The Abal Auction Real Estate crew is accustomed to some of the offbeat questions and comments they receive regarding auctions and appraisals of personal assets. Much of the comments are driven by today’s wave of reality TV such as Storage Auction Shows, Pickers Garage Hunts, and the long running Antiques Roadshow.
When recently approached by a past real estate auction client they were somewhat shocked to see the inherent problems in today’s asset appraisal and valuation.
Well-versed in appraisal work and carrying the National Auctioneers Association’s highest level of certification as Master Personal Property Appraiser and practicing their craft following USPAP standards, the auctioneer/appraisers went to work for their past client.
The client presented the appraisers with 3 small sealed apothecary size bottles which were filled with decorative sand. The client had the bottles “appraised” by a co-worker and had attempted to sell the bottles for $300 at a State agency garage sale. The sale proved to be a no sale and the original “appraiser” offered $200 as a favor - an ethical conflict for a certified, licensed appraiser.
The bottles were delivered to appraisers Dr. Joe Abal and Betty Evans for more research and a possible sale.
The Auctioneers knew on a quick auction results research that the bottles sold quite well in reviewing past national and international auction results. The bottles had provenance back to the 1950’s by the current owner. The “sand art” was collected and sought after by collectors and had a significant, visual attribute – it was old sand.
Today’s sand art is produced by computer programmed machines with much of the product being produced in China.
Auctioneer Betty Evans’ research uncovered some incredible sand artwork done by an early sand artist – Samuel Clemons. Samuel Clemons’ work routinely, when available, sells for thousands of dollars.
In having found a wide spread of values for sand art, the auctioneers advised their client that the best method to determine price was by selling the sand art at the Abal Auction online bidding platform which would give the art national and international exposure.
Given the client’s approval, the auction began by loading the “sand art” on the auction company’s calendars. This immediately gave the art auction coverage across North America. The auctioneers then developed a social media marketing campaign using the best tenets of all the networks available.
The starting bid was set at $10.00. At the end of the first few days the bidding was at $1100.00. The email and Twitter notes started arriving with questions.
After two weeks of marketing, on the final day of auction, the bid stood at $6,000.00. At 9:50 PM with the auction ending at 10:00 PM the auctioneers were home shouting at their respective computers; one more bid please. At 10:00 P.M. the auction did not end.
The Abal Auction end of auction extension is programmed to catch bid snipping programs and extends the auction 5 minutes every time a bid is detected during the last minute. This system is designed to protect the buyer and the seller.
At 10:15 the auction ended with a final hammer of $7,000.00 without buyer’s premium.
The auction company reported that two bidders, one in Virginia and one in Chicago had conducted a last minute bidding war and drove the fair market price to its conclusion.
As stated by Auctioneer and Master Property Appraiser, Betty Evans, the client almost passed out when we handed her the check.
The auction system of marketing, driven by competent certified and licensed USPAP auctioneers had achieved its goal again: putting cash quickly in the hands of a motivated seller.
