ON-LINE AUCTION SERVICES
On-line auctions are becoming increasing popular. They are fast and efficient.
As the buyer’s demographics change, so will our industry, and it is imperative that we adapt to accommodate our buying public. Our buying audience consists of two segments. Firstly, our On-Line Only auctions attract our current customers who have attended our regular live auctions in the past and secondly, they attract an entire new audience of on-line consumers. Needless to say that Social media has a huge impact on this audience. These folks love the idea of being able to preview the items at their convenience, leave absentee bids, or participate in the action prior to closing.
The biggest difference between an on-line only auction and a live auction audience lies in the following. A live auction may have 200 attendees, but only 40 of them are actually bidding and buying. The rest is enjoying the camaraderie of the like-minded folks attending. In contrast with that, 200 registered bidders in an online only auction are all bidders and they are fully committed or they would not have registered. In addition, shipping services removed geographical barriers, exponentially increasing the numbers of potential bidders.
Typically, bidding is open for a period of days. There may also be a preview to the product. After the bidding is complete, invoices are processed, products are organized for pick up or shipping: settlement of the proceeds to the estate or consignor are finalized, reports are prepared and cheques issued.
- General Initial Advice
- Assistance to co-ordinate consignment items
- Identification – Research – Appraisal – Sales catalog
- Marketing Promotion – internet / print / radio / social media / email blasts / international / national / regional / local
- Database of specialty buyers
- Packing, transportation and storage of consignment
- Transportation of consignment to auction site
- Computerized Auction systems
- Organizing of consignment to enhance bidding
- Trained staff
- Visa – MasterCard
- Expedient and detailed documentation of sale
- Prompt Payment