Last updated on July 6th, 2023 at 10:03 pm
For many people who have a valuable item to sell, the first option that comes to mind are auctions. You may have seen movies where characters got into a tense bidding war over a piece of art or jewelry, and you may wonder whether you can get a similar competition going for your item.
What are Auctions?
An auction allows people to buy and sell goods through a bidding process. When an item comes up for sale, people can begin bidding. To get the item, a buyer must bid higher than all the other bidders, which means the item sells for the highest price anyone at the auction is willing to pay.
There are auctions for nearly every type of item, including jewelry, antiques, art, decorative items, and furniture. Some auctions can attract niche buyers who may get into a bidding competition over popular items, raising the price higher and higher. Auctions can also be fast, which may be advantageous for some sellers.
In today’s world, auctions can be held either in person or online. You may be familiar with the basic concept of online auction through eBay, but there are other online auction options that work in different ways or cater to more specialized markets.
The Auction Process for Sellers
With traditional in-person auctions, potential buyers are given a preview period where they can examine the items to be sold. The preview period typically starts either the day before or a few hours before the auction starts. Then the potential buyers register with the auctioneer and receive an identifying bidder card.
During an in-person auction, the auctioneer will give a brief description of the item and set an opening price to start the bidding. The bidders can call out their bids. The person with the highest bid at the end, or the one who is willing to pay the highest price, will get the item.
Online auctions also require potential buyers to register. In some cases, there is still a live auction session, but the bidders will stream online from their homes rather than attending in person. There are usually two types of bids a potential buyer can make: a pre-bid, which is a set amount bid before the date of the live auction, and a regular bid during the live auction session.
FAQs About Auctions at Fruitcocktail Collectables
Are your auctions online, in person, or both?
Our auctions are only online at this time.
What kinds of items will you sell through auctions?
The items we sell online include unique collections, jewelry, sculptures, art, vintage clothing, designer goods, silver, glass, Native American collectibles, mid century furniture, and other items.
What kinds of items tend to sell best through auctions?
Popular items tend to sell best at auction. If you are not sure whether an item is popular or not, you can reach out to our team. We recommend auctioning anything popular so multiple people can bid and raise the price.
How does your auction process work?
Our process is simple. We can either photograph and catalog items at your home, or we can conduct the process from our office warehouse in SODO in Seattle. Reach out to our team to learn more.