Selling Personal Property At Auction 101
Auction House Services
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An auction house generally provides at least the following services::
- Generally gives you an in-home idea of what your items are worth.
- Allows you to set a minimum (a "reserve'). If a bidder doesn't meet the minimum, the item is returned to you.
- Takes care of transporting your items to the auction house, advertising and otherwise promoting the sale, and conducting the actual sale.
- Charges from 5 to 25% of the sale price for making the sale.
- May give you a loan against the eventual sale if there is a lag between the time you agree to sell an item and the sale date.
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