An Introduction to Selling at Auction

Here’s a piece written for AntiquesAvenue by Fellows Auctions :

An Introduction to Selling at Auction
So, we are still in a recession and it‘s all a bit disheartening, but there might just be a way for you to make an extra bob or two….
Basically, the economic downturn has meant that there has been a depression of prices across many sectors. Because of this a lot of people think it’s a bad time to sell anything and think they will do better when the market picks up a bit….but who knows when that will be! We have been seeing this in the auction market and as a result there is a shortage of good quality items coming to auction. So, this means the good quality, unusual items are in strong demand because they are so few and far between, and hence they are selling for lots of money!!
But who’s buying I hear you ask….no one has any money! Well actually there is still a significant part of the population who are lucky enough not to be affected by the recession, and still have plenty of disposable income to spend on luxury items. There is also the European market that are not to be forgotten, who are benefiting from the favourable exchange rates and are therefore becoming key buyers in the auction market.
So, I say it’s time to take advantage of the doom and gloom of the recession, because if you have an interesting item to sell you may be very surprised at how well it does at auction.

Examples of items that have sold well….

Victorian silver spirit kettle.

A gentleman's stainless steel Rolex Submariner wrist watch Estimated at £900 - £1,400 Sold for £35,000

An emerald and diamond cluster ring.Estimated at £1,800-£2,500 Sold for £7,100

Why sell at auction….
When selling at auction you have the peace of mind that the item will be valued at the current market value and so you know it won’t go for less than it should. At a well-marketed auction you can expect a wide variety of buyers such as collectors and dealers and there is an increasing interest from foreign buyers who can bid over the internet.
Before you say you don’t have anything, have a dig around as there is usually some valuable stuff in everyone’s house but many people don’t realize it! If you find anything that you think may be antique, collectable or something just a little bit different, why not get it valued? You never know you might be sitting on a little gold mine!
How to sell at an auction….
1. The first step is to get your item valued, this can be done in a number of ways for example by uploading images online, posting the item(s) in the post or by visiting the auction house in person. Most auction houses offer a free valuation service so there is no excuse!

2. Once your requirements have been discussed and you are happy with the estimate and reserve given, your item(s) will be entered into the next appropriate sale. If you don’t already know, the reserve is the minimum sale price the seller is willing to accept. Goods will not be sold below the agreed reserve.

3. You also need to be aware that entries are generally closed about 5 weeks prior to an auction to allow for items to be photographed and catalogued, so make sure you’re organised if there is a particular auction you have your eye on!

4. There will be some charges when putting an item in for auction which will generally include a seller’s commission charge, photography and lot fee.

5. Obviously we hope that your item will sell well at auction, but if it doesn’t sell you then have the option to re-enter your goods into the next appropriate sale. It may be an idea at this stage to lower the reserve in hope for a sale the second time round.

Fellows & Sons are auctioneers and valuers, specialising in
• Jewellery
• Watches
• Furniture
• Silver

Why not give us a call today and speak to one of our specialist advisors on 0121 212 2131
or visit our website www.fellows.co.uk for more information