In certain circumstances, holding an auction may be more appropriate than holding an estate sale when it comes to liquidating an estate.
An auction is a great choice for sellers who live outside of the city.
Many times, holding an auction will be a better choice than an estate sale if an estate is located off the beaten path. Specifically, when a two or three day estate sale is beyond a buyer’s typical route, she may be concerned about making a long drive but still missing the items that she wants to buy, so she will skip the estate sale altogether. Auctions, however, provide buyers with a 4-hour window that guarantees them a chance to purchase the desired items.
Let us explain: Estate sales are conducted in a different manner than auctions. During an estate sale, everything is priced, goods are bought throughout the multi-day period that the estate sale is conducted, and prices are negotiated. Thus, as an estate sale progresses, more and more items are absent from the sale. To a potential buyer, this means that her hour-long drive to an estate sale could become fruitless if the item that she is interested in has already been sold. Auctions are run differently. During an auction, all of the goods that are to be sold come up for bid during a 4-hour period of a single day and prices are set by the bidders in the crowd. Thus, when a potential buyer attends an auction, she knows that everything will be available to her for purchase and she can bid up to the amount that she is comfortable with. Therefore, she is willing to make that long drive to attend an auction, but not to attend an estate sale.
An auction is a great choice for estates with lots of items, or items typically sold at auction.
There are other situations where holding an auction is more appropriate than holding an estate sale. Very large estates that could potentially take many days or multiple weeks of an estate sale to liquidate, versus one day of an auction, are prime auction candidates. So are liquidations that have historically been the domain of auctions and where buyers expect a liquidation to be held in an auction format, such as tool auctions, farm equipment auctions, and business auctions. The liquidation of the contents of storage units also falls under this category.
An auction is a great choice in an extra tight timeframe.
Additionally, estates that must be liquidated in a very short timeframe and where the owner does not have the time for estate sale preparation to occur are excellent candidates for an auction.
We are a great choice for your estate auction.
As a fully-licensed auction company that can operate in multiple states, Tampa Estate Sales, which conducts its auctions under the name Vandenbrook Galleries, can hold a fast and profitable auction of your estate or business. Please call or email us today to discuss if an auction is the right option for you.
Florida Auction Licenses AB 3235 & AU 4461