Fair Value Auctions, LLC Offers On-Line As Well As Live Auctions
While looking for alternate fund raising platforms for non-profits, Barbara Cannady stumbled across an on-line auction for golf tournaments. She had always enjoyed live auctions but had been turned off by the last minute snipers at silent auctions, some of whom appeared after the auction was supposed to close. She was also aware of disreputable carnival tactics associated with some live auctions.
Could on-line auctions address the flaws of live and silent auctions? Cannady thought they might. In these twisted times, they could also be covid friendly while providing a needed community service for transfers of property.
On-line auctions offer longer viewing opportunities for the buyers. Catalog pictures can offer closer examination of the offerings than through boxed lots or offerings held overhead during a sale. Sharp pictures with multiple photo angles, enlargements and descriptions that may include measurements and brand identification, as well as condition, goes a long way in buyer satisfaction.
Advantages to sellers include larger geographic coverage and the ability to reach specific interest audiences. Proxy, or absentee bidding, encourages participation from a larger audience.
Hunting, family trips, distance or other events might prohibit some buyers from attending certain advertised events. Proxy bidding allows these buyers to guarantee the highest bid they are willing to place on a specific item or lot. The computer or auctioneer will take care of the rest, bidding for the individual up to the buyer’s maximum bid. So that buyer may win a bid for less than their ceiling bid, but not for more.
A soft close allows a designated time period of minutes to be added to the close between bids during final bidding. This keeps bidders from coming in at the last minute and cutting off those who have in good faith participated in the entire sale. It also makes it more comparable to a live auction where you have counter bids until the winning bid survives as others drop out.
On-line auctions also encourage less handling of offerings. This reduces the risk of damage and possible movement between vendors prior to the final sale. This is a benefit for both buyer and seller.
With these positives in mind, Cannady found the perfect location for her new enterprise at 302 S. Broadway Avenue, just south of Burns City Hall. On seven city lots, showroom, shop and large fenced sales lot, the transformation from private storage to active business began. The sellers have their choice of bringing their items here or scheduling pick-up at their own facilities.
All of these positives, however, do not override the appeal of a live auction for many. Some of us still want to see our potential purchases in-person. Some may not like or trust their abilities to navigate the internet. Some of us just like the competitive excitement in the air. Auctioneers have fans and followers. With this in mind, an occasional live auction will be in the offering at the discretion of the auctioneer. Hybrid auctions, with both webcast and live auctioneer is also a future possibility.
Cannady is no stranger to business. She ran a successful real estate brokerage and construction company in South Dakota for thirteen years prior to returning to the Princeton family home in 1995. Always interested in economic development, she hopes to use this enterprise as a training ground for others interested in developing their own small businesses as opportunities arise. In the meantime, the foundation has been laid. Several slow downs in the covid supply chain have delayed the planned August opening. Arrangements are still underway for the credit card machine, but the go switch is in sight.
Something new to on-line auctions Bidders is a 10% Buyer’s Commission on all purchases. We really tried to resist this trend as it appeared on the different sales around the country. Unfortunately, the costs of software and catalog creation requires new support venues. Creating the photo catalogs is the most time consuming part of this endeavor. With this in mind, consignors need to realize that actual sales dates might be similar to getting a dental appointment. Do not expect to drop off items for the current weeks’ sale. While ample space for the current undertaking, Fair Value Auctions, LLC will not be a free storage facility waiting for the sales category to repeat.
While consignments are welcome and even sought after, it is not our intention to compete with yard sales for items to list. Clothing or upholstery items with cloth coverings will not normally be in our catalog. Additionally, we reserve the right to refuse to list any items that are broken, beyond dusty, contain toxic materials or otherwise might be refused by the recycle center. Although the slogan “As Is, Where Is” generally applies, we owe our customers clean, quality, mechanically sound offerings.
For questions or to schedule a consignment appointment, you may email email@example.com or call 541-573-7653 (SOLD). Fair Value Auctions, LLC is looking forward to serving you.