Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion To auction off or not too, opinions please

I have been thinking about letting my collection go. Age and a bad knee has slowed me way down. Has anyone gone through the auction route? If so what was your experience good or bad? I have a lot of stuff and really can’t see me and flight control trying to pack all of this stuff and then shipping.

Any input will be greatly appreciated, thank you.

Years ago I sold a collection on ebay for a friend who had passed. Months of shipping mailing burned me out. I would not sell my collection that way now. Auction can be good with the right auctioneer and good advertising of it. You will lose 30% most likely depends on auction company. When I sell that's the route I am going some people may sell the whole collection to a buyer who will then sell it it's faster but you probably wont get the value you would at auction. My 2 cents

Thanks Tanker. The reason I’m bring this up for conversation is I was contacted by a major auction house, why and how I have no clue.

Not sure what you estimate you total collection value at but if it’s substantial you should get a selling rate of 10% max. Shop around just like you would if buying.
If your comfortable with knowing prices, you could open your door to serious buyers with cash in hand also. Saves giving up any percentage especially if your in no big hurry to liquidate everything.

Thanks Kim thanks for the advise. We are early in this process and will be as hands on as possible. Never thought we would have to go through this process but it’s getting close to that decision time. We don’t want to piece meal selling it, more like one and done much like pulling of a bandaid. Should we decide to let it all go it’s made our lives full. We’ll see what happens?

My dad sold his collection of signs and pumps at Russo and Steele car auction in Scottsdale Arizona. Was horrible, wrong venue really, maybe half what was our low expectation. They changed the auction times last second, took it off-internet too. Ever since, I've been doing piece-meal on ebay and facebook marketplace, much safer. If I ever did the auction house route again, everything would be in writing.

Thanks Paul, I have heard other stories similar to this. Never thought it would be this complicated. We still are in the beginning of this and have not made a final decision yet. The firm that contacted us has a high reputation with a long history for what it’s worth.

I’m not a huge Facebook user but do have a presence just because it seems like that’s where all the action is anymore. There are a couple of guys on there that do real-time auctions via online video. The prices I’ve seen realized are quite impressive and they don’t have the overhead that these big houses have...and the auctions are well-advertised. Would be worth doing a little looking in to. If you get to that point, shoot me a PM and I can give you a couple of names. Good luck in whatever you choose.

Thanks on your suggestion but not a place I like. But we will look into every option when the decision is made.

Welp … I've given serious thought myself to your question at hand. My random thoughts in no particular order:

I think I'm going to partner with another collector when the time comes to sell and both of us sell our stuff together … maybe a fellow collector you know in your area is ready to let a bunch of stuff go to.

For me … it would have to be an off site venue … just couldn't stomach a large crowd in my space going through my stuff.

Absolutely no issue with a buyers premium if it lowers my %.

And finally …. shop around for a good rate … I'm pretty confident I would never pay 30% … but that's me.

A sincere good luck on whatever you choose … by law all Marathon items in your collection must gravitate back to Ohio

Ha Dunfee, I didn’t know it is law on Marathon but thanks for the heads up! I totally agree on not having it at our place. Too many things could grow legs. If we do this we just want to walk away and not look back and figure out next steps. Thank you for your thoughts, never thought it would be this complicated. But it is something we must address.

Pegasus, Richard Weir, went through the auction route. He may be of help. I am sure there others.

Is anyone aware of the tax ramifications of going through an auction house? Not sales tax, but I'm guessing the proceeds could potentially go to the IRS who may then expect the seller to pay income on it?

That is a major concern and most auction houses collect state and federal taxes. Heard some very bad experiences on this.

Yes there going to write you a check regardless and you have to cash it so your gona be paying taxes on it no matter what unless you plan on them not auditing you..... If you kept a dockett of what you paid for the items you should only be liable for the profits gained.