Selling and Consignment
(Read if You’re a re-sale consignor)
Our approach is to deliver high quality auctions events with great merchandise so as to satisfy Buyers. In turn, satisfied Buyers will deliver highest prices to you, the Consignor, and Bid Venues as a percentage paid participant. Clearly we’re both motivated to deliver higher sale prices and in turn we’re both motivated to create highly satisfied Buyers.
As such we are strategically focused on the Buyer and, as a repeat Consignor, you appreciate this and benefit. The one-time Consignor also benefits from our strategic work, and we welcome one-time Consignors with high quality inventories. But we resist the ‘dump & run’ Consignor who has an objective to dump inferior inventory at our auction – we won’t accept it.
A quality auction event requires quality merchandise, reliable presentations and an auction venue reputation of integrity. The Consignor has an incredibly important role in the merchandise while the auction company is clearly responsible for presentations. Together, as we satisfy our mutual customers, we earn a quality venue reputation. A significant portion of our Buyers are repeat customers and their bid prices directly reflect their personal experiences of shopping with us. Our Buyers are your Buyers and we both must work together to meet their expectations and earn their trust. We are not entitled to higher bid prices, we must earn them.
Our Buyers, especially those with the means and will to pay higher prices for great merchandise, are savvy purchasers and will either ‘pay up’ or discount their bid prices based on their prior experiences with both the auction company and specific Consignors (yes, some customers do learn to identify individual consigners). Word-of-mouth also obviously plays a key role.
Both desirable Lots and reputable auction business processes are required to attract quality Buyers in order to deliver higher prices. Therefore our business approach is built on principles of integrity and short-sighted Consignors are apt to be disappointed while the strategic Consignors will be rewarded.
That is not to say that blemished and defective merchandise shouldn’t be sold at auction. Quite to the contrary, our Buyers are looking for goods of this nature in their journey to locate unique items of value. Machines and equipment sold as ‘parts only’ or with broken and missing parts are still quite valuable to Buyers. But one of our key principles is to help Buyers know what they are buying and we strive to present each Lot accordingly.
In a nut shell, our goal is to match item presentations to Buyer expectations. A presentation that under-positions the Lot (creates an impression at bid time that is much lower than the Buyer’s appraisal after gaining procession) are unfair to you, the Consignor. Presentations that over-position the Lot (creates an impression greatly exceeding the Buyer’s appraisal after gaining procession) clearly disappoints the Buyer.
Observe that over-positioned presentations are also unfair to the repeat Consigner. That is, any auction that regularly disappoints Buyers will in turn serve to lower Bidder confidence and produce discounted bidding. Together we must maintain Bidder confidence to bid-without-discount and we intend to accomplish this with a reliable and consistent auction experience spanning preview, bidding and fulfillment of winning bids.
That is not to say that we never make presentation mistakes. We do make presentation mistakes, and we work hard to learn from these mistakes and tighten up our processes. We also require our Buyers to do their own inspections and conduct their own research. Buyers also make mistakes, and they too will learn from their errors. But our objective is to reduce the collective number of mistakes made by all constituents: Consignor, the Auction Company and the Buyer. We all benefit accordingly. We always welcome Buyer and Consignor feedback at Bid Venues as we’re committed to continuously improve.
It all begins with a considered and carefully constructed presentation of your item at auction.Quality presentations consist of careful LOT (a) content, (b) placement: both logically on-line and physical on-site, (c) photographs, (d) descriptions and (e) promotion.These steps are our job and your job is to consign quality items and inform us as much as you can about them.
Quality items are obviously things that bidders want or need. Please use these two attributes when you select items for consignment. Is the item needed? As is, does the item increases work productivity or has some other ‘needed’ characteristics, such as security? Or is the item highly desired, such as a collector item or having intrinsic entertainment value? The bottom line is that if the item isn’t generally needed or wanted, it’s not likely to do well at auction. On the other hand, items that do have these attributes will be sought after and competitively driven up in price at auction.
Also bear in mind that quality bidders are auction participants with the financial means and motivation to “pay up” for items – closer to market value. A quality auction is a coordinated event bringing together quality items and quality bidders so as to produce the higher selling prices that you the Consignor desire.
Please also observe that an on-line auction that doesn’t force previewing (has reputable presentations) will attract more Bidders and higher quality Bidders. Some Bidders lack the means to preview, or have limited time to preview,but have high purchasing power and knowledge of products. Again, we observe that item presentations that can be more often trusted at face value will require less preview time and therefore will attract additional and higher quality Bidders – both in turn directly leading to higher selling prices.
We refer to this phenomenon as the Virtuous Circle. The Consigner’s job is to bring in quality items – items that Bidders want and need – and our job is to present your items attractively so as to attract high quality Bidders,and to provide reputable presentations, so as to deliver higher selling prices. Higher selling prices will in turn motivate you to entrust even more valuable goods to our auction venues, which in turn will attract additional and higher paying Bidders – the Virtual Circle. Bidders want and need GREAT PRODUCTS, and together we’ll build their confidence in your products, and you’ll be rewarded for it.
Again, please note that that blemished or damaged goods are most welcomed, and are in fact excellent consignment candidates. Bidders shop at auction for a wide variety of reasons, including having access to unique products hard to obtain elsewhere, as well as imperfect products that offer value. Our mutual job is to simply expose the product short-falls to Buyers in a fair and balanced manner so Buyers have the information. In this manner we establish, build and spread their Buyer confidence in us.
Thank you for your considerations of our thoughts and ideas. We value our Consignors and welcome your participation and feedback.