Note to auction houses

bobbyw8469 · #1 01-21-2018, 09:55 AM

Who has no auction in January?? Trying to figure out who the jab was directed at.

keithsky · #2 01-21-2018, 10:11 AM

I hate auction houses that run an auction for a whole month. Believe Goldin has one like that. You just lose track of when it ends and there really is no purpose to let it drag out for a whole month. If you can't get bidders interested in two weeks then you might as well not even run one.

Leon · #3 01-21-2018, 11:13 AM

Quote:

Originally Posted by bobbyw8469

Who has no auction in January?? Trying to figure out who the jab was directed at.

He didn't say/mean exactly that. I think Steve meant, at the start of January there are no big AH closings to spend money on. And btw, I agree with Steve on this. If an auction house were to end a big auction in the first 2 weeks it would be less competition for our dollars. It's not rocket science. When I did retail computer sales on a showroom floor (around 27 yrs ago, yikes) no one wanted to work Sat or Sun. Guess when retaIl customers shop in person? I worked every weekend and was immediately the 2nd highest sales salesperson out of around 15. One guy had some big accounts and wasn't to be overtaken. But it was easy, I just worked when no one else wanted to AND when I knew customers would come in.

Bicem · #4 01-21-2018, 01:00 PM

In the retail world, January is typically the slowest month of the year as people are still recovering from the holiday shopping season.

Also, many year-end bonuses are not actually paid out until Feb or March since many companies' fiscal year ends after January.

That said, I think ANY time of the year is a good time for an auction if you have great stuff.

x2drich2000 · #5 01-21-2018, 01:10 PM

Personally, I think running an auction the 1st week or two of the year would be a disaster. I fully agree with the idea that people may have received year end bonuses and it can pay well to work when there is no competition. However, I believe most people count on and have spent their bonuses before they actually receive them. As such, the funds aren't available for extra purchasing. The first 2 weeks of the year generally would coincide with when the first credit card payment after the holidays would be due. As a result, people would be short funded due to paying off their holiday credit card bill. I also don't think using car sales is a fair comparison since most people take out a loan to purchase a car, but i don't know too many auction houses that let people purchase on credit.

DJ

swarmee · #6 01-21-2018, 01:14 PM

I would think March/April tax refund season would be the most fruitful.

sb1 · #7 01-21-2018, 02:27 PM

Quote:

Originally Posted by swarmee

I would think March/April tax refund season would be the most fruitful.

Except that most of the self employed and individuals operating as LP's/LLC's/S-Corps etc. are paying taxes at that time, not getting refunds.

However as Jeff stated, any time is usually fine, the bidders that win the majority of the lots in auctions, large to small are liquid and prepared to buy at any time of the year or can quickly raise capital if needed.

Runscott · #8 01-21-2018, 02:44 PM

Quote:

Originally Posted by sb1

However as Jeff stated, any time is usually fine, the bidders that win the majority of the lots in auctions, large to small are liquid and prepared to buy at any time of the year or can quickly raise capital if needed.

Well-stated Scott. A lot of people don't really get that. If you only buy and sell high-dollar stuff, you can buy and sell any time of the year, any state of the economy.

Leon · #9 01-21-2018, 03:02 PM

I would like to hear the rebuttal to the reasoning that if there are less auctions closing there will be more focused eyes on it/them? If one is ending every other day then there is less focus. At least that is the way my brain works. I was actually looking for things to bid on a few weeks ago and there weren't many that were closing ie..instant gratification. We all have our own views....

.

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