What are the General Steps of Consignment?
Step One: Send Images
To begin the consignment process, it is always helpful to email images and information on the item(s) you wish to possibly sell at auction. You may send this information to email@example.com. Photographs in the form of JPEGs or PDFs is usually recommended. You will receive confirmation that your message has been received within two business days. If you are not able to send photos electronically, please free to call Courtney at 404-889-9726 to discuss your property and a possible visit for a walk-through.
Step Two: Auction Consultation
All inquiries are directed to the appropriate specialist to gauge current market interest. For salable property, you will receive a preliminary pre-auction estimate of current value for each item. After receiving the proposal, you can decide whether you would like to proceed with consignment.
Step Three: Consign to Auction
Upon agreeing to consign the desired property, you will sign a consignment contract and determine whether you should set a minimum or 'reserve' price. Property will then be shipped to The Potomack Company's gallery in the DC metro area, where all items are professionally catalogued and photographed. Before each sale, items for upcoming auction are available for preview both online and in-person to an international clientele.
Step Four: Payment After Sale
After the completed auction, you will receive an accounting that lists the final hammer price for each lot sold. You will receive payment (the hammer price less the seller's commission and agreed-upon expenses) within thirty days of the sale of the property, provided the winning buyer has paid.
Not familiar with all the auction lingo? Read Auction in Translation for frequently used phrases and terms.