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12 Estate Auction Myths, According to a Top Estate Auction Company in Leawood

12 Estate Auction Myths, According to a Top Estate Auction Company in Leawood photo

Estate auctions can be an exciting avenue to find unique and valuable items. However, many people are deterred by misconceptions surrounding these events. As an experienced estate auction company in Leawood, our team at Auction By Mayo is here to debunk some of the biggest myths about attending estate auctions.


Myth #1: Auctions Hosted by an Estate Auction Company in Leawood are Only for the Wealthy

One common myth is that estate auctions are exclusive events meant only for wealthy individuals or serious collectors. In reality, estate auctions are open to everyone, regardless of their budget. From affordable trinkets to high-end antiques, there's a wide range of items available to suit different price ranges.


Myth #2: All Items are Expensive at an Estate Auction

This misconception might stem from high-profile auctions where items sell for exorbitant prices. However, not all items at an estate auction are expensive. Many auctions feature everyday items, furniture, and collectibles that can be bought at reasonable prices. As a longtime auction company in Leawood, we know that it’s all about knowing when to bid and setting a limit for yourself.


Myth #3: You Must Be an Expert to Participate at an Auction Hosted by an Estate Auction Company in Leawood 

While having knowledge about certain items can be beneficial, you certainly don't need to be an expert to participate in an estate auction. Auction houses provide descriptions and condition reports for each item. Don't hesitate to ask questions if you're unsure about something. The auction process is designed to be transparent and fair for all participants.


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Myth #4: Auctions are Intimidating and Confusing

Auctions can indeed seem overwhelming at first, but they're not as intimidating as they appear. Before the auction starts, the auctioneer will explain the process and rules. If you're new to auctions, consider attending a few as a spectator to get a feel for the atmosphere and pace.


Myth #5: The Bid Always Goes to the Highest Bidder at an Auction Hosted by an Estate Auction Company in Leawood 

The highest bidder does usually win the item, but not always. Some items have a reserve price set by the seller, which is the minimum amount they're willing to accept. If bidding doesn't reach this reserve price, the item won't be sold, even if there was a highest bid.


Myth #6: You Can't Inspect Items Before Buying

It's a common misconception that items can't be inspected before bidding. A typical auction company in Leawood, including Auction By Mayo, will offer preview days where potential bidders can inspect the items up for auction. This is your chance to examine the items closely and make an informed decision about bidding.


Myth #7: It's Easy to Accidentally Place a Bid With the Estate Auction Company in Leawood 

Many people fear that a casual gesture could accidentally be interpreted as a bid. Rest assured; auctioneers are skilled at reading the room and distinguishing intentional bids from unintentional movements. If you're worried, simply clarify with the auctioneer beforehand about the correct way to place a bid.


Myth #8: Online Auctions are Better than Live Auctions

Some people believe that online auctions offer better deals and are more convenient. While online auctions do have their advantages, live auctions offer a unique experience that can't be replicated online. You get to see the items in person and feel the energy of the auction room. Plus, events hosted by an estate auction company in Leawood give you the chance to ask questions and get immediate answers.


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Myth #9: You Can Return an Item to the Estate Auction Company in Leawood if You Change Your Mind

Unlike retail shopping, most auction houses operate on an "all sales are final" basis. Once the hammer falls and you're the highest bidder, you're committed to buying that item. This is why it's important to inspect items during preview days and bid carefully.


Myth #10: Auction Houses Try to Trick You

This myth stems from the belief that auction houses try to sneak in damaged goods or inflate prices. A reputable auction company in Leawood, like Auction By Mayo, values its reputation and strives for transparency. Detailed descriptions and condition reports are provided, and any known damage is disclosed upfront.


Myth #11: It's Impossible to Get a Good Deal from an Estate Auction Company in Leawood

Contrary to belief, auctions can be a great place to find good deals. Not all items attract competitive bidding, and sometimes you might find yourself the only bidder for a particular item. With a bit of luck and a good strategy, you could walk away with an item at a fraction of its retail price.


Myth #12: All Sales Hosted by an Auction Company in Leawood Are the Same

Each auction house has its own rules, procedures, and types of items they specialize in. Estate auctions can vary greatly depending on the estate being liquidated. It's always a good idea to research and understand the specific terms of the auction you're attending.


Understanding the realities of estate auctions can help dispel these myths and encourage more people to participate. Remember, every auction is a unique experience, offering the thrill of the bidding process and the chance to own a piece of history or a one-of-a-kind item. So, step into your next estate auction with confidence. Happy bidding, from your friendly estate auction company in Leawood!


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Are You Looking for a Dependable Estate and Live Auction Company in Leawood?

Mayo Auction & Realty is a full-service real estate auction company in Leawood that effectively markets your property to the world. As a seller, you will enjoy getting market value for your property or assets in the time frame you need. We are a Leawood online auction company as well. As a buyer, you will enjoy our easy-to-use competitive bidding marketplace.

Whether you are buying or selling, Mayo Auction & Realty will be here to guide you through the entire process. The Mayo Auction & Realty team is here to make your life easier, so contact us today. We look forward to assisting you with all your auction and estate sale needs.