Question
A more general discussion of Live Auctions than the "Results" thread. I am interested in the comparative differences between auctions regionally. Even here in Australia I do see differences between different areas or cities.
Suggesting some areas for comparison, but please add any other aspects that you are curious about or want to discuss.
Speed: Harder to gauge on an uncatalogued auction, but based on general auctions run with catalogues but also "showing up" (ie lifting or pointing out the item being sold, and usually walking past the items or following rows) - In Sydney, the average auction would run at 100 to 120 lots per hour. In Melbourne 150 to 200 lots per hour. When I used to sell sundry table lots to the trade I could do about 130 lots per hour at my fastest, and when I ran "retail" antique and collectibles auctions on a Sunday west of Sydney, I would average about 90 lots per hour across the entire day, but doing 120 lots per hour at the beginning and end, while slowing down substantially to "draw" out money on the best stock in the middle of the day. Down this way the buyers prefer a fast auction but I think that that partially reflects an auctioneer who is not trying to draw the best prices for goods, and represent cheaper buying and better bargains. The speed of farm auctions vary greatly, as does the skill and interest of the auctioneers.
Stamp and coin auctions, where the crowd is seated and lot numbers are called, the items are not shown up, and the reserve is clearly established prior to auction - the speeds can be in the 250 to 350 lots per hour range.
Commission: Generally speaking, in the cities most auctions have a buyers premium (ie: effectively a commission that is added to the hammer price and thus paid by the buyer) as well as seller commission, while most country auctions do not have a buyer's premium. In the city auctions where Buyers Premium is charged, the seller commision would vary from 10% to about 20% and the buyers premium will usually be either 10%, 12% or 15% (plus GST tax). A no premium room auction will generally charge 17.5% to about 22% to the seller. An on-site auction will vary widely depending on the turnover and work involved. Liquidators, finance companies and government departments will usually end up with much cheaper commission rates because the market is so competitive for their business.
Regularity: Most areas of Australia are auction oriented, although there are country coastal pockets where there are very few auctions. In the capital cities you will find auctions almost every day. In country areas the numbers of auctions have been drying up over the last few years. Most country clearing auctions (ie: farm or house clearances) tend to be on Saturdays, with a particular weekday in some regions, and antique auctions often on a Sunday. In the last couple of years there have been more weekends with no auctions worth covering, for me personally.
Attendance: 15 years ago 60 registered buyers would have been a strong attendance at most auctions (except the high profile auctions), now it would be a fairly low attendance. Some "average" farm auctions can attract 200 to 300 registered buyers (plus spouse or family), and even a minor house clearance will usually pull 60 to 80 buyers. The local "public" have always tended to cover country auctions, but the percentage/numbers of "public" attending room auctions in the cities has substantially increased over the last 20 years - these auctions tending in the past to be mainly dominated by dealers.
So, what about your area?
Cheers, Kevin
Answer
ALthough I have never timed auctions, there are certain patterns with regard to speed.
Some auctioneers deliberately drag things out, trying to wheedle the last penny out of items. At one auction the owner is the worst for virtually begging for bids, while his flat pay auctioneers on the par are much faster.
Some auctioneers will embellish the hell out of things, with one even so far as leafing through front endpapers, and maybe reading part of the opening paragraph. These twits arent getting paid by the hour, and dont realize that many will leave from boredom.
And some auctioneers use raw speed as a form of aggression: Making calls lightning fast so that by the time you have lowered your hand your bid has gone $20-30 more than you wanted. There is one regional auction noted for that, that routinely draws newbie dealers in from hundreds of miles away, while more seasoned vendors avoid it. The merchandize is of very good quality, but the speed and the attendent confusion of the bidding usually gets the closing bids often way over retail. This is primarily a 'dealer auction' that typical homeowners would not be comfortable with. No seats, no catalog.
Estate auctions, and 'sit-down' auctions which appeal to collectors are frequently slower in pace often with the item being hyped as it is being offered. The aim is not to confuse, but to entice. Often with interesting results in getting people to bid high prices on things they know nothing about.
COmmissions range typically 15-25% with the country auctions at the low end and the town ones at the higher end. A few are trying a 10% buyers premium (the town auctions) but it is very unpopular.
Attendence is typically a couple hundred for the country auctions, with notably less for town ones with buyers premiums. There is a strong feeling against them here, with the attraction being mainly for neophytes and collectors who do not see it as an imposition, unlike dealers.
Most auctions are weekly, and even one local 'town' auction that tried bi-monthly is going back to weekly. Often these are on weeknights, with weekends being reserved for special occasions, like New Years....
