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What is an auction?

THE DEFINITION OF AN AUCTION:

An auction is an event in which goods or property is sold to competitive bidders.

By being open to the public, an auction ensures a wide range of bids, and sometimes items at auction can fetch surprisingly high prices4. The bidders, in turn, create a free competitive market, determining on an individual basis how much they want to pay for an item, rather than having either under or over prices dictated by the seller. We can tell many stories where sellers thought an item was worthless only to be surprised to receive payment from our auction gallery in the tens of thousands of dollars. To be honest we are sometimes surprised as well. But that is reason enough to use the auction method to sell in the first place.

WHY SHOULD YOU SELL YOUR ASSETS AT AUCTION?

The auction method of marketing is one of the world’s earliest professions. In fact, this unique method of selling literally dates back to thousands of years and the reason for this is quite simple. Auctions are the quickest and most efficient method of selling goods at market value. Truly professional auctioneers are filially professionals that typically have years of experience and an extensive educational background in the auction industry.

OVERVIEW

  1. Creates Competition: When Bidders Compete, Sellers Win.
  2. Establishes a floor and eliminates the ceiling on pricing
  3. Seller has full control (when, where, how much, terms, conditions, etc).
  4. Fully transparent and recognized as being fair to all parties in the marketplace
  5. Only method that truly reveals the Current Fair Market Value
  6. Satisfies Governmental, Judicial, and Probate requirements
  7. Creates excitement within the marketplace
  8. Creates a sense of urgency that cannot be duplicated by any other method of marketing
  9. Converts all your items into cash. Not just your best items
  10. Buyers come prepared to buy
  11. Auctions expose your assets to a larger pool of qualified buyers
  12. Fully transparent! Sellers are welcome and encouraged to attend THEIR auction.

AUCTION: THERE IS AN INDUSTRY STANDARD    There is a well defined industry standard in the auction industry through the National Auctioneers Association, the State Auctioneers Association and the State of South Carolina.

Regardless of which auction company you are considering to do business with the auctioneer must be licensed and BONDED by the State of South Carolina. It’s important that they are members of their state and national auctioneers association, as they are required to follow a strict code of ethics with these organizations including continuing education programs. 

Furthermore, the auction industry provides extensive educational resources with the most distinguished being the Certified Auctioneers Institute which is a three-year designation program, held at Indiana University in Bloomington, Indiana. The CA designation is equivalent to a PhD in the auction industry and roughly 1,100 auctioneers worldwide have attended this program. 

In addition, the Universal Commercial Code, UCC, specifically outlines important protocol that professional auction firms are to adhere to.

AUCTION: 100% TRANSPARENT!     Roumillat’s Auction Company not only welcomes but we encourage our sellers to attend their auction! There is nothing more satisfying than seeing the owners of the property smiling while witnessing the success of their auction event. At a public auction, each item sold is completed in open view, which leaves nothing to the imagination. Roumillat’s strongly encourages sellers to attend one of our auctions before you make a decision of where to sell.

AUCTION: THE AUCTION METHOD OF MARKETING     Generally speaking, professional auctioneers are specifically trained and experienced in the ART of marketing. In fact, this is the most important aspect of the entire auction process. 

On a regular basis, auctions make the headlines with local and national news agencies because auctions create and demand attention! Professional auction firms go to great lengths to market your assets to the right target market audience as opposed to limiting their advertising by placing generic classified ads in the local newspaper and a cardboard sign on the street corner. In terms of marketing alone, the auctioneer’s method of marketing is in a league of its own. Roumillat’s regularly has hundreds of photos and descriptions of items at auction.

AUCTIONS DELIVER FAIR MARKET VALUE!     Auctions are the only method of selling where prices are negotiated upwards through the momentum of competitive bidding. Can you think of a better way to determine fair market value than an auction with an object offered by a willing seller and a crowd of willing buyers? 

Without question, dealing with an experienced auction firm, a well-prepared and marketed auction will result in the highest possible fair market value on that particular day in a timely and efficient method. 
Before you make the decision on liquidating your estate, be sure to consult with Roumillat’s and discover how the auction method of marketing will work for you. If you get nothing else you will be amazed at how easy it is have Roumillat’s take the workload off your back and sell for you. 

There’s always somebody trying to “out-auction an auction” and it just can’t be done.² 

Only at auction! ³

2. Lyn Liechty has a knack for words. Lyn started in 1983 and with his education in business management and accounting has built from the ground up to a point where he is one of the leading auction services in the Adrian, Mi. area. Lyn does many charity auctions, estate, household, antique and real estate auctions throughout Southeastern Michigan and Northwestern Ohio. He has demonstrated an uncanny ability to obtain and successfully conduct unusual and unique auctions that have generated featured stories in area papers such as the Adrian Telegram, Toledo Blade, Stateline Observer and the Auction Exchange and Collector news. He has conducted numerous lake-cottage salvage auctions, salvage of historic Victorian homes. Visit Lyn’s auctions.

3. NAA: The National Auctioneers Association: Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of almost 5,000 auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. Visit the NAA.

4. Here are two recent surprises at Roumillat’s Auction: 
A lady brought to us a wooden statue about 22″ high and wanted to sell it to us for $100.00. We told her we thought it was better than $100.00 and please let us sell it for her at our next auction. She said she didn’t care for it and her family thought it to be out of fashion. After a few days of research we found a bidder from New York and a local collector. Ten days later we called to tell her it had been sold. She said great, how much did it sell for? We told her $21,000.00. $2,100.00 dollars, she exclaimed! We said no, it sold for twenty one thousand dollars. 

The second story is a call we received to come pick up some items at a downtown address. We arrive and the house looks like a tornado had come through. The things they thought were worth selling was dilapidated old furniture. Everything else we were told was going to the trash. We ask about some art laying in a closet and was told it was in horrible condition and surly nobody would want it. The long story short; One piece of the art sold over estimate for $24,500.00 and, picked out of the trash, a small work-box signed by the same artist for $500.00. ONLY AT AUCTION!