Auctions October 31, 2010

Back when we discussed what to do with MIL’s house and its contents we had two options in our mind to both downsize and bring in a little extra cash.

The first was for a yardsale. Lots of work, but sometimes worth the effort.

The other, and mainly because MIL and FIL had such a huge collection of stuff that was too valuable for a yardsale (and too cumbersome) was to call in an auctioneer.

As it turned out for us, the second option was the better of the two. What was in the house after the auctioneers left was really not good yard sale material, at least not good enough to make it worth our while.

Our experience with the auctioneers have been really great. The first auction was today (some of the more specialized stuff will be sold in a more specific auction). So based on our experiences so far, here’s what I would recommend if you’re considering downsizing and using an auction house to help.

1. Go to a few autions yourself to see what they’re like. Keep in mind that it really is a crap shoot. Even with the “right” bidders good stuff sometimes has a bad day.

2. Before you call in the auctioneer, go through your house and pick out the things that you want to keep. Note, I said pick out what you want to keep. If you’re downsizing, you will need to get rid of stuff. As hard as it is to let go of a lifetime’s worth of collecting, holding on to every last trinket will make you’re much beloved possessions an albatross around your neck.

But do keep some stuff. I strongly recommend keeping a sampling of your collection. Your favorite pieces, the ones that best represent your collection as a whole.

3. Before signing any agreement, meet with the auctioneer and give him a tour of your home. Does he or she appreciate and respect your collection? Are they respectful of your home. Are they understanding of your emotions? (This is a tough process.) Will you get a detailed list of what sold and for how much? Will they advertise the aution your collection will be in? Are they willing to wait for the right season and the right audience to auction your collection? Will you get and itemized list of the items that will be removed from your home? — These are essential things to look for in an auctioneer.

4. Discuss the money. There is usually both a commission (anywhere from 10-25% of the profits of the sale is within the realm of reasonable) and a fee to pack and haul the items away. If your collection is sizeable, they will sometimes wave the fee for a slightly higher commission. If you are uncomfortable with the auctioneers fee, or if the auctioneer wants you to sign before discussing money, don’t go with them.

5. If the process is far too emotional for you, ask a trusted friend or family member to help by being your representative. Spend some time with them and make sure that they know what stays and what goes. There will be a few questions on the day the auctioneer comes, so keep a cell phone handy for that if you don’t think that you can be there.

The day the auctioneers came to my MIL’s house, it was a little tough, even for me — and I’m not emotionally attached to her stuff. They were all very respectful, but they were efficient. 75% of the contents of MIL’s house were packed up and removed in a single day. Keeping out of their way was a real trick. If I had been emotionally attached to MIL’s collections, it would have been absolutely heartbreaking.

If the process of downsizing is hard to even think about, but you’re at a point where it absolutely must be done, then I strongly recommend asking a trusted friend or family member to be your representative on the day that the auctioneers are scheduled to come. It will be easier to stick to your earlier decisions on what to keep and what to sell, and it will be less traumatizing for you.

6. Make sure you get a copy of the list of the items that were removed. Keep in mind that it will most likely be a rough list — handwritten and quickly jotted down. But it’s a good thing to have in case there are any mix-ups.

7. The Auction(s)! If you want to attend the auction, go for it. But remember, if you get upset when you think about your collection being sold, then don’t go, send your representative instead.

Something to remember:

When going through this process with my MIL’s belongings I had an interesting conversation with the auctioneer. She was telling me about how hard it is sometimes because people have them come in, discuss the money, sign the agreement, then when they show up with the trucks — suddenly what’s for sale is taken off the market.

In fact at one point, they left with an empty truck and a couple of items that traveled in their laps on the way back to the warehouse.

That’s why I strongly recommend both deciding ahead of time what you want to keep and getting a friend or relative to be a representative for the day of the removal. When downsizing is a must, you may have to take measures to keep yourself from sabotaging your own progress.

Want to know details?

The auctioneer we’re using is great. I can’t recommend them enough. They do travel and are extremely professional. Because I’m trying to keep at least some annoymity for my MIL’s sake, I’m not going to mention them here.

But, if you are looking for a really great auctioneer, respond to this post and I’ll send you their contact info.