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Selling an item at auction can be an exhilarating experience. Whether you’ve consigned a vintage watch, a kitchen appliance or a collector’s item, watching potential buyers bid on your possession is both nerve-wracking and exciting. But what happens when your item doesn’t sell? The auction closes, and no bids reach the reserve price, or perhaps no one bids at all.
At first, this may feel disappointing, but it’s not the end of the road. An unsold item provides valuable insights and an opportunity to reassess your strategy. Many items that don’t sell initially go on to find their buyers in subsequent auctions. To turn this temporary setback into a future success, you need a clear plan of action.
Here we explore what to do if your item doesn’t sell, offering insights into how to reassess your approach, improve your chances in future auctions and explore alternatives courses of action.
When your item doesn’t sell, the first thing to do is analyse the auction's results. You’ll need to dig into the auction’s dynamics, the performance of your item compared to others, and the broader market trends. Here’s how to get started:
Economic environment
Auction performance can be closely tied to the economic climate. If there’s market instability, financial crises, or even unexpected world events, buyers may be more conservative with their spending. This could impact auction outcomes, particularly in markets for luxury goods, art or collectables.
Seasonality
Some items perform better at certain times of the year. For example, luxury goods and jewellery might sometimes fare better during the holiday season when gift buying is at its peak, while antiques or art might perform well in spring or autumn which are typically stronger periods for art auctions.
Was the reserve price too high?
One of the most common reasons an item doesn’t sell is that the reserve price, the minimum amount you are willing to accept, was set too high. If the market value didn’t align with the reserve, buyers may have hesitated to bid. In many cases, lowering the reserve could lead to a sale, even if it means accepting a slightly lower price than initially hoped.
Was there enough interest?
Another reason your item didn’t sell could be a lack of sufficient interest. Consider investing a small pot of money towards marketing as it can make the world of difference driving the right audience to what you’re offering.
Other factors to consider
Bidder engagement
Were there any registered bids on your item at all? If there were bidders, but none reached the reserve, this may indicate the reserve price was the issue. If no one bid, it could suggest a lack of visibility, interest, or appeal.
Competing items
Consider the competition within the auction. Were there similar or comparable items listed that outshone yours? If your item was part of a crowded category, it might have been overshadowed by something more attractive to buyers in that particular auction.
Once you’ve gathered all of this information, you’ll have a clearer idea of what might have contributed to the no-sale.
Our team have vast experience and insight into buyer behaviour, market trends, and what makes items sell or stall. Reach out for a detailed discussion of why your item didn’t perform as expected. Find out whether there was any interest during the auction. Were potential buyers asking questions, leaving absentee bids, or showing signs of interest that didn’t convert into a sale?
Ask for comparable sales data. Did similar items sell, and if so, what were their final prices? This can give you a benchmark for your item's value and whether the auction attracted the right buyers.
We may also suggest changes to the presentation or offer to place the item in a different sale better suited to its category or value.
Reevaluate your pricing strategy
A high reserve price can be a major deterrent to bidders. Auction participants tend to be more cautious when they sense that an item might not be attainable due to a high reserve. Here’s how to address this:
The reserve price is the minimum amount you're willing to accept. If it’s set too high above the item’s perceived market value, buyers may not even bother to place an opening bid. Reducing the reserve price for future auctions can make your item more accessible to bidders, potentially leading to a sale.
Research market trends
To determine a more realistic reserve, conduct a thorough comparison of recent auction results for similar items. Examine trends to see how prices have shifted over time and what factors have influenced these shifts.
Psychology of bidding
Consider starting with a lower opening bid or removing the reserve price entirely. This can spark more interest and generate competitive bidding. Often, the psychological element of seeing other bidders compete encourages additional bids, pushing the final price beyond expectations.
The presentation of an auction item can significantly impact its saleability. If your item didn’t sell, review how it was displayed and described. Improving these aspects could be the key to a successful sale in the next auction.
Improve visual presentation
High-quality photography: Ensure that your item is photographed properly, showcasing it from multiple angles. Images should highlight important features, fine details, and any areas of wear or restoration. For art, use appropriate lighting to capture the texture and colour of the piece accurately. For jewellery, focus on the sparkle and clarity of gemstones. If needed, invest in professional photography services.
Provide full provenance
Include detailed information on the history and origin of the item, particularly for antiques, art and luxury goods. Provenance, or the documented history of ownership, can add significant value to an item by verifying its authenticity and heritage.
Unique details
Does your item have a unique story? Was it owned by someone famous or crafted by a master artisan? Make sure these details are prominently featured to create an emotional connection with buyers.
Condition reports
Be transparent about the item’s condition. A full, accurate condition report can build trust with buyers and reduce the likelihood of surprises later in the transaction.
If relisting the item as is isn’t the right solution, there are several other avenues to consider. Each has its pros and cons, depending on your item’s value and target audience.
Dedicated auction
If you’ve taken part in a collective auction with other vendors and you haven’t had a successful result, if you have a number of items to sell, you should consider a dedicated sale. Discuss this with your account manager to get their expert view.
Consider auction run time
Was the auction live for long enough? We always advise them to run for a minimum of two weeks to get enough exposure. If you can run them for longer, even better. There’s no point in rushing the process as you’re limiting your audience.
Hold or withdraw until the market improves
If market conditions are unfavourable, it may be wise to hold on until the timing is right.
Selling at auction can sometimes require multiple attempts. If your item doesn’t sell right away, don’t get discouraged. Many valuable items take time to find the right buyer. Auction markets fluctuate and buyer interest can change quickly. By following these steps and adjusting your strategy as needed, your item’s next appearance in an auction may be a success.
An unsold auction item is not a failure - it’s an opportunity to refine your approach and make the next attempt more successful. By evaluating the reasons behind the no-sale, adjusting your pricing, improving the presentation and adjusting your approach, you can increase the chances of selling your item in the future. Keep in mind that themarket is dynamic and with persistence, you’ll find the right buyer.
If you’re unsure about the next steps check out our seller area or reach out to us directly! We’re happy to help.