Estate Sales and Auctions an Emerging Trend in Boston
Posted by Centralmassauctions on February 24th, 2015
Estate sales or liquidations are typically conducted by tag sale or auction aimed at disposing of all or a substantial portion of assets or materials owned. Personal property may be from a descendant estate or someone who wants to dispose of his or her personal possessions for financial reasons or to facilitate a move. However, the most common reason for estate sales and auctions are that a property owner is deceased, which triggers the need to liquidate his or her belongings for any of the following reasons:
• The heirs or survivors have no interest in the bulk of belongings, and personal effects left by the deceased
• The heirs or survivors lack the space to keep many of the belongings
• The heirs or survivors cannot agree to the manner of disposition of the tangible property, which places the court in the position to sell the antiques at an estate sale, the proceeds of which are to be divided among the heirs or survivors, after all the estate's debts have paid for; or
• The descendant’s will mandates the sale of the assets in this manner.
Estate sales or auctions may also occur because the owner is planning on moving or has already moved into a brand new residence and can no longer keep the property. This is often true in the case of seniors who choose to move into assisted living facilities, a retirement community, or the home of a member of the family. Estate sales may also be initiated because of a foreclosure, divorce, or relocation.
The way estate sales are conducted may vary depending on the jurisdiction, but certain standards are followed. They are traditionally conducted by a professional, who often receives a percentage of the revenues. The estate liquidator may also charge other costs to facilitate the sale, including marketing and advertising, research, security, labor, and other fees incurred to facilitate a successful sale.
Estate sales are also traditionally run by professional firms that are required to obtain proper permits for the sale and to collect tax on items that are sold. Buyers with valid tax identification may be tax-exempt. Depending on the jurisdiction, these firms may also be limited in terms of advertising such as a restricted number of marketing options and a particular number of advertisements that may be placed near the sale location. If you are looking forward to downsize then go ahead and take help from an estate sales and auctions company.
About the author:
Wayne Tuiskula is the auctioneer and appraiser for Central Mass Auctions Inc in Worcester, Massachusetts. He has been selling antiques for over 25 years since he first began assisting estate executors and attorneys with liquidating estate contents. He was a dealer at the Brimfield Antique show, ran an antique shop in Charlton, Mass and conducted estate sales. Tuiskula sold antiques on the internet prior to and after the development of online auction sites.
Wayne holds GPPA appraisal credentials through the National Auctioneers Association. He has been a collectibles appraiser for PBS Antique Roadshow. Tuiskula designed and teaches the “Evaluating your Antiques” class. He writes articles on estates, antiques and collectibles for the Stonebridge Press newspapers and ecommercebytes.com. Wayne is a member of the National Auctioneers Association, New England Appraisers Association, Worcester Regional Chamber of Commerce and other professional and civic groups.
