Auction house experts have an idea of how to get a bargain when it comes to selling Carolina consignments, as they’re finding ways to get more items online than ever before.
According to the Carolina Consignment Dealers Association, the average consignment sale is estimated to be worth $12,000 to $17,000.
But for the most part, buyers are paying less than half of that for consignations, with some states offering discounts as low as $1,000 or more.
In addition to online bidding, some consigners are offering buyers a discount on their bids to make up for any sales taxes that are due on the sale.
“It’s all about the sales tax,” said Michael Krumm, an auction house agent with Chicago-based auction house Krummer & Krumms.
“The buyer gets what they’re paying for.
So when it gets down to the final bid, they can take advantage of it.”
As for how much it might cost to sell a piece of memorabilia, Krummet says it depends on the condition and how many items are on the lot.
“If it’s a piece that’s got an age, it could cost a lot less,” he said.
“If it has sentimental value, it might be a little more.”
As well as the potential savings, Kramm said it can also help buyers find the best price on items that are less likely to be returned.
“You can usually get it for a much lower price online,” he added.
Krumm said the majority of consignors are finding ways that lower the prices for their buyers.
“They want to get it, they’re not going to spend a lot of money, they’ve got an interest in it,” he explained.
“So if it’s on sale and they don’t want to spend $200 to $300, they just take it off the market.
That’s a lot cheaper than if it was on sale for $1 million or $2 million.”
For many auction houses, there’s also a profit to be made, Kromm said.
“People are trying to maximize their profits,” he continued.
“And if you’re a business owner, it’s nice to know that you’re doing well.”
The Carolina Consignments Association, along with other consignment dealers, has developed a tool called the Conformity Score that allows buyers to compare the condition of items on a consignment with other similar items.
The tool also gives buyers a look at the conditionality of other items on the consignment.
“We think that the Conformation Score is a great tool for determining if a consignor is in a better position to make a profit from their sale,” said Krummar.