Speaking of which... time to get that catalog....
Answer
I'm in the middle Midwest of the USA - Iowa - and I'd guess most auction houses only run about 60 lots per hour on the normal stuff. When they do the furniture or cars or whatever, the higher priced stuff, they slow down. I have been to auctions where there was a house or a car to be sold, and they tried it early in the day, didn't get the bidding they wanted, asked the high bidder to hold on his bid, came back to it a couple of times more and eventually that bidder got outbid. If I were he, I'd be upset with that plan.
Buyer's premiums? They are rarely used where I live, probably because if anyone tried it they'd be strung from the nearest tree. The seller pays all fees. I won't go to an auction if it is otherwise, with the exception of one auction house that operates out of Minneapolis that occasionally runs a sale near here, but then I gripe and complain.
Attendance? - They give out over 100 numbers for the most routine auctions. Exceptional ones, 200-300. No fun.
Answer
We will attend probably 150 auctions this year, down from 200+ in years past.
I'm in Indiana and while there are some auctioneers that use a buyer's premium, they're fairly scarce. EXCEPT that most all of the auctioneers will tag on 3-5% IF you use a credit card. Fee waived if you pay by cash or check.
Normally a decent auctioneer will run 100-120 lots per hour. Most of the sales here are NOT cataloged. The beggers and whiners don't see my face at their auctions again. I hate that and refuse to attend another one.
We travel Indiana, Illinois, Ohio, Kentucky and Tennessee for auctions. We've gone to PA for an auction a few years back.
Normal attendance at auctions here is 200+ and went to one that had 567 bid cards out that day. I don't think I've ever attended an auction with less than 100 people.
Doesn't seem to matter if it's a farm auction or an antique/collectibles auction. The buyers are out in force wherever we go!
Jo
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Today I attended a special estate auction at the site of a weekly 'dealers' auction.
There was something extremely odd about it. It was split in two, and the main auction was fully catalogued, but coins, books, jewelry, and hunting items were deliberately uncatalogued, and certain lots were deliberately sold off in large amounts, when better prices might have been fetched individually .
I did fairly well there, though a certain competitor was there who got some prized items away from me by going to retail, or beyond. And as he does not collect those items , but is a dealer who normally looks everything up, the logic is beyond me. He knows me well enough to know I can not be intimidated.
At the main auction I was absolutely amazed to see the outragous prices paid for Indian arrowheads. I have a large collection, and normally pick them up for $10-20 a small box. Here they were going for $100 to 200, and yet I got two tray loads of scrapers, knives and less 'sexy' artifacts for $15. Strange.
I paid around $900 for a book that few people on the planet would have a use for, but I wanted as part of an ongoing research project. Certainly not interesting 'reading' material. Its resale value is nil , and I am the only one doing research on this rather small area. Its amazing how people with more money than brains will take some objects to.
Glassware, some decent was fetching mediocre prices, but some normally mediocre silverware went to astronomical prices.
Coins, some gold, did 80% to 150% of eBay retail. And the ebay coin market is still rather healthy.
I didnt stick around for the jewelry, but instead went ot another auction where my only purchase was the world's worst book, of whom even the author was ashamed of. I had to have it. Got it for $2.
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Speed: average is 100 per hour unless they are running 2 rings.
Generally most long time estates do run 2 rings and often 2 days long.
Commission: 15% rural and 20-25% in the metroplex's
For buyers generally only the "auction houses" have a buyers premium of 5-10% as well.
Regularity: Within a 200 mile radius there is around 15 per weekend (general estates)
During the week we could attend at least 3 more with multiples on Thursday or Friday.
The weekend auctions slow down in number during the winter months.
Attendance: Rarely is there an auction with less than 150 numbers issued.
If it's a highly advertised auction with diverse quality listings that number doubles.
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Over here in the UK pretty well every auction house charges buyers commission. Norm seems to be 15% for both sellers and buyers although the auction that we normally attend is 10%. On top of that we have to pay a tax ( VAT ) of 17.5% on the commission element , so a £10 lot will have £1 buyer's commission added on PLUS 17.5 pence tax. Normally about 100 buyers at the small auction we go to, many more ( 200+) at most average sized country auctions.
Giulietta
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I usually go to a live auction weekly if my work schedule allows for it. I live in SE Ohio and the fees I have to pay are 25% which is high in my opinion.
One thing that I hate about this particular auction is that they allow the folks to gather around the table where the items are being sold so your chances of selling to the entire room are shot