Want to cash in on your collectibles? Here's how to prepare for auction…
If you've amassed collectibles over the years and want to profit from your purchases, one way is to sell them through an auction.
Whether it is art, furniture, memorabilia or other collectibles, selling at auction allows you to reach a wide audience.
So how can you go about it?
Read on to find out…
Get a professional valuation of your collectibles
It’s a good idea to get at least two valuations from different auction houses about the potential sale value of your collectibles
You also want to know how the auction house will market your goods, in which catalogue or online, which auction and the expected attendance.
Ask what the auction house’s recommended reserve price will be. But ensure you have a fixed reserve price so you don’t end up selling at too low a price.
Check out the auction house
You might be able to find reviews online, which will give you a good starting point. Ideally, you want to go with an auction house that specialises in the collectibles you want to sell.
It may be worthwhile attending an auction first before deciding on the auction house to use.
Find out the costs the auction house will charge
You need to find out the costs of using the auction house. These could include:
Catalogue or listing costs;
Lotting and handling charges.
Once you know all these costs, you’ll have a good idea of how much you’re likely to make from selling your collectibles if you get the reserve price.
Sign a contract with the auction house
Make sure you read all the fine print before signing. And ensure you understand all the terms and conditions, including payment terms.
After auction day
If your goods sell at auction, most auction houses will pay out within 28 working days.
If a lot doesn’t sell, you may be able to try again at the next auction. If this is the case, ask the auctioneer’s opinion as to why.
So there you have it. How to prepare for auction if you want to cash in on your collectibles.
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