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Tom Hall News!

Buyers and Sellers Win at Auction
2010-02-18

WHEN THE GAVEL FALLS, IT'S BOTH BUYERS AND SELLERS WHO WIN AT AUCTIONS

Posted: Some says it's the competition that attracts them. Others say it's the entertaining nature of the business. Whatever the case, people everywhere are SOLD on auctions. Livestock, antiques, art, business equipment, collector cars, electronics, real estate - it's hard to name something that hasn't been sold at an auction. Auctions eliminate lengthy turn-around time for sellers, and buyers are able to pay the price they want in the spirit of competition. "Auctions are a strong force in today's business economy," said Dennis Kruse, CAI, president of the National Auctioneers Association. "Sellers get quick turnaround for their merchandise at the fair market value while buyers can find unique items and bid at prices they can afford." This win-win situation is created by the auctioneer - the professional marketing executive trained and experienced at conducting public sales. Auctioneers dedicate many long hours to prepare for and orchestrate a single auction, so that when the gavel falls, the outcome is positive for both the buyer and seller. Some of their responsibilities include:
  • rendering appraisals on merchandise
  • advertising the sale
  • repairing and cleaning up items for display
  • keeping a financial record of items sold
  • cleaning up of the site after the sale
"We are seeing steady growth in the auction industry and the great majority of consumers view Auctioneers as professional, respectful, knowledgeable and trustworthy," said Kruse Many auctioneers attend auction school to learn their trade, then become licensed in their profession. They also attend annual continuing education classes to keep up on current trends and to learn new methods such as video auctioneering and live internet auctioneering. Some auctioneers are specialized in fields such as real estate, personal property, agri-business, legal and more. Perhaps most importantly, auctioneers create a competitive and entertaining atmosphere that attracts consumers to the sale. Their hand gestures, eye contact with the crowd and their rhythmic "chant" stirs buyers and brings the sale to life. It's what separates auctions from other types of sales. Though one of the oldest methods of sale around, auctions continue to thrive and grow and are held today around the world. Auctioneering has stayed tried and true with the times and continues to be a favorite among buyers and sellers.