Anyone who has ever eaten at a restaurant that serves fresh lobster has likely seen "Market Price" or Fair Market Price listed next to it on the menu. It's the restaurant's way of communicating to the diner that because the cost of lobster changes (daily), they can't set a standard price. The market place determines the price, the value, on the lobster.
We can segue this concept to the estate liquidation world. When people look to liquidate their estates, they often associate the original purchase price to their beloved pieces and quite often, assume that because a piece is antique that it is going to be worth more than what they originally paid for it. That's where Current Market Value comes to play. Traditional estate sale professionals have to decide upon a price for any given item in the hopes that someone might purchase it at that price. If there are no takers, then the price may be dropped (repeatedly) or the seller has to enter into negotiations. Sometimes this method works. Sometimes not.
With estate auctions, the marketplace sets the price. There is also an air of excitement that sometimes lead to bidding wars. Some pieces might sell for lower than an estimated price. Others may sell well above. But typically, items sell at the truest fair market value.
That's why an online auction platform like AuctionNinja is the perfect venue for estate liquidators. It's affordable, easy to use, and allows each liquidator to have their own, unique site where they can run online estate auctions. These auctions can be viewed by a potentially limitless audience (not necessarily limited to any particular geographic area like traditional estate sales). At the end of the day, though, the estate items sold in the auction typically sell at a true market value.
With this in mind, AuctionNinja is pleased to announce the launch of its redesigned website that offers a Marketplace where all the current auctions being offered by our AuctionNinjas will be listed. We hope that this helps expand their reach and allows potential bidders the opportunity to see the online estate auction options available to them from a variety of providers.
#happybidding #AuctionNinja #onlineestateauction #fairmarketprice