Auction definition - a publicly held sale at which property or goods sold to the highest bidder. The first recorded auctions took place in 500 B.C.
Thanks to the popularity of A&E’s hit television series
Storage Wars; a whole new fad erupted. Storage auctions bubble with excitement from potential buyers in search of hidden treasure.
However, the general public may attend a variety of public sales.
Airport Baggage
Nearly 2 million suitcases lost, damaged or delayed each year. Unclaimed baggage at a single airport can reach up to 10,000 in one year. Individuals forget or discard duffel bags. Cast aside carry-ons. Leave behind bikes, laptops, surf boards, cameras, cell phones, artwork, medical equipment, and even vehicles in the parking lot.
Baggage sales slated about twice a year at large airports. Rules for winning bidders vary from each auction. A winning bidder required to pay cash and carry items out immediately after the auction. Or, winning bidder allowed next day to collect the merchandise. Some auctions have a bidding premium, which can vary from 2% to 20%.
Auction Houses
Local to world-wide known locations, usually opened to the general public. Bidder registers and presents a form of government identification. Items include small ticket items to diamonds or masterpieces. Expect to pay a buyer’s premium plus sales tax.
Car & Motor Vehicle
Bid on an accident damaged cars, to brand new top-of-the-range models. Auto auctions once held for dealers and resellers only, now opened to the general public. Repossessed vehicles sold due to default on loans. Also up on the auction block – ex-rentals, off-lease, government vehicles, trade-ins, or totaled.
Tally about 10 million vehicles purchased at auctions each year. Need to register, have a driver’s license and submit a small deposit first before auction. Payments accepted - cash, check or credit card and auto sold ‘as is.’ Winners put a deposit down on the day of sale, and then make full payment on the next business day.
Estate
Quickest method used to liquidate a substantial portion of merchandise in a home or estate due to death, relocation, divorce or bankruptcy. Potential buyers invited into the home to bid on any item in open view. Usually first-come-first-serve basis; or some sales set up a sign-up sheet number system.
Internet
Potential sells by the millions as this venue opens the door to many countries. Auction houses to specialist sell everything from antiques, collectibles, celebrity memorabilia, fine art, air travel, electronics, home improvement, and so on. Both ‘Live’ and ‘Static’ auctions available to buyers.
Livestock
Agricultural commodity includes horses, cattle, swine, goats, poultry and sheep. Beef cattle, sheep, goats and pigs usually sold by the hundredweight, while dairy cows sold by the head. Payment accepted either cash or check. Winner receives a bill of sale that may include the animal’s brand or ear-tag identification.
Police
Goods confiscated due to criminal activity, evidence, unclaimed or lost property and surplus of retired police equipment. Merchandise may include vehicles, boats, sporting goods, electronics, luxury items, jewelry, memorabilia, appliances and more. Payment due in cash or guaranteed funds at the time of the auction; however, for large ticket items, such as vehicles or boats, the winning bidder may have 24-48 hours to arrange for payment.
Real Estate & Land
One of three types of auctions used to sell real estate. The absolute auction ignores final price, sells to the highest bidder. Minimum bid sets an established and published price. Reserve auction allows the seller to reject or to accept the offer. After auction, an immediate deposit required, about 10% of the purchase price. The balance paid at settlement within 30-90 days.
Storage Units
Contents inside a locker sold to the highest bidder. Attendees must first register and depending on storage facility, pay a nominal fee before they can bid. Usually a `cash only` sale and payment made same day. Any firearms or illegal paraphernalia found reported to police. Winner has 24-48 hours to clean the locker to get refund on deposit. Both ‘Live’ and ‘Internet’ storage auctions available to public unless the online company is member’s only.
Treasury
Approximately 300 public sales conducted throughout the U.S. and Puerto Rico each year. Bid on property forfeited as a result of violations of federal law or nonpayment of Internal Revenue Service taxes. Merchandise available for auction: automobiles, aircraft, boats, real estate, jewelry, electronics, apparel, industrial equipment, and miscellaneous goods. Property includes both new and used. No phone lines or bank lines permitted at Treasury auctions.
Type of auctions available depend on geography of the bidder and if the sale is ‘Live` or `Online`.
Set a budget.
Have the cash on hand.
Do the research.
Bid.
Win.
ALSO
How Storage Auctions Work
How To Become A Storage Auction Buyer
