of time to keep the action going if your guests are really competing for your items.
Sponsorship is not just about finding companies to donate gifts to your event. You can also use sponsor recognition as a
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