What is a Treasure Trust? Learn Today and Find Unique Items
Is there an item you've been searching for over the years? Try looking at a treasure trust auction! This article is designed to provide you with the details on what a treasure trust auction is and how they work. Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.
If you're like most people, you probably own something that has a missing piece. Perhaps it is a collectible item that will complete a rare set, or maybe a china casserole dish that was lost from your great-grandmother's favorite set. Maybe you're looking for something you can't find at your local flea market, like a barley twist canopy bed frame, or a painting by an artist you wish you had purchased when you were in Paris. The list could go on and on! But, your search could become much shorter in time if you start searching at local treasure trust auctions.
What is a treasure trust auction? Well, when someone passes on, the family is usually in charge of the disposition of the estate. Sometimes, an estate can be very large and overwhelming to those who must then figure out what to do with all of the property. Many families end up making the transition easier by holding a treasure trust auction. In other cases, an estate is being handled by an attorney or a bank, and they decide to sell off the estate in a treasure trust auction.
Treasure trust auctions can include a variety of valuable items like jewelry, coins, collections, antiques, automobiles, furniture, household items and real estate. People who attend treasure trust auctions often find collectables and other rare items that they have been searching for, and end up paying a lot less for them.
Treasure trust auctions are usually announced well in advance and a complete listing of available items will be published. In addition, on the day before the auction, there is often a time period set aside for viewing so that the bidders can inspect the items they wish to bid on.
How does a treasure trust auction work? To begin, bidders must receive bidder cards from a cashier in order to make a bid on any item. In most cases a refundable cash deposit is required to receive a card. When the auction is about to begin, the auctioneer announces the terms of the sale so all bidders are aware of their responsibilities in bidding. Once a bidder is ready to make a bid, they simply raise their hand or their bidder card and the auctioneer or ringman acknowledges the bid. The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder's number once it has been sold. Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number. This information is recorded and given to the cashier who tabulates the bidder's purchases for check out from the sale. The bidder pays by either cash or cashier's check. In most cases, the bidder must remove their property from the treasure trust auction location immediately following the sale.
Article Source: Daily Digest Magazine
About the Author
Deb Weidenhamer is President of Auction Systems, the Southwest's most active auction and appraisal company. Learn more about what a treasure trust auction is and check out our treasure trust auction schedule. Visit us online or call 800-801-8880 for more information.