Auction houses sell items through a variety of methods, including live auctions, telephone auctions, and online auctions. In addition, they can hold special auctions of specialized items. These auctions typically require a fee to bid, which indicates the seriousness of the bidder and prevents back-outs. In addition to holding public auctions, auction houses also handle the transportation and storage of items for sale.
Technology has greatly increased auction houses’ reach and the number of potential customers. However, auctioneers prefer to interact with potential buyers in person. Often, auctioneers use interactive techniques to educate and introduce young buyers to the world of auctions. Some auction houses even host events aimed at younger buyers, such as a Ping-Pong tournament held in March in Los Angeles, or a summer event at the Hamptons.
Adapting to the needs of the next generation is an important part of auction house success. Many auction houses have started to alter their calendars and focus on different themes. For example, Phillips recently rebranded to create a magazine-like experience. They’ve also made advertisements more colorful and used more welcoming language. By doing so, auction houses can overcome the traditional image of being stuffy.
Auction houses also have the advantage of having the expertise and marketing clout to ensure that the items sell for the highest possible price. Because they have such a large following of buyers, they can expose your items to a larger audience and boost their potential value.
