Auction House a worthwhile venture???

[Anonymous Poster]

Hi Guys,
Any Auctioneers out there? As if I don't have enough to worry
about, I decided to open a consignment auction house.
Rented the building, ran ads, and preparing to have our
first auction April 9th. Working on building in evenings, and
weekends. Me, wife, and daughter always loved auctions,
and daughter wants to go to auction school in June. Sooo,
hired an auctioneer to get us started, and hope for the best.
Do any of you guys auction, or know an auctioneer???
We plan to do consignment of antiques and collectibles,
and some household. Good idea, or brain lapse ??????????
Any knowledgeable comments appreciated. Rick

 

[BobT]

Hi Rick,

Boy the cabin fever really grabbed you this time!

I suppose the auction business more than any other would need to adhere to the principle of "buy low and sell high."

It seems many auction houses specialize in a particular line(s) of merchandise: Antiques, Collectibles, Real estate, Vehicles, Business equipment, Heavy Equipment, etc.

It will likely be very difficult to find a "how to" manual specific to the auction business. Most of the auctioneer houses are old time establishments, and continue by members of the family taking over. They would probably be reluctant to turn over all their insider secrets.

Look this title up on Amazon...It is supposedly out of print, but a couple are listed available as used.

Inside the Auction Game
by Frank Stefanick

The author, Frank Stefanick , July 12, 2000
This book both informs and entertains.
For the first time, the reader gains a backstage, behind the scenes look at the players and how the game is played honestly and dishonestly.

The uniqueness of this book stems from an author who worked his way through college as a buyer/seller at auctions. Many years later was drawn back to its captivating method and has operated an auction business for the past eighteen years."

Here's another:

Country Auctioneer : Anecdotes, Admonitions, & Advice
by Thomas M. Martin, Amy G. Moore (Editor)

This looks like a good source for info on schools, software, etc. http://www.auctioneers.org/index.cfm

Probably a real life auctioneer is a TBN member and will add more useful advice.

Good luck!

 

[Bird]

I don't know a darned thing about that business, Rick, but it sounds like fun, and I certainly wish you luck with it.

 

[Anonymous Poster]

Thanks Bird,
Got any goodies you wanna unload, just call.
If this doesn't work I may be living in the auction house. Rick

 

[Anonymous Poster]

BobT,
Thank you SIR !!!!! I will start trying to find the books today.
As far as honest, Myself, daughter, and wife have vowed
that no matter what, there will be no favorites in the audience,
no one planted in audience to run prices up, etc. If we can't
do it right, we will not do it. I really appreciate your information !!!
Rick

 

[rdln]

you would let an owner in the audience raise the bid on his item wouldn't you?

 

[Golfgar4]

Rick,

Good luck on your new venture. I don't know a hoot about auctions, other than they take my money /w3tcompact/icons/smile.gif! But I have a friend that is an auctioneer (part time) here in Wisconsin. He only hires out to conduct auctions at homes, etc. He doesn't own his own auction house like you've started. I know one thing - he sure keeps busy. And from the comments that he's made, he makes pretty good money. I can ask him some other questions if you want. Let me know.

 

[Alan L.]

Sounds like a good idea. If it doesn't work out, you can always hold an auction to get rid of the assets.

 

[8NTX]

I have been a licensed auctioneer in Texas since 1994, but seldom do auctions except for a large annual benefit auction locally. My dream was to open an antique auction house but I have yet to do it. It seems that my current business has been too lucrative to walk away from. But when I semi-retire in about 5 years, I hope to get into auctions full time. But I think I may change from antiques to farm equipment and estates. It seems that the antique business has been watered down so much by the internet that finding good stuff to sell has become next to impossible. I attended an auction school in 1995 and had lots of fun with it. I still practice my chant while in the shower LOL. Good luck with your venture and keep us posted. BTW, in Texas, the owner of the auction house has to be a licensed auctioneer.

 

[Anonymous Poster]

Golfgar4
I would appreciate if you could ask him if he thinks we can
make a go of it by just doing in house auctions, or does he
think we will have to do on site auctions also to make it. We
do not expect to make a living out of it yet (maybe someday)
for my daughter, but we would like to make a nice side line
income. Thank you SIR !!! Rick