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 Post subject: $27,000 storage unit
PostPosted: Fri Feb 11, 2011 11:36 am 
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Joined: Thu Feb 10, 2011 4:20 pm
Posts: 2
Yesterday I went to a storage unit auction in Sterling VA. Two units that were owned by the same person went up for bids individualy (brought $9,000 total) and then were combined. The combined bidding started at $10,000 and ended at $27,000. The units were each 20x10x10 and were filled to the brim with clocks, art, books, and antiques. You could not see more than 2 feet into the units because they were so jammed packed. The doors would not even go up all the way because the unit was so full. It was pretty dang exciting to see someone take such a huge gamble. From what I could see(which was just the tip of the iceberg) the stuff was all high quality.


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 Post subject: Re: $27,000 storage unit
PostPosted: Sun Feb 13, 2011 12:25 pm 
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Joined: Sun Sep 16, 2007 5:51 am
Posts: 424
I'm Sure Glad That Wasn't On The Storage Wars Show, We'd Have Newbies Crawling