April’s All About Auctions

April 26th to May 1st is National Auctioneers Week. During this week, auction companies participate in a campaign discussing the importance and highlights the facts about the auction business. To prep for this week, we wanted to share five reasons why auctions are beneficial.

1. Auctions Maximize an Item’s Value-

Auctions are based upon competitive bidding. An item comes up “for sale” for a short period of time. When two or more people who are interested in the item are present, the item’s actual market value will be reached. Sometimes, the item will bring above the market value due to emotions bidders have during the timeframe (pride, greed, fear, etc.). Either way, the seller is getting the most amount of value for the item in the shortest amount of time (see #3) for the least amount of cost (see #4).

2. Auctions Bring People Together for Great Causes-

Many heartfelt, emotional experiences occur during an auction. Whether it is a family in need or a child who has had a challenging journey, auctions ignite care and support for one another. These stories and events are what make us auctioneers continue to do what we love.

3. Auctions Help People Sell Items Fast-

Depending on the type of auction, an item typically only is auctioned off for approximately 5 to 90 seconds. Being said, auctions don’t take a lot of time and can get items sold efficiently. This short timeframe is what makes auctions appealing for families with estates, livestock organizations, business liquidations, and people who need to get rid of numerous items.

4. Auctions Maximize Marketing Costs -

As mentioned above, auctions work by competitive bidding. Being said, an auction’s success is measured by the quality of marketing efforts. Any auction must target individuals who are interested in bidding on the items being sold. While the auctioneer and their clients are on tight budgets, specific marketing tools are utilized to minimize costs and maximize exposure.

5. Auctions are Fun and Exciting-

People are fascinated at how fast auctioneers can talk. While the fast-pace chatter occurs, the adrenaline an individual gets when trying to buy an item is an ultimate experience. After someone buys an item, they feel happy, excited, and believe they received a good deal on the purchase. Along with drinks and snacks, there is also many other people to socialize with. Especially during a nice, warm, spring day, auctions are a great activity to attend.

While the auction industry has changed significantly due to the internet and recent pandemic, there are still numerous benefits on going to and having an auction. Be sure to contact an auctioneer if you have any other questions or concerns regarding this fast-talking, effective business.