Questions to ask when selecting an Auction House (?)
 

Good morning all -

Heading home after 2 whirlwind days at the National - I met with quite a few auction houses and came away quite impressed at initial look.

Here are the questions I want to ask in follow up before making a decision - any other suggestions? Missing anything?

1. The business deal - total net coming our way with sale price plus % of BP
2. Plans to promote the items (these are likely going to be “featured” items - I’ll share details soon). How many similar items will be in our auction?
3. Review customer experiences (have already started this - we need a Yelp for Auction Houses!)
4. Assist with grading (these are raw cards) - process, cash flow of costs, etc.
5. Fine details - card security, timing of auction, etc
6. Willingness to put all of this in writing to memorialize the details

Any other questions I should ask here? Not all answers above will be weighted the same - but to me, they all matter.

Thx for any other ideas -

Jeff

Not a question, but something you can do on your own:

Look at past auctions, how have they done on items similar to yours in the past? Who seems to get the best results on similar items?

Factor any differences in results into the information you've gotten regarding rates to see the truly best deal (e.g. If the AH giving you back 10% of the BP typically realizes a final price with BP that's 25% lower than a house not giving back any BP, which one is putting more money in your pocket.)

Look at how there auctions are organized. How easy are they to search? If you were looking at the auction as a buyer, how would you feel about the titles, descriptions, photo quality, etc.

Turn around time on when you would receive your pay out once the auctions ends and having an AH contact who will in fact respond to you when/if you need assistance is key as well.

All of the auction houses have their plusses and minuses. You need to choose one who you feel comfortable with. They all pretty much have the same collectors/dealers bidding - in other words, unless someone has a major issue with a particular auction house, they're active bidders of all of them.

The size of the auction house almost surely correlates to the number of registered bidders. However, having more potential bidders doesn't help if your lots get buried in the catalog, or worse yet do not make the catalog. This is a trade off that each consignor needs to consider. If you have a Wagner it's easy--go with a big boy. If you have a mid-level item the decision becomes more difficult.
What will your items be insured for if they are lost or damaged? Do you want to rely on the insurance company to value them? I suggest including an exact figure IN THE CONTRACT for the value of any valuable lots. If the auction house balks at this find another auction house. BTW, this puts the auction house at financial risk if your contract value exceeds what the insurance company pays on a claim.

Some have different types of auctions like live in person and on the internet for example. Make sure you know what type of auction it is being auctioned in. Read the contract before signing/agreeing to it. Before you sign it you can change something if you don't like it. Without details that is the best advise I can offer.

It's starting to feel like analysis paralysis.

They are rare valuable cards after all. That could be anything from a 89 Fleer Randy Johnson to a vintage Walter Johnson. You know stuff us average collectors could only dream of owning so the not saying what they are only adds to the much needed drama.:)

Call me naive, but whatever they are they aren't the Mona Lisa, it just can't be as complicated as people are making it.

Maybe that is part of the fun/excitement of having something truly awesome for the first time. I can't imagine all the beyond silly rare stuff I have owned/sold over the years and some of that still gets me excited to this day. But yea it's not that amazing that many of us haven't owned/own cooler stuff.

Definite possibility!

I do think that if you’re looking to cash out on your good stuff, and this is your only bite at that apple, then I suspect it could be extra nerve wracking, especially with the vagaries of auctions.

Thought it was someone else's not even HIS good stuff?

We don't know if it his or someone else's stuff and we do not know what the stuff is yet he keeps asking for advice (2nd thread) without giving very relevant details. The best part is that people are advising and his is taking the advice. :confused:

That’s correct… they are not my items which is precisely why I am taking extra steps and care to be thorough.

Great, thx Brian. Appreciate the input and advice

Thx again all, for the advice on this - sorry I can’t share details yet but I promise that I will when I can. I’m helping a friend sell a really exciting collection so I am putting a lot of thought and care into the process.

IMO any assessment of which auction house does best on a particular type of material is not going to be readily apparent by browsing a few past results. It would probably take an awful lot of data and a statistical analysis to control for all sorts of variables. I highly doubt given the efficiency of the market where all major auctions are readily accessible and publicized that there will be any totally obvious patterns that can be detected from a casual perusal.

This is at least the third thread directly about this sale and what the items are still cannot even be said. How many non-BST threads will we have flooding the board as this marketing plan continues to roll out?

Probably not too many more. It's going to be ok. Please don't panic.
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Ha, true! This is the last one I will post… (nice finally getting to meet you in person the other night, Leon 🤜🤛)

We all know what the industry leading auction houses are. It’s not rocket science.

Beyond that it’s just a matter of communicating your expectations.

Just want to close the loop on this thread and thank the members here who offered advice and help with how to select the best auction house partner - I was in Cleveland last week and made very helpful connections and felt quite prepared to have informed discussions with some of the major AH's thanks to the input and help from many of you here - some follow-up private messages were super helpful too.

I also hope threads like this provide helpful information to others who are considering consigning - I have found out that not all AH's are alike, it's more than just a numbers (% of BP, etc.) decision and putting a little extra thought and time into the process will likely have a pay-off in the end.

Thanks again -

Jeff

Different auction houses have better histories of selling some things that other AH's do. So, comparing how they did with the same type items should give a clue who to go with. Good luck!

Guess we need a new advanced stat to cover finding the most attractive consignment option: :cool:
FARAH
Fortune Above Replacement Auction House

Thx Leon… having gotten well under the hood has been a really interesting (and helpful) experience.

I’ll report back when things settle in!

Jeff