Are Auctions Just a Fad?

Poodle skirts were a fad; leisure suits were a fad; the game Twister, which gave an entire generation bad backs and bad hips, was also a fad; but what about auctions? For a good part of my life, I don't think I heard anyone discuss or even mention an auction or an auction house. However for the last fifteen years, it has been a main stay of our culture. 

The purveyors of fine antiques have always been part of the auction circuit since many antiques can only be acquired in this manner. Fast forward to today and you find electricians, nurses, teachers, plumbers and housewives either attending their local auction houses or shopping at an online auction site.

There is no question that eBay was, and is still is, an extraordinary phenomenon. It breathed new life into the brick and mortar auction houses that have been in existence for years all over the country. It has also completely transformed the entire antiques and collectibles business. Many new antique malls and shops, as well as many new auction houses have sprouted up everywhere during the last few years. It even spawned a number of television shows.

Due to a lack of proper capital or a lack of experience, some of the people who opened these new businesses did not fair very well. But others realized success beyond their wildest dreams, especially those who became sellers on eBay. eBay gave unbelievable opportunities to people such as stay at home moms, senior citizens, those with disabilities and many others. It gave a segment of the population options they didn't have before - the ability to make additional income, or their entire income, right from their living rooms or their kitchens. 

Getting into the auction business was a spur of the moment decision for both my husband and I and we will always be grateful that we took the plunge. Obviously we were very lucky. Acting as impulsively as we did is not the smartest way to make a career change. We would recommend you do your homework first - a little research could save you from making a costly mistake. Succeeding in a down economy can be precarious. Also, the area in which you live could also be a very important factor. Antiques and collectibles are not "big" everywhere. 

We don't believe that the auction business as it exists today qualifies as a fad. It has changed greatly but the art of auctioning has been around for a long time and, in our opinion, it will be around until the end of time - in one form or another. As an example, Christie's has been in business since the 1700's and there are a few other auction houses that have been in business almost as long. 

The word "auction" is derived from a Latin word meaning "to increase" or "augment". Auctions date back as far as 500 BC and may even date back further than that. No one really knows for sure. In ancient Babylon, women were auctioned off for the purpose of marriage. The Roman Empire also made use of the auction arena to liquidate the assets of debtors whose property had been seized. 

In today's world, just about everything imaginable has crossed the auction block from real estate to livestock to wine. Those items aren't on our list of preferences but the wonderful antiques and collectibles that have circulated the world via a bang of the gavel most certainly are.

Why anyone would even consider going to a 50% off sale at Bloomingdale's over going to an auction is just beyond our comprehension. There is nothing more exciting than watching a good auctioneer perform in front of a real live audience full of excited buyers. It's absolute magic. Many of the great deals that can be had at auction are just as magical.

Auctions may prove to be a fad for a handful of people but the majority of auction goers were sentenced to a life time obsession the moment they were presented with their very first bid card.

Written by Anne Benedetto, Auction House Talk
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