Category: Auctions

Choosing the Right Estate Auction Company in Collierville: A Comprehensive Guide

Maximizing Value and Minimizing Stress in Estate Liquidation

Settling an estate or downsizing a home in Collierville can be an emotionally and logistically challenging process. Often, it involves sorting through a lifetime of possessions, each with its own story and value. Choosing a reputable and experienced estate auction company is paramount to ensure a smooth transition, maximize financial returns, and alleviate the burden on individuals and families. This guide will help Collierville residents understand the benefits of professional estate auctions and how to select the best partner for their needs.

When faced with the task of liquidating personal property, collectibles, or even entire estates, the expertise of an established firm like Memphis Estate Sales can be invaluable. From initial consultation to final sale and cleanout, a dedicated team can navigate the complexities, allowing you to focus on other important matters.

Why Opt for a Professional Estate Auction Company?

Attempting to manage an estate sale independently can quickly become overwhelming. Professional estate auction companies bring a wealth of knowledge, resources, and experience that can significantly impact the outcome.

Expert Valuation and Appraisal

Accurately pricing diverse items, from antiques and collectibles to everyday household goods, requires specialized knowledge. Reputable companies have appraisers who understand current market values and can identify hidden gems that might otherwise be overlooked. This ensures items are priced competitively to attract buyers while maximizing your return. For unique items like precious metals or firearms, specialized expertise is crucial for proper valuation and compliant sale.

Comprehensive Marketing and Reach

Estate auction companies employ strategic marketing techniques to reach a broad audience of potential buyers. This often includes professional photography, detailed online listings, targeted advertising, and leveraging established networks of collectors and dealers. Online auctions can extend this reach globally, significantly increasing the chances of achieving optimal prices for valuable items.

Efficient Sale Management

From staging the items attractively to managing the sale event (whether in-person or online) and handling payments, a professional team takes care of all the details. This includes security, crowd control for in-home sales, and managing auction bids. This level of organization is key to a successful and stress-free liquidation.

Time and Stress Reduction

The sheer amount of work involved in an estate liquidation can be immense. Outsourcing this task to professionals frees up your time and energy, allowing you to deal with other aspects of the estate settlement or personal transition. Their experience in handling sensitive situations also provides emotional support and discretion.

Key Considerations When Choosing an Estate Auction Company in Collierville

Not all estate auction companies are created equal. For Collierville residents, finding a trustworthy and competent local partner is crucial. Here’s what to look for:

  • Local Expertise and Reputation: A company familiar with the Collierville market and with a strong local reputation is preferable. Check online reviews, testimonials, and ask for references. Companies like Memphis Estate Sales pride themselves on their integrity and local presence.
  • Transparent Fee Structure: Understand how the company charges for its services. This could be a commission percentage, a flat fee, or a combination. Ensure all potential costs are clearly outlined in a written contract.
  • Range of Services Offered: Does the company offer various types of sales, such as private estate sales, online auctions, or even buy-out options? A company with flexible solutions can better cater to your specific needs and types of assets.
  • Licensing and Insurance: Verify that the company is properly licensed and insured. This protects you from liability and ensures professional conduct.
  • Specialization: If your estate includes specialized items like classic cars, firearms, or extensive collections of precious metals, ensure the company has specific experience in these areas. Memphis Estate Sales, for example, offers specialized classic car & motor vehicle sales and liquidation for unique assets.
  • Consultation Process: A reputable company will offer an initial consultation, often free of charge, to assess your needs and explain their process. This is an excellent opportunity to ask questions and gauge their professionalism.

The Estate Auction Process: A Step-by-Step Overview

Understanding the typical steps involved can help demystify the process:

  1. Initial Consultation: Contact the estate auction company. They will typically schedule a visit to the property to assess the contents and discuss your goals. This is a good time to discuss if a full or partial estate sale is appropriate.
  2. Contract Agreement: If you decide to proceed, a contract will be drawn up detailing the services, fees, timelines, and responsibilities of both parties.
  3. Inventory and Appraisal: The company will sort, catalogue, research, and appraise the items to be sold. This may involve photographing items for online listings.
  4. Staging and Preparation: For in-home sales, items are attractively displayed. For online auctions, detailed descriptions and high-quality images are prepared.
  5. Marketing and Advertising: The company will promote the sale through various channels to attract the target audience.
  6. The Auction/Sale Event: This is when the items are sold, either through an in-person event, an online auction platform, or a combination.
  7. Payment and Item Removal: The company handles payment collection and coordinates the pickup or shipping of sold items.
  8. Post-Sale Cleanout (if applicable): Many companies offer services to clear out any remaining unsold items, leaving the property clean. This can include donation, disposal, or consignment of residual items.
  9. Settlement: You will receive an itemized account of the sales and your net proceeds after commissions and any other agreed-upon fees are deducted.

