One of the most common ways to deal with the assets of a person who has just passed is to hold an estate sale or auction. Most people accumulate quite a few hard assets during their lifetime (furniture, collectibles, equipment, car, house), and liquidating the assets can be a challenge, regardless of whether there is a will or not.
Theresa has held countless estate sales and auctions over the past ten years, and she pays special attention to each one. "I am always interested in the story of an item," says Theresa. "How did it come be in the person's collection? Why did they collect what they collected? Knowing the story can really help in achieving the best possible price."
Obviously the first step is to determine if the family and/or executor want to sell the items in the first place. Most families want to keep certain antiques in the family, but on the other hand, sometimes everybody is simply happier if the assets could be turned to cash.
Sale or Auction?
Once you have made a decision to sell, we will work with you to determine if the best option is a sale (also known as a tag sale) or if an auction is the best option. In very basic and general terms, if the items are of higher value, and in demand, and auction will bring higher prices. If there are only a few items, it will be a benefit to move them into one of our large auctions that are marketed and well-attended.
Why hold an estate auction or sale?
There are many reasons why it makes sense to hold an estate auction. Here are some of the most common:
- Heirs are uninterested in the property
- Heirs cannot agree on the dissolution of the property
- Heirs are emotional and decision making may be impaired
- Executor does not have the time
- Executor lives in another city
- Executor lacks experience in valuating goods and conducting sales
It is easier to divide money than it is
to divide a sofa!