FAQ's Selling at Auction

Why should I consider Selling at auction instead of pricing my items?
Auctions are fast, efficient and produce fair market value. When an item is "priced" it is either under priced or overpriced. If the price is too low it sells to the first bargain hunter who finds it. He then sells it for the profit that should have been yours. If the price is too high the item does not sell. It then has to be advertised again at a lower price. Auctions create a sense of urgency. Buyers are brought together to the auction through the use of advertisements to create a atmosphere of competition with only one person being the high bidder. You are assured of fair market value.

What does consignment mean?
To "consign" literally means to "deliver" or "entrust". By "consigning" your property to Valley Auction Company, you are simply setting the stage for that property to be sold at auction on your behalf.

How do I know if what I have is worthy of an auction or consignment?
We offer a free consultation to determine as to whether the items are "saleable" in today's market.

Is there a charge for someone to come to my home or business?
No, as long as the intent is to consider the items for consignment. If you were looking for a verbal or formal appraisal there will be a fee.

Where would my auction be advertised?
We provide a strong marketing campaign for all your auctions. Adverting budgets vary with each auction however. All auctions are listed on our website with photos under the AUCTION CALENDAR section. Regional and local ads are run for each auction. One color to four color and brochures are also offered as part of our marketing campaign.

What is a "lot"?
A lot is either a single object or a group of objects offered for sale as a unit.

Is there an opportunity for people to view my items before the auction?
Absolutely. In addition to the website, the ads and the direct mail brochure we also have "Preview". During preview people can view all items for sale at the auction. People are encouraged to inspect all items of interest, as all sales are final.

So how does Valley Auction & Appraisal Inc. get compensated for services?
We work on a competitive commission basis. We strive to get the most money we can for your items. Therefore our service doesn't cost - it pays.

What is a Buyers Premium?
A Buyers Premium is that portion of the commission paid by the buyer. The Buyers Premium is added to the bid to become part of the total sale price.

Is there an agreement to sign if I decide to sell at auction?
Yes, we will furnish you with a copy of our standard auction agreement upon request.

What is a reserve?
A reserve is a confidential minimum sale price for an object set by the seller. Typically auction companies that work with reserves charge a "buyback" fee to the seller if the item does not sell. The buyback fee is usually a percentage of the high bid received at the auction even though the item did not sell.

So where does the bidding start?
Anywhere the auction audience wants to start it. An auctioneer might ask for $100. to start. If no bid he will drop the asking increment until someone starts. The item might start at $25 and soar to $400 or end at $50. based on market value.

What is market value?
Fair market value is the price for which an item will sell on the open market between a willing buyer and a willing seller neither being under compulsion to buy or sell as of a specific date. Generally, it is the price that an item will fetch at a well-advertised auction. Factors that come into consideration are age, condition, quality and rarity.

Would it be better to conduct the auction "on-site" at my home or business?
It depends on quantity and quality of merchandise, the location and the site. We will do a free site analysis for you. We conduct many on-site auctions. We are fully equipped with tents, folding chairs, tables, portable sound & clerking systems, etc.

What happens after Valley Auction Company sells my items?
You will receive a complete, itemized list of all your items with lot numbers, descriptions, individual prices and total along with a check.