Why an auction?

 

A family member has passed away or moved into assisted living. What should be done in situations where the family can’t or doesn’t care to deal with the personal property that’s left behind? Generally speaking, most items in an estate situation will fall into one of the three following categories:

Auction-

Ideal method for turning a large quantity of personal property into cash in one day.

Properly conducted it will achieve competitive prices for those items of an antique or collectible nature and it will effectively “move along” household and other items.

There is a reason the auction method is used to break up the world’s largest private collections and estates. It works.

Putting merchandise before the general public at an unreserved auction and selling it to the highest bidder is a time tested way to achieve strong prices and in many cases, record prices, for personal property.

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The ins and outs of an auction.

 

The following article was taken from a response I wrote for a collector’s group requesting information on auctions as part of estate settlement.

 

So you’re taking a proactive approach to getting your affairs in order by updating your will. Excellent! I can’t tell you how many estates I’ve been involved with where the deceased left no will, no trust, no anything. Just a huge amount of personal and real property for somebody else to deal with. It makes for good banter to claim that “The kids can deal with it when I’m gone” but the reality is that what you envision happening and what really happens can be two entirely different things. You know far more about your own collection than anyone else ever will. Pass that knowledge on while you can; don’t take it to the grave.

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