Frequently Asked Questions
Why sell my items at an auction?
Save a lot of time and hassle by selling with an auction. Auctions tend to sell lots of items within a short amount of time. This relieves the stress of having clutter and repeatedly packing and unpacking your items at yard sales and flea markets.
Why is an auction a great alternative to just selling to a retail store?
Sometimes it seems so be okay to sell to a retail and/or second hand store and get some quick cash. Convenient, yes, but let’s think about this. Retail stores have a lot of additional overhead with products sitting on the shelf and the overall cost of having those items on the shelf. A $100 item may only get you between $40-$60 from a store owner. This is logical on their end due to the fact they buy it hoping to sell it quickly, but if they don’t, that item is now taking space up that could have been used to house a faster selling item or the amount they paid for that item could have been spent on a better investment item. Selling at an auction eliminates those 2 factors. Though the time that it would take to get paid will be longer, the end result means a better commission in your pocket. That same $100 item you would get maybe 60% for now could change to 70% or 80% depending on the agreement between the seller and auctioneer.
What Will my stuff sell for?
An estimate can be given up front of what items may sell for at an auction. An estimate can be given by general staff. If a collection is something to be considered, it could be appraised for a fee. An appraisal is a judgment based on official knowledge at the time and date and conditions of being appraised. Once appraised, if seller agrees to sell through the auction the fee could be dismissed.
Why should I buy from an auction?
Auctions create great opportunities to pick up unique items that are very limited or rare. Sometimes it could be an item that was used very lightly and can be bought at a great savings. Being that an auction sells items to the highest bidder, it is the best way to pick up the one of a kind item against any other buyer. Very nice estates and collections get sold through auctions because of the convenience of rapidly selling all ones’ property. The generally lower commission rate charged to the seller is a great reason for a seller to part with items they may have not otherwise.
How long do I have to pay for an item?
Items must be paid for at the end of the auction and before items are picked up.
How much does an auction cost?
Auctions are done based on a commission agreed upon between seller and auctioneer. Depending on additional services other fees may apply ( i.e. if items are agreed to be sold for a 30% commission and the auction total is $1,000 in sales, the seller would receive $700. If the items were agreed to be picked up from seller for an additional charge of $10, then the seller would receive $690 instead of $700). Any other accommodations that would be needed to have the auction (i.e. outdoor restroom rental, tables, chairs, etc.) may have a charge as well depending on agreement between seller and auctioneer.
Can I just sell everything all at once to Craig Bumbaugh Auctioneering?
Yes!! Though it is recommended to sell with us through a consignment or estate auction, we could buy whatever you have all at once if price is agreed upon. Unlike retail and second hand stores that specialize in a small variety of things, we generally sell a lot wider selection and would not have to pick and choose what items we would buy based on conventional retail and second hand stores.
Am I Ready to sell?
Part of selling is knowing what you want to sell and keep, along with an idea of what it may sell for. If you don’t have many items of value, it may not be worth the time and cost of an auction. We can always help you with any questions you may have to better understand if you are ready to sell.
What is a buyer's premium and why is it charged on some auctions?
A buyer’s premium is an additional charge placed on an item at the fall of the hammer. Usually a straight percent. (i.e. If an item sells for $10 and there is a 10% buyer’s premium the new cost of the item is $11.) This is not always present on all auctions, but is very common. This helps the auctioneer pay for amenities of operating an auction business. The benefit of a buyers premium could also give the auctioneer the ability to off set commission to the seller. (i.e. the seller has a very nice collection to sell, but doesn’t want to pay 25% commission. A buyers premium could be a way for the auctioneer to charge an additional 10% on the items and change the seller’s commission to 15% so that the seller is still inclined to sell. The auctioneer still receives the percentage needed to conduct the sale while the seller keeps more of the commission and the consumer gets that one rare piece that may have not been offered otherwise. Every auction is unique and may or may not include a buyer’s premium. Always check terms and condition before bidding.
Can I Ask You for Advice?
We can give an opinion on what we think would be the best way to sell your items. Once a contract is signed, we are an agent to the seller. It is our job to get the most value of your items by the best means possible. That’s why we research and find the best advertisement outlets to promote our auctions to potential buyers.
buy and sell at an auction Place You Deserve
Buyer and seller satisfaction is our upmost goal. With our team of professionals, we can deliver the auction needs you have with friendly and professional service.