The client, a leading Perth importer and retailer of quality Persian/Oriental Rugs, informed us that it wanted to develop additional stock sales using an auction sale method.
During a period of several weeks we advised the client as to how we believed the public would perceive such a sale and how we considered the operational and documentation aspects should be handled on their behalf, along with recommendations as to the level and style of promotional activities.
Initially our input for consideration focused on the following:
The majority of auction lots should be such that they would have wide appeal.
Any selling targets, whilst wanting to cover the landed wholesale cost, a modest margin and the auction costs, should primarily be set low enough to be better than what the public perceived they could buy similar rugs for in the Perth retail market.
Once auction lots have been selected, photographed and catalogued, they should be withdrawn from retail floor stock.
The catalogue should be published at least 10 days ahead of auction date and before any promotional activity is released.
The location of the auction should be be at a suitable site, away from the retail shop.
The auction lots should be presented in strict lot sequence – which makes it easier for buyers to locate rugs of interest and for our staff to locate rugs when buyers take deliver of their “buys”.
Because this auction would be the first for this client – in the eyes of the public – the selling client should “go all out” and advertise extensively at least 10 days prior to auction in the local press. This could be shaved back once a suitably large bidder database has been developed.
It was suggested that the client trawl through purchase invoices for contact details of past retail buyers as they could well be auction buyers!
Details of the auction should be available to the public on our web site 10 days before auction and that an extensive EDM exercise with a high quality flier be conducted in the lead up to the auction.
Potential buyers should have the opportunity to inspect the rugs for a period onsite the day before auction.
Absentee and telephone bidding facilities should be available.
(It should be noted that the client did not authorise and implement all of these suggestions – which were based on our 40+ years of experience in the auction space).
Our aim with this auction, as it is with all auctions we plan and conduct, is to get the best possible result for the client, after our having taken reasonable steps to achieve this.