All about auctions: part 2
Q: As I did the housework before a move, I identified a lot of things to give to relatives and friends, and a lot of things to give away, but I think only a few things are worth trying to sell. . Is there a minimum number of items for an auction? Théodore C., Georgetown
A: There is no hard and fast rule, but generally speaking, if you only have a few items to sell, a garage sale or garage sale may be a better option, just because you won’t have to pay any fees. commission payable. If the items are worth more than the price of a typical garage sale, or if your community does not allow garage sales, then some online auctions may include items from more than one seller.
Q: What is the difference between a garage sale, an online auction and a real estate sale? We don’t know which one suits our needs. Cynthia B., Laurel
A: Yes, summer is here – garage sales and garage sales season! Before choosing from the options for hosting a sale, think about your goals. Are you holding the sale to make money, or is there a more important purpose for the sale, such as cleaning part of the house (garage, attic, etc.), decluttering for a move? , or act as a trustee by liquidating an entire estate for a deceased loved one? Real estate sales generally work best when there is a very large volume of inventory and at least a few items will attract specific buyers willing to pay higher prices. Depending on the logistics and community regulations, online real estate sales may be the best choice with the same benefits as a real estate sale in person. But, while there are very few items with limited value in today’s market, a garage sale can produce the desired result without the time and administrative costs associated with a full-fledged real estate sale. Hope this helps you, Cynthia.
Q: I have original artwork from a famous American artist which I think is worth a lot of money. Is an auction the right way to sell it? Tammy B., Milford
A: Well, it’s hard to say. I’ve seen original Andrew Wyeth paintings cost a lot less than their owners expected, for good reason: Wyeth was very prolific and his works are available everywhere! I think your best bet is to have an art appraiser who gives you a realistic price for the work. Also check auction house websites to see if they have any comparable works (remember they’ve built commissions into their prices!), Then figure out the best way to sell that painting.