Going, Going, Going, Gone! sold to the highest bidder By Sheila D. Nelson
The auction scene throughout the New River Valley is an active one, and if you are not participating, you are really missing out on fun, entertainment, sport, shopping, camaraderie and perhaps the bargain of a lifetime! Just about anything can be sold at auction: real estate, livestock, antiques, fine art, folk art, household items, farm implements, books……………the list is virtually limitless. The word “auction” comes from the Latin word “augeo,” meaning “I increase” or “I augment.” Although now common in America, auctions were sporadic and infrequent until the 17th century. They have never become popular in Asia and are conducted in a much more restrained style in Great Britain. The fast-talking auctioneer is uniquely American. Each develops his or her own particular style of the auctioneer chant, lulling attendees into a conditioned pattern of call and response. The speed gives buyers a sense of urgency and keeps the auction moving at a rapid clip. Although real estate and more valuable items often have set minimum bids, the vast majority of items are sold at “absolute auction,” meaning that it is sold to the highest
36
registered bidder regardless of price. There is no minimum, and the seller cannot reject the highest bid attained at the auction. Auctioneers are regulated in Virginia, must successfully complete a course at an approved auction school and need to pass the state auctioneers exam to be licensed. The Department of Professional and Occupational Regulations handles auctioneer licensing through a 5-member auctioneers board consisting of three licensed auctioneers and two citizen members. Larry Linkous, one of the NRV’s well-known auctioneers, chairs that board. Auctioneers become more proficient as they practice. They learn to quickly appraise an item in order to know where to start the bidding. Some NRV auctioneers list specialty type items, such as real estate, firearms, coins, fine antiques, primitives, art and folk art. Some of the most unusual items they have auctioned include everything from embalming machines to caskets in the liquidation of a funeral home business and a rare, early, Moravian pottery animal in great condition. Ken Farmer, well-known for his appearances on Antiques Roadshow as a specialist in folk art, furniture, decorative arts and musical
instruments, reported selling a clock from Pulaski County for $283,000; the clock was rare because it was one of less than six known by that maker and was in mint condition. Most auctioneers have that “dream item” they hope to auction some day. Some of these include a single item for $1 million or more, a multi-billion dollar franchise and an extremely rare specialty item such as a firearm or coin that is one of a kind and has never been offered for sale before. Each potential bidder should know the basics before attending an auction. Check the payment terms in advance and pick-up and delivery options. Attend the preview to inspect the goods before you bid. You do not want to end up like the person who got caught up in auction frenzy and bought an off-road vehicle. When it was delivered, he discovered that he had purchased a canoe!!! Sheila D. Nelson is a Pulaski-based, freelance writer who expresses special thanks to Ken Farmer, Larry Linkous, Robert Smith and Tim Dalton for sharing experiences and expertise as auctioneers, and to Ron Frank, owner of New River Valley Auction House in Pulaski.
N R V M A G A Z I N E May/June 2016