Expert Insight: The Power of Online Auctions

“Leveraging online auction platforms can dramatically expand the buyer pool for your estate items. While local Collierville buyers are important, online auctions attract national and even international interest for unique collectibles, art, and antiques. This broader reach often translates to higher final sale prices for select items. Companies that effectively utilize multiple online platforms often see significantly better returns for their clients on specific categories of goods.” – A Note from the Team at Memphis Estate Sales

What Types of Items Can Be Sold Through Estate Auctions?

Estate auction companies are equipped to handle a wide array of personal property. This commonly includes:

Essentially, almost anything of value found within an estate can be considered for auction. Experienced companies can advise on the best method of sale for different categories of items.

Online vs. In-Person Estate Auctions: A Comparison

Choosing between an online auction and a traditional in-person estate sale (often called a “tag sale”) depends on various factors including the type of items, the seller’s preferences, and market conditions. Here’s a brief comparison:

Feature Online Auctions In-Person Estate Sales
Buyer Reach Global or national; not limited by geography. Primarily local and regional buyers.
Convenience for Buyers Buyers can bid from anywhere, anytime during the auction period. Buyers must physically attend during set hours.
Item Exposure Detailed descriptions and multiple photos for each item. Items exposed for a longer bidding window. Buyers inspect items in person. Exposure limited to sale days.
Privacy & Security Less foot traffic in the home; can be managed off-site. Requires managing public access to the property.
Suitable For Collectibles, antiques, high-value items, or when a wider audience is desired. Good for online Memphis auctions which can reach specialized collectors. Full household contents, general goods, situations requiring quick clearance.
Logistics Requires shipping or coordinated pickup for sold items. Buyers typically remove items at the point of sale.

Many modern estate liquidation companies, including Memphis Estate Sales, offer both options or a hybrid approach to best serve their clients’ unique circumstances. A thorough consultation can help determine the optimal strategy.

The Collierville Connection: Local Considerations

Residents of Collierville, Tennessee, benefit from a community that values history and quality. When choosing an estate auction company, consider their understanding of the local market dynamics. An established company with experience in Collierville and the greater Memphis area will have insights into local buyer preferences and how to best market items within the community, as well as to a wider audience if necessary.

Whether you’re downsizing from a family home in a historic Collierville neighborhood or settling an estate that includes unique regional items, a local company like Memphis Estate Sales can provide tailored services. They understand the nuances of handling everything from Southern antiques to modern furnishings, ensuring your assets are presented effectively. Their knowledge of permissible advertising in local Collierville communities, and connections with local buyers can be a distinct advantage.

Ready to Discuss Your Estate Liquidation Needs in Collierville?

Navigating the complexities of estate auctions doesn’t have to be a solitary journey. The experienced team at Memphis Estate Sales is here to provide professional, compassionate, and efficient services tailored to your specific situation in Collierville and the surrounding areas.

Get Your Free Consultation

Frequently Asked Questions (FAQ)

What areas do you serve besides Collierville?

Memphis Estate Sales serves the greater Memphis area, including suburbs like Germantown, Bartlett, and of course, Collierville. We are equipped to handle estate liquidations throughout this region.

How long does the entire estate auction process take?

The timeline can vary depending on the size of the estate, the type of items, and the chosen sale method. Typically, from initial consultation to final settlement, it can take anywhere from a few weeks to a couple of months. We provide a more specific timeline after the initial consultation.

What if I only have a few valuable items to sell, not an entire estate?

We can certainly help. Memphis Estate Sales handles partial estate sales and can consign individual valuable items or collections for sale through our online auction platforms or other appropriate channels. We also offer buy-out options for smaller collections.

What happens to items that don’t sell?

We discuss options for unsold items prior to the sale. These can include donation to charity (with a receipt provided to you), disposal, or in some cases, inclusion in a future sale. Our goal is to leave the property clear and broom-swept if requested.

