Selling at Auction
How it Works
A simple snapshot of the auction (online, live or both)
Once a client has agreed to a contract and date, the process begins. The Furrow team will organize and arrange items to be auctioned. Lots will be cataloged with descriptions and photographs. Once the client has approved the catalog, that catalog goes LIVE and marketing begins. Each client’s marketing package is custom, based on several factors like location, industry-type, budget, etc.
Online bidders will have access to your entire catalog and photos. They can pre-bid as often and on as many items as they wish.
Our team schedules an Inspection Day for bidders to preview the lots. Bidders are provided with a printed catalog of items and have the opportunity to preview the actual items. (This is normally a day or two prior to the auction and held on-site.)
On Auction Day, the event begins at a set time. Items are sold in numerical order. The highest bid at the specified closing date and time wins the item. If a bid is placed within the final minutes of a timed online only auction, the system automatically extends the bidding timeframe, ensuring the buyer willing to bid the highest amount always wins.
As the auction is complete, our team will begin invoicing high bidders. Payment is made by credit card, check or cash, wire or ACH. Once payment is received, buyers may pick up items. Buyers are responsible for removal, shipping etc. of their purchased item(s).
Online Auctions
Online auctions have become increasingly popular since 2020. Bidders are able to place bids from their own devices, making it both easy and convenient.
Furrow Auction Company photographs each item/lot, compiles item descriptions, and loads them to a quality, safe and proven auction platform.
A page from a recent auction catalog is below:
Our Experience Benefits You
Over 56 years of experience, reputation & relationships will deliver the results you deserve. Our goal is to maximize our client’s objectives and profitability. But don’t just take our word for it, hear what our clients have to say:
“Furrow has hosted four auctions for us to date and they have been invaluable. The staff is always accessible and ready to help with all aspects of our auctions. Our auctions couldn’t go any better thanks to the incredible dedicated team at Furrow Auction Company! Thank you and we are looking forward to our next event.” – Steve Rayens
“You can’t be in business for more than 50 years without being great at what you do. Very knowledgeable, helpful staff. Highly recommend them.” – Lori Joyner
“One of the most professional organizations you will find. They do a great job and work hard to make sure you are well taken care of. They are honest with their opinion and tell you what they think even if they know it is not what you want to hear. They are highly recommended.” – Bill Ailor
“I’ve dealt with Furrow Auction many times over the past ten years and always found them to be professional, providing great service and an efficient and friendly staff. Definitely recommend!” – Ann Tidwell
FAQ’s
How much does it cost to sell my stuff?
No matter what type of auction you have or who conducts your auction there are 3 expenses. These include Marketing/Advertising, Setup/Removal and Commission. All of these expenses are subjective and require knowledge of what is being sold, location, type of auction (live or online only) and value of assets to be sold. Typically, a site visit is necessary so our staff can provide you with an accurate assessment of costs and overall value you will achieve.
Do you have a facility where you conduct auctions of personal property and what happens on sale day?
Other than our Great Smoky Construction & Farm Equipment Auction in West Knoxville, most Furrow Auction Company events are held at the location of the property being sold, though some are held at another location, such as a hotel ballroom. Furrow Auction staff will begin registering bidders approximately one to two hours before the scheduled auction time. Typically, there will an inspection the day prior on equipment auctions from 9am-4pm. Smaller auctions may have inspection the day of the auction only or by appointment.
What’s the difference between an absolute and a reserved auction?
In an absolute auction, the property sells to the highest bidder regardless of price. This type of auction tends to get the best results, because it attracts the largest number of bidders. This type of auction is sometimes referred to as an “unreserved” auction. The reserve auction differs in that the seller retains the right not to convey the property if the high bid is deemed unsatisfactory. The reserve is usually not communicated. (Note: This type of sale is sometimes referred to as “subject to seller confirmation.”)
Are you ready for an auction? Contact us.
