Always use a licensed auctioneer

Some people are surprised to learn that auctioneers in Indiana are required to be licensed and must undergo several hours of continuing study to maintain that license. Although some states do not require their auctioneers to be licensed, the majority do. In Indiana anyone wanting to be an auctioneer must take 80 hours of class, pass three tests and pass a final exam before being licensed. These classes focus on the laws that exist for auctioneers, ethical considerations for auctioneers as well as bid calling and other practical matters. As mentioned above, before a license can be renewed the auctioneer must take 16 hours of continuing education. I'm pleased to announce that I am licensed in both Indiana and Kentucky to conduct auctions.

With the growth of online auctions one of the questions being asked around the country is if their states require licensing for those doing online auctions. In many states the answer is no, and it is causing problems. Some states are now looking into requiring licenses for their online auctioneers because of these problems.

Does it matter if the auctioneer you use is licensed? I believe it does. A licensed auctioneer has been taught how to conduct auctions that will help you get the best possible prices for your items. He or she have been taught how to deal ethically with both sellers and buyers. Did you know that a licensed auctioneer in Indiana must deposit any money taken in at an auction into an escrow bank account within 24 hours of the auction if that money is not immediately paid to the seller, and that he or she is not allowed to keep personal money in that escrow account? This is one way the auction profession protects its sellers. A licensed auctioneer is accountable to the state auction board. If there is a complaint against the auctioneer it can be taken to this board and investigated. A non-licensed auctioneer is accountable to no one. Licensed auctioneers have often spent years building their business and likely has a large number of regulars who attend his or her auctions. This provides more potential buyers for the items being sold.

Many licensed auctioneers belong to state and/or national auction associations. Even those who do not network with other auctioneers in their nearby communities. I have worked for four of my competitors helping them at their auctions. A fifth worked one auction for me. Even though we are competitors, we are also colleagues. This can be a huge asset. I know if I have questions about an item brought to me to sell that I can get those questions answered. Some of these auctioneers have referred auctions to me because they believed I could do the seller a better job than they could, and I have referred clients to other auctioneers because I knew they specialized in selling the kinds of things that were being offered. Working together in this way often helps the seller realize better prices for the items they are selling.

There is one more important thing to consider. If a non-licensed person offers to sell your items at auction in a state that requires a license that person is already breaking the law. Is this the person you want to trust with your family's heirlooms and valuables?

Whether you are selling at a live event or in an online auction, I believe it's best to use a licensed auctioneer for the reasons listed here.



 

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