If you’ve been to a few auctions, you may have had your eye on an item, but didn’t want it quite enough to make a bid. If no one ended up bidding on that item, you may be wondering what ended up happening with it. Will you have a chance to bid on it next time? Does it get returned to the seller? We are here to let you know the process of why an item may not be bid on and what typically happens to those items after an auction.
The auctioneer may decide that some items are of too much value to be sold below a certain price. This is when a minimum price is set, so that both parties get a fair value for the item. There is a chance that this item may not sell. This could be because of low interest or that persons do not want to spend the money that the minimum is set at. This is okay, as the auctioneer will think that the item will be sold elsewhere. They may attempt to sell the item at another auction. This is typically done with items that are certainly worth a set value.
Auctioneers do more than get items ready before and after an auction. After all of the bids have come through after about a week, auctioneers may call around to other buyers and consigners to see if they are interested in buying the unsold items at a fair price. The auctioneers are great at what they do, on and off of the auction floor. They are determined to sell any item.
There may be a seller who wasn’t able to attend the auction for one reason or another. They or someone else called dealers are often interest in purchasing items post auction. They will contact the auctioneer to see if they can get it at a mutually beneficial price.
All of these purchases are all part of the auction process, even if it is happening afterwards. This means there is a good chance for you to snag an item that you let get away! Don’t miss out on what you’re looking for, visit Backes Auctioneers today to see our great upcoming auctions.