How are valuable items like jewelry or firearms handled?

We have specialized expertise in handling high-value items. Precious metals and jewelry are carefully appraised and marketed. Firearms liquidation is conducted securely and in full compliance with all federal, state, and local regulations by our trained specialists.

Glossary of Terms

Appraisal

The process of evaluating an item to determine its market value. This is often done by a qualified professional based on condition, rarity, provenance, and current market trends.

Buy-Out

An option where an estate sale company purchases an entire estate’s contents outright from the client for a lump sum, offering a quick and hassle-free liquidation. Our buy-out service provides this speedy solution.

Commission

The fee charged by an estate sale company, typically a percentage of the gross sales, for conducting the sale.

Consignment

An arrangement where an individual (the consignor) entrusts items to an estate sale company (the consignee) to sell on their behalf. The consignor retains ownership until the item is sold, at which point the consignee takes a commission.

Estate Liquidation

The process of converting an estate’s assets (personal property) into cash. This can be done through various methods, including estate sales, auctions, or buy-outs. See our comprehensive estate liquidation services for more details.

Provenance

The documented history of ownership for an item, particularly for antiques, collectibles, or artwork. Strong provenance can significantly increase an item’s value.

Choosing the Right Estate Auction Company in Memphis: A Comprehensive Guide

Navigating Estate Liquidation with Confidence

Settling an estate or significantly downsizing can be an emotionally and logistically challenging process. When it comes to liquidating personal property, an estate auction can be an effective way to maximize returns and ensure a transparent process. However, selecting the right estate auction company in Memphis is crucial for a smooth and successful outcome. This guide will walk you through the key considerations to help you make an informed decision and partner with a trusted local expert like Memphis Estate Sales.

Understanding the Role of an Estate Auction Company

An estate auction company specializes in the appraisal, marketing, and sale of personal property through a competitive bidding process. These companies manage the entire auction, from initial consultation and inventory to auction day and post-sale settlements. Their expertise lies in understanding market values, reaching qualified buyers, and conducting the sale in a professional and efficient manner. This can involve online estate auctions in Memphis, in-person events, or a combination of both, depending on the nature of the assets and client preferences.

Many people find themselves needing these services when dealing with the belongings of a loved one, downsizing for retirement, or clearing out a property for other reasons. A reputable company will offer comprehensive services, potentially including sorting, organizing, pricing, marketing, and even clean-up after the sale. This full-service approach can significantly reduce the burden on clients during what is often a difficult time.

Key Factors to Consider When Choosing a Memphis Estate Auction Company

Making the right choice involves careful research and asking pertinent questions. Here are critical aspects to evaluate:

1. Experience and Reputation

Look for a company with a proven track record in the Memphis area. Experienced companies are more likely to understand the local market, know how to price items effectively, and have established relationships with buyers. Check online reviews, testimonials, and ask for references. A company with a history of successful sales and satisfied clients, like Memphis Estate Sales, demonstrates reliability. It’s also wise to Inquire about their experience with specific types of items you need to sell, such as antiques, collectibles, firearms, or vehicles. Memphis estate sales often involve a diverse range of assets.

2. Licensing, Insurance, and Bonding

Ensure the company is properly licensed to operate in Memphis and carries adequate insurance, including liability and workers’ compensation. Bonding provides an extra layer of financial protection for you as the client. Don’t hesitate to ask for proof of these credentials. This protects you from potential liabilities during the sale process.

3. Comprehensive Services Offered

Estate liquidation can be complex. A full-service company should offer a range of services beyond just the auction itself. This might include:

  • Initial consultation and estate evaluation
  • Inventorying and cataloging items
  • Appraisal services for valuable items
  • Staging and presentation of items for sale
  • Marketing and advertising to attract bidders (both online and offline)
  • Conducting the auction (live, online, or hybrid)
  • Handling payments and financial reconciliation
  • Managing post-sale cleanout or donation of unsold items

Memphis Estate Sales provides many of these vital services, including private estate sales in Memphis for clients who prefer a more discreet approach.

4. Transparency in Fees and Contracts

Understand the company’s fee structure before signing any contract. Most estate auction companies work on a commission basis, typically a percentage of the gross sales. Clarify if there are any additional fees for services like advertising, cleanout, or specific appraisals. A reputable company will provide a clear, written contract detailing all terms, services, and costs. Avoid companies that are vague about their fees or unwilling to discuss costs upfront.

