How can I tell what my property is worth?
Susanin’s will give you an ‘auction estimate’ on all property that our experts determine is salable at auction. Estimates are expressed as a dollar range – e.g. $200 – $400. The estimate is our professional judgment as to the range that the item should sell for at our auction house. This is based on experience, knowledge of the market, and knowledge of the item’s historical trading value.
What if I think my property is worth more?
Susanin’s auction estimates are strictly based on what the item is expected to garner at auction.
What if I see a book value that is different than the estimate?
So-called ‘book values’ can mean many different things – retail value, auction value, wholesale value, etc. Knowing the valuation method employed by the book’s author(s) is critical in assessing the relative worth.
Can I guarantee the price I receive at auction?
You can never guarantee an auction result, but you can protect yourself by placing a ‘reserve’ on an item.
What is a ‘reserve’?
A reserve is a minimum acceptable selling price that can be set up to the low estimate given to an item under which a lot will not be sold. Susanin’s exercises a discretionary reserve on behalf of the consignor at half of the low estimate on all lots sold. For lots with a low estimate of $500 or greater, a higher reserve may be agreed upon between the consignor and Susanin’s, and is never to exceed the low estimate.
What if I don’t set a reserve?
Susanin’s established policy is to not accept bids below half of the low estimate unless agreed upon in advance. As in the $400 – $600 example we will start bidding at $200 if there is no reserve.
Once we agree on the estimates, what is the next step?
A Consignor Agreement must be signed and returned. Subsequently, arrangements for moving the property to Susanin’s must be made.
What if it doesn’t sell?
Whenever lots go unsold at auction, the consignor will be notified. Susanin’s handles post-sale arrangements several ways. Items unsold in one auction may be put into a future sale at a lower estimate than was set initially. In the example of an unsold lot with an estimate of $400-$600, if the item is re-offered, the estimate for the following auction would be $200-$300. Additionally, if the consignor is interested in having the piece returned to their possession, they may collect their piece at anytime during the week following the auction. Susanin’s can also donate unsold lots on behalf of a consignor and provide them with a matching tax credit.
How do we move the property to Susanin’s?
Susanin’s will help you make arrangements for moving the property, if desired. We work with a number moving companies in the area that specialize in handling a wide range of property.
When will my things be sold?
Auctions are held monthly at Susanin’s. Once a Consignor Agreement has been signed and the property is at Susanin’s, it typically takes at least three weeks for the property to be in auction.