[meteorite-list] AUCTION POLICIES & TECHNIQUES

From: Michael Gilmer <meteoritemike_at_meteoritecentral.com>
Date: Sun, 6 Feb 2011 17:06:33 -0500
Message-ID: <AANLkTin0BhfnT3eZCDH8wC9asK0f6=O-mJFMeY4e6N-z_at_mail.gmail.com>

Hi Count and List,

So I guess this means that when selling artwork, one should remove it
from the mailing tube during bidding?

Best regards,

MikeG


On 2/6/11, Count Deiro <countdeiro at earthlink.net> wrote:
> Dear List,
>
> I realize that this post is going to be painful and embarrassing for some to
> read, but more than a few attending and watching the auction last night were
> confused and critical of how it was conducted. Today more than a couple of
> Listers have asked on line for clarification of generally accepted auction
> policies.
> As I am uniquely qualified, not only as a participant in this auction, (I
> was bidding over the phone while watching on Ruben?s streaming video) but a
> professional auctioneer with over thirty five years of experience, I will
> offer these criticisms and explanations.
>
> I owned and have operated some of the largest auction firms in the nation
> since receiving my Certified Auctioneer Institute professional designation
> from Indiana University in 1985. Prior to that, I attended Missouri Auction
> School and served an apprenticeship at Sothebys in New York. I became
> licensed in eight states. I was the Charter President of the Nevada State
> Auctioneers Association. My firms have sold, and I have gaveled down, over a
> billion dollars in real and personal property, even some meteorites at this
> auction last year. I have sold my auction interests to family members and
> have been of counsel to our firms and other companies for the past 15 years.
>
> So the qualifying remarks having been made?here we go:
>
> SOME (NOT ALL) AUCTION POLICIES AND TECHNIQUES
>
> Auctioneers have a legal fiduciary obligation to Consignors.
>
> They should be knowledgeable of the items they sell and should be able to
> pronounce names and make accurate descriptions.
>
> An auctioneer has to know the retail value of every lot and have examples to
> quote to the audience, so that he can open the bid at a sum that encourages
> bidders to bid on the money. Opening a $500 item at $20 is incompetence.
> Getting an opening bid that is off the money...say $100 on a $500 item and
> then asking for $120 instead of $200 is something you learn not to do the
> first day at auction school.
>
> It is critical that auctioneers make the audience believe they know what
> they are selling, and what it?s worth, so that bidders will have confidence
> to bid what is being asked. Failing to answer legitimate questions from
> bidders ruins credibility.
>
> Never say ?I have $200?. Auctioneers don?t have anything. Better to say ?at
> $200?, or $200 is bid.?
>
> Taking a bid from an opening bidder, and then acquiring another bid and then
> not go immediately back to the opening bidder is insulting to him. Work the
> first to bidders dry?then take a competing bid. Saves time and respects the
> first bidders.
>
> All auctioneers should employ trained ring persons. They are invaluable in
> encouraging bidders, showing lots, and answering questions like ?where we
> at?? or ?what?s the bid??
>
> It is not accepted practice for an auctioneer to bid on his own behalf, even
> if he does not own the goods being sold. If he does, he should never
> announce the fact, as it tends to discourage bidding and hurts his
> consignors and credibility.
>
> He should have several house numbers to sell a passed lot to, or a lot that
> didn?t meet an undisclosed reserve, or a lot he has bought.
>
> Do not disclose reserves. Do not announce the mail in bids. Give the mail
> bidder a number and use it as if in the audience. If you disclose the mail
> in bid maximum before selling the lot you are in deep kimchee.
> Phone bids should be handled by staff, with a bidder number and the
> auctioneer should not say ?on the phone?. Merely acknowledge staff?s raised
> hand. You sell to a number?not a person.
>
> As a general rule do not identify bidders by calling out their name. It can
> do no good and may stop a bid because of a personal issue.
>
> Bid calling is an art form. One should develop a pleasing appearance and
> voice. Use rhythm chants on small amounts and walking chants on the big
> numbers. The audience gets comfortable in following you and entertained and
> the sale moves quickly.
>
> Start on time and be prepared. Inform the audience of the order of sale and
> the terms and conditions before calling for the first lot.Introduce your
> staff and mention who to see for check out and pick up.
>
> Arrange lots to develop and keep interest and drama. Don?t bunch smalls one
> after the other?bidders will get bored and not bid on these items hurting
> the consignor. Scatter smalls through the sale.
>
> Don?t place late entries at the end of a sale. Give them the respect they
> deserve and place them through the sale by saying ?additional lot number so
> and so?. Give a proper description. If you add undisclosed lots at the end
> of a sale you will have lost the bulk of the bidders and hurt the consignor.
> Tell the audience that there are late entries scattered through the sale and
> that they are on display at the front.
>
> It is absolutely necessary when selling small items such as meteorites to
> have as much of a preview period as possible and during the sale, either put
> them up on screen, or run them through the audience with ring persons.
>
> Ring persons should know to run the lot being bid on from bidder to bidder
> not to non participating audience members.
>
> Remember! An auctioneer is a third party intermediary between seller and
> buyer who has been paid to be knowledgeable in auction advertising,
> promotion and conduct, knows intimately the lot and its value and is beyond
> criticism of his business methods..
>
> We could go on and on?.but these are some of the absolute necessary policies
> and techniques. There have been books written.
>
> Count Deiro
> IMCA 3536 MetSoc
>
>
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Received on Sun 06 Feb 2011 05:06:33 PM PST