5. Marketing and Reach

The success of an auction heavily depends on effective marketing. Inquire about the company’s marketing strategies. Do they utilize online platforms, social media, email lists, and traditional advertising? A company with a strong local presence and a wide reach, potentially including national or international buyers for specialized items (often facilitated by online auctions), will maximize exposure for your items. Ask to see examples of their previous marketing materials.

6. Professionalism and Communication

Choose a company that is professional, organized, and communicates clearly throughout the process. They should be responsive to your questions and keep you informed. The team should demonstrate empathy and understanding, recognizing that estate liquidation can be an emotional time for clients.

The Auction Process: What to Expect

While each auction is unique, a general process is typically followed:

  1. Consultation & Agreement: The auction company will meet with you to assess the estate, discuss your goals, and explain their services. If you decide to proceed, a contract will be signed.
  2. Inventory & Preparation: Items are organized, cataloged, and prepared for sale. This may involve cleaning, staging, and photography. High-value items might receive special attention or appraisal.
  3. Marketing & Promotion: The auction company will advertise the sale to their network of buyers and the general public.
  4. Auction Day: Whether online or in-person, the auctioneer will conduct the sale, taking bids until the highest price is reached. For online auctions, this may occur over a set period.
  5. Post-Auction: The company manages payment collection, coordinates item pickup or shipping, and provides you with a detailed settlement report. Arrangements for unsold items are also handled according to your agreement.

Understanding this process can help you feel more comfortable and prepared. For more about what we do, you can learn about our company’s philosophy and integrity.

Expert Insight: Maximizing Your Returns

Scott Park, owner of Memphis Estate Sales, emphasizes, “A common mistake is to discard items you believe have no value. Often, everyday objects or seemingly insignificant collectibles can surprisingly fetch good prices at auction, especially when marketed to the right audience. Trust your estate auction professional to identify these hidden gems. Their experience is invaluable in maximizing the overall proceeds from your estate.”

“Resist the urge to ‘clean up’ too much before your consultation. What you might see as clutter could be a valuable part of a collection.”

The Memphis Market: A Local Advantage

Choosing a local Memphis estate auction company like Memphis Estate Sales offers distinct advantages. We possess intimate knowledge of the Memphis and Mid-South market, including current trends in collectibles, antiques, and other valuables specific to our region. This local expertise helps in accurate pricing and targeted marketing to local buyers and collectors in areas like Germantown and Bartlett.

The Memphis real estate market has shown stability and growth, which often correlates with a healthy market for estate contents. Understanding local demand, from historic items to contemporary furnishings, is key. Memphis Estate Sales is attuned to these nuances, ensuring your items are presented to the most receptive audience.

Frequently Asked Questions (FAQ)

What types of items can be sold at an estate auction?

Virtually any personal property can be sold, including furniture, antiques, collectibles, jewelry, art, vehicles, tools, household goods, and even specialized items like firearms or precious metals. Memphis Estate Sales handles a wide variety of assets.

How long does the estate auction process take?

The timeline can vary depending on the size and complexity of the estate, but generally, from initial consultation to final settlement, it can take several weeks. Preparation typically takes the most time.

What if some items don’t sell at the auction?

Your contract should specify how unsold items are handled. Options typically include donation to charity, disposal, or return to you. Discuss this with the auction company beforehand.

Should I clean or repair items before the auction?

It’s generally best to consult with the auction company before doing extensive cleaning or repairs. Sometimes, items are more valuable in their original condition, and improper cleaning can diminish value. The company will guide you on necessary preparations.

Can I set a minimum price for my items?

Yes, this is known as a reserve price. It’s the minimum amount you’re willing to accept for an item. You’ll discuss and agree on reserve prices with the auction company for significant items.

Glossary of Terms

Appraisal:
The process of determining the fair market value of an item.
Auctioneer:
A person who conducts an auction, calling out bids and declaring items sold.
Bidder:
An individual who offers a price for an item at an auction.
Commission:
The fee charged by the auction company, typically a percentage of the gross sales.
Consignment:
An arrangement where you (the consignor) entrust your items to an auction company (the consignee) to sell on your behalf.
Estate Liquidation:
The process of selling off the assets of an estate, often after a death or during a significant downsizing.
Reserve Price:
The minimum price that a seller is willing to accept for an item. If the bidding does not reach the reserve price, the item is not sold.
Tag Sale (Estate Sale):
An alternative to an auction where items are individually priced and sold over a few days, often in the home. Prices may be negotiated. Memphis Estate Sales offers private estate sales which can be similar to this format.

