Five Reasons To Hire Professional Representation When Auctioning Off Your Coin Collection

Posted on: 16 June 2017

If you're thinking about auctioning off a coin collection, it's a good idea to consider working with an experienced representative who specializes in auctions – here's why:

They'll Do the Appraising

One of the most important things your auction representative can do for you is to appraise each coin in your collection individually to get an accurate idea of how much your overall collection is worth. They can provide you with an itemized list of appraisals once your collection has been inspected, so you can pick any coins out that are worth a substantial amount of money and therefore want to hold onto. They can also help you determine whether or not you should hold off on selling any of the coins in your collection because they're expected to appreciate at some point in the near future.

They'll Recommend Packages

Another thing your professional auction representative can do is recommend the types of packages to sell your coins in. For instance, they may realize that if you sell all your old copper pennies separate from the other coins, you'll make more money from their sale. And although it's not typically a good idea to sell your coins by weight, your representative can identify any coins that are damaged or off-quality in some way and create packages by weight with them to sell at auction. This should help make your more valuable coin packages worth more overall, and ensure that you make at least a little money on the least valuable stuff.

They'll Do All the Marketing

If you're not already a sales person by trade, marketing your coin auction can be timely, stressful, and overwhelming. Luckily, an experienced coin auction representative has access to a multitude of proven marketing methods and will make sure that your auction gets plenty of attention with no work on your part. You can expect your representative to utilize newspaper, social media, word-of-mouth, and community-based advertising to draw attention to your auction so your chances of getting an offer for everything you're selling are optimized. All you'll have to do is show up on auction day to watch all the offers come pouring in.

They'll Do the Wheeling and Dealing

You can forget about having to talk people into buying your coins at auction when you've got a professional representing you throughout the process. They will take the time to get to know your coin collection intimately so they understand their value, unique characteristics, and other features that buyers will likely want to know about before making an official offer. With the information that's gained, your representative can provide buyers with a clear picture of what you're offering, and they have the experience needed to make each piece in your collection seem like it's one of a kind. In short, your auction representative effectively doubles as a sales agent.

They'll Make Sure You Get Your Money

Getting paid after a successful auction isn't necessarily hard, but it's time-consuming and tends to come with a lot of paperwork for tax and other purposes. In addition to the appraising and marketing, your auction representative should be able to close your deals, take care of the paperwork, and get you paid all within a matter of a couple days. You'll likely have to sign some paperwork yourself, but your representative can walk you through all the necessary steps so nothing important is improperly documented and the process isn't unnecessarily delayed.

For these reasons and more, you owe it to yourself and your bank account to work with a professional representative when auctioning off any coin collection, small or large.

For more information, contact local professionals like Harlan J. Berk, LTD.