Becoming an Auctioneer

Auctioneers value and sell articles on behalf of clients. These may be works of art, pieces of furniture, items of personal property, agricultural equipment, or land or personal real estate. Selling is done at an auction or sale where prospected purchasers tease each other, raising their offer price until the maximum amount an individual wishes to pay has been reached.

The job:

Although many people do not realize this, most of an auctioneer's work takes place before a sale. Evaluation and preparation take up far more time than does the sale itself. The auctioneer first meets the proposed seller, who may bring individual, portable items to the auctioneer's premises. Where this is not possible, or where many items are involved, the auctioneer visits the client.

Auctioneers asked questions about the history of the goods, compare their value to some other items that have been sold, and advise the sellers on a possible sale price. Sellers may wish to fix a reserve price or reserved bid or the auctioneer may advise them to do so. One client has enough articles to make it feasible to hold a special sale-four example, where the entire contents of a large house are to be sold-the auctioneer then arranges a date and time for the sale. If not, clients are advised on the next appropriate sale in which their goods can be included.

Auctioneers then arrange for transportation, insurance, and secure storage of single articles and placed advertisements in newspapers and perhaps on local radio to attract potential buyers. Often times, they produce a catalog of articles, showing in what order they will be sold and giving brief details of their interesting teachers. They use their experience and judgment in deciding when to sell each item, sometimes saving the most interesting ones until the end in the hope of attracting bids for other items from people who are waiting for their preferred object to come up.

The case of a sale can be very fast. Auctioneers point out an item, mentioning anything about it that might encourage its sale, and then start the bidding. They usually suggest a starting bid price and Haskell whether anyone is prepared to offer it. The would-be purchasers attract the auctioneer's attention by raising a hand or raising their catalog. Auctioneers must note all of these and repeat the amount offered each time a bid is made. When they judge that no more offers will be made they close the sale on that particular item. It is the auctioneer's duty to get the highest possible price for each article.

Auctioneers have legal responsibilities to both the buyer and the seller. They must also give accurate information on goods and not knowingly mislead anyone. They must also advise clients of any legal restrictions regarding import and export.

Auctioneers earn a fee, which is usually a fixed percentage of the final sale price of the item.

Training involved:

Auctioneers are normally required to possess a license or professional qualification, particularly if they sell fine arts, machinery, or live stock. The qualification may be in auctioneering or in valuation and surveying full-time courses are available in specialist schools of auctioneering and in some colleges and universities.

It is possible to enter this profession with no qualifications, although rare.

Future prospects:

Auctioneers are employed by auction houses, by estate agents, and firms of surveyors. Many combine to work with surveying. There are prospects of promotion within a firm-up to becoming a partner. Some are self-employed and are offered work based on their reputation.

Some auctioneers may decide to specialize in selling certain types of goods-four example, works of art and antiques, land, or livestock.

For further information, contact a professional body such as a national auctioneers Association or Institute of chartered surveyors.