Storage War’s Dan Dotson from American Auctions – auction action video

In Mondays’ Estate Sales News article we talked about where auctions could take place and here is a thrift store auction with Dan Dotson from American Auctions and star of Storage Wars.

Auctions can be a success or a failure. Merchandise, location, date, who shows up, and the auctioneer all play a part in determining the outcome of the auction.

Auctions can be one of many outlets for estates that cannot be sold on site. Other venues are consignment shops (however, most consignment shops will not accept the consignment of an entire residence unless it is very high quality, antique or unusual and perhaps not even then) and also selling to a picker or antiques dealer.

When you sell at auction the seller pays the auctioneer a commission and in most cases, not all, the buyers pay a premium (also a commission). However, in most sellers are not able to establish a reserve on most if not all the items in the auction so an item that should sell at a high price could end up with a lower price. This happened to someone I know who had a family member pass away, did not want an estate sale and the entire household including some exceptional antiques were sent to a neighboring auction company and many sold at a lower price than they might have obtained at an estate sale or consignment shop. Also if you choose to sell to a picker or antiques dealer, remember they have to resell so you are not going to get a retail price. More than likely up to or about 50% of the expected resale price.