Choosing the right estate auction company is a significant step. Memphis Estate Sales is dedicated to providing professional, compassionate, and effective liquidation services to families and individuals in Memphis and the surrounding areas. Contact us to learn how we can assist you.

Choosing the Right Estate Auction Company in Germantown, TN

Navigating Your Options for a Smooth and Profitable Liquidation

When faced with the task of liquidating an estate, whether due to downsizing, relocating, or managing a loved one’s affairs, the process can feel overwhelming. Selecting the right estate auction company in Germantown, Tennessee, is a crucial step towards ensuring a seamless, respectful, and financially successful outcome. This guide will walk you through the key considerations to help you make an informed decision.

Understanding the Role of an Estate Auction Company

An estate auction company specializes in the appraisal, marketing, and sale of personal property. This can range from antiques and collectibles to everyday household items, vehicles, and even specialized assets like firearms or precious metals. Professional companies offer a comprehensive service designed to maximize your returns while minimizing your stress. They handle the intricate details, from initial consultation and inventory to staging, advertising, conducting the auction (either in-person or online), and managing post-sale logistics.

In Germantown and the greater Memphis area, reputable estate auction companies understand the local market dynamics. This local expertise, combined with broader reach through online platforms if necessary, is essential for achieving the best possible prices for your items.

Key Factors in Selecting an Estate Auction Company

Experience and Expertise

Look for a company with a proven track record in Germantown and the surrounding Memphis area. How long have they been in business? Do they have experience with the specific types of items in your estate? For instance, if you have valuable antiques, collectibles, or specialty items like firearms or precious metals, ensure the company has appraisers and an auction team familiar with these markets. A company like Memphis Estate Sales, with experience in these specific areas, can provide tailored expertise.

Range of Services Offered

A full-service company can handle every aspect of the liquidation process. This includes:

  • Consultation: An initial, often free, consultation to assess your needs and explain their process.
  • Appraisal: Accurate valuation of items to ensure fair market pricing.
  • Inventory and Cataloging: Detailed listing and organization of all items.
  • Staging and Presentation: Professional display of items to enhance appeal, whether for an in-person sale or online auction photography.
  • Marketing and Advertising: Reaching potential buyers through various channels, including online listings, social media, and email lists.
  • Sale Conduct: Managing the auction or sale event, including bidder registration and payment processing.
  • Post-Sale Services: Handling unsold items, clean-out services, and providing a detailed accounting of the sale. Companies may also offer online auctions for a broader reach.

Memphis Estate Sales, for example, provides comprehensive services including private in-home sales, online auctions, buy-outs, and specialized liquidation for various assets.

Transparency and Communication

A trustworthy estate auction company will be transparent about their fees, processes, and timelines. They should communicate clearly and regularly throughout the engagement. Ask for a written contract that outlines all terms and conditions. Understanding their commission structure and any additional fees upfront is vital.

Licensing and Insurance

Ensure the company is licensed (if required in Tennessee for specific auction types) and adequately insured. This protects you and your property in case of any unforeseen incidents.

Reputation and References

Check online reviews and ask for references from past clients, particularly those in the Germantown or Memphis area. A company with a strong local reputation is often a good indicator of reliability and quality service. Consider searching for “estate auction companies Memphis” or “Germantown estate sales reviews” to gather feedback. You can read about Memphis Estate Sales’ commitment to integrity on their about us page.

Expert Insight: Maximizing Your Estate Auction Returns

“One of the most effective ways to maximize returns is through strategic marketing and presentation. Professional staging, high-quality photography for online auctions, and targeted advertising to the right buyer demographic can significantly impact the final sale prices. Don’t underestimate the power of reaching a global audience through online platforms for unique or high-value items.” – Scott Park, Owner, Memphis Estate Sales.

