Re: Auctions in general
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My rant has given rise to an idea for a business that I think might work...What we need is an "auction advocate", someone who can assist in consigning a car to auction. They would provide the following services:
1. Advise the best aution company for the particular car whether sportscar, muscle, postwar and the like
2. Help arrange transport the car to the auction.
3. Assist in setting the reserve and the write up that the auction house uses in their literature and while its on the block. Proper photo taking for submission
4. Preparation of auction literature and signage.
5. Arrange for detailing and preparation of the car for auction and while at auction
6. Video taping of the auction while your car goes through
7. Assist with negotiations with the auction house while your car is on the block such as the lowering of the reserve.
8. They could also help with shipping the car home if it didn't sell
9. Negotiate the terms on the consignment.
A single consignor with an average car is not going to get as favorable terms as a mutiple consignor or one with rare and desireable cars. But this "auction advocate" who may possibly control many cars may get much better terms. If he's able to get a single auction house to play ball then the others will be forced to follow suit.
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Great idea!
I am surprised auction houses don't have a "lower the reserve and/or commision" contract on the block ready to be signed for each car. The seller could review the contract before his car went up on the block so all he would need to do is sign the paper if an agreement to lower or drop the reserve was made.
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