Preparing for an Estate Auction: Five Rules to Follow

I have been an antiques dealer now for almost ten years. I have also helped out a friend for over eight years now who is in the auction business. Over and over again, we see first hand the same mistakes people make when preparing for estate auctions of deceased loved ones' belongings.

Dealing with a deceased loved one's estate is hard business, emotionally and physically. The stress is even more unbearable when other family members are involved. Squabbling and bickering about who should get obvious items of value is all too common. It is a shame families have to react this way when the death of a loved one occurs, especially when there is no will involved.

Often, people just decide to hold an auction to get rid of estate items that no one in the family lays claim to. What is disappointing is that they often do a pre-cleaning sweep or two, before the auctioneer or auction staff has a chance to preview the estate. The same stories are heard over and over again when an auctioneer asks for particular items: "Oh, we threw all the old paper away." "I didn't know old advertising tins were worth anything!" "We threw ten boxes of junk away before you got here, to make your job easier!"

Estate Auction Rule #1: Do your homework! I know you are exhausted and emotionally overwhelmed at the death of your loved one. So delegate this task to a trusted friend if you have to, but find an honest and reliable auction house! Don't assume the first guy in the yellow pages is best! Word of mouth referrals are the best. Do you have a friend whose family recently sought the aid of an auction house? They are the first people you should ask! Remember, the auction house should be looking out for your best interests, not theirs! Find someone else if you aren't certain of their focus during your initial consultation.

Estate Auction Rule #2: Don't throw anything away until the auctioneer or auction staff has a chance to look at it! Just because you sister's husband knows nothing of value is left in the estate, and has informed the family of this fact, doesn't mean a professional won't find a hidden gem or at least something you never expected was worth any money!

Estate Auction Rule #3: If you aren't sure how to clean it,don't! Conversely, clean items bring higher prices at auctions than filthy ones, even very old items. Don't assume the auction staff will have time to clean and polish every little thing in the estate, especially if there are numerous items! Remember, you want to maximize your profit, so clean what you know how to safely clean!

Estate Auction Rule #4: Don't mix breakables with heavy or metal objects. Sounds like common sense, doesn't it? But you wouldn't believe how many times I've uncovered a beautiful antique china piece-smashed or severely damaged because someone packed it under something heavy or packed it poorly! Never tape lids on china! Too many times, the hand painted decoration peels right off with the tape! Oftentimes, an auction house will charge an extra fee to pack up the estate as well as auction it off. If you have too much on your plate, ask how much this fee is-it might be worth it to just let the experts deal with the packing!

Estate Auction Rule #5: Have discussions ahead of time with the auctioneer if you feel strongly about the going price of an item or items! Never wait until the night of the auction, and cause a scene because you feel something went too cheaply! It's an auction! That is why people attend-to get bargains! However, if the auctioneer knows your wishes ahead of time, and also feels in his or her professional opinion that you are correct, he or she can inform the auction audience that there is a minimum bid price involved, under which the item will not be sold!

If you remember these five rules of preparing for an estate auction, you should have a smooth and successful auction!

Source: Personal Experience