Quick ‘Did You Know?’ Facts

  • Online Auctions Broaden Reach: Online estate auctions can attract bidders from across the country, or even internationally, potentially increasing competition and final sale prices for certain items.
  • Specialized Knowledge is Key: Companies with in-house specialists for items like classic cars, firearms, or fine art can often achieve better results due to their specific market knowledge and connections.
  • Not All “Junk” is Junk: Experienced estate liquidators can often identify value in items you might overlook. What seems like clutter could be a collectible or antique with surprising worth.

Steps to Choosing Your Germantown Estate Auction Partner

1. Research Local Companies

Start by identifying estate auction companies serving Germantown, TN, and the Memphis metropolitan area. Use online searches, local directories, and ask for recommendations from friends, family, or legal advisors who may have experience with estate liquidations.

2. Schedule Consultations

Contact at least two or three companies for an initial consultation. Most reputable firms, like Memphis Estate Sales, offer free consultations. This allows you to meet their team, discuss your specific situation, and understand their approach.

3. Ask Detailed Questions

Prepare a list of questions to ask each company. Refer to the “Key Factors” section above. Inquire about their commission rates, what services are included, their marketing strategies, and how they handle unsold items. Specific questions regarding services like precious metal liquidation or classic car sales are important if applicable.

4. Compare Proposals and Contracts

Carefully review the proposals and contracts from each company. Pay close attention to the fee structure, services offered, and any guarantees or timelines. Ensure everything is clearly documented.

5. Trust Your Instincts

Beyond the practicalities, choose a company you feel comfortable with and trust. This is often a sensitive time, and working with a compassionate, professional, and communicative team can make a significant difference.

The Germantown Advantage: Local Expertise Matters

Choosing an estate auction company familiar with Germantown and the greater Memphis market offers distinct advantages. Local companies understand neighborhood nuances, have established networks of local buyers and collectors, and are knowledgeable about regional market values for various items. This localized expertise can be invaluable in attracting the right bidders and maximizing your sale proceeds. Memphis Estate Sales proudly serves Germantown, Bartlett, and the wider Memphis community, bringing this local insight to every client.

Furthermore, a local company offers convenience in terms of site visits, consultations, and managing the logistics of an on-site sale if that’s the chosen method. They are also more attuned to local regulations and community guidelines that might pertain to estate sales.

Ready to Discuss Your Estate Liquidation Needs?

The team at Memphis Estate Sales is here to provide professional, compassionate, and effective estate auction services in Germantown and the surrounding areas. We offer a full range of solutions tailored to your unique situation.

Get Your Free Consultation Today

Frequently Asked Questions (FAQ)

What types of items can be sold at an estate auction?

Almost any type of personal property can be sold, including furniture, antiques, collectibles, artwork, jewelry, vehicles, tools, household goods, and more. Specialized items like firearms and precious metals can also be handled by companies with the appropriate expertise.

How long does the estate auction process typically take?

The timeline can vary depending on the size and complexity of the estate, as well as the services required. It can range from a few weeks to a couple of months from initial consultation to final settlement. Your chosen company will provide a more specific timeline.

What are the costs involved in hiring an estate auction company?

Estate auction companies typically work on a commission basis, meaning they receive a percentage of the total sales. Some may also have fees for specific additional services like extensive clean-outs or transportation. It’s crucial to get a clear breakdown of all costs upfront.

What happens to items that don’t sell at the auction?

This is an important point to discuss with the company. Options can include donation to charity, inclusion in a future sale, buy-out offers, or disposal. Reputable companies will have a clear plan for unsold items.

Do I need to be present during the auction?

Generally, your presence is not required. The estate auction company manages the entire event. Many clients prefer not to be present due to the emotional nature of selling personal belongings.

Glossary of Terms

  • Appraisal: The process of determining the fair market value of an item or collection of items.
  • Bidder: An individual who makes an offer to purchase an item at an auction.
  • Buy-Out: An option where the estate sale company purchases the entire estate or remaining items for a pre-agreed price.
  • Commission: The percentage of the sales proceeds that the estate auction company charges for its services.
  • Consignment: An arrangement where items are entrusted to an auction house or dealer to sell on the owner’s behalf.
  • Estate Liquidation: The process of selling an estate’s assets to convert them into cash.
  • Fair Market Value: The price at which an asset would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell and both having reasonable knowledge of relevant facts.
  • Lot: An individual item or a group of items offered for sale as a single unit at an auction.
  • Reserve Price: A confidential minimum price that the seller is willing to accept for an item. If bidding does not reach the reserve price, the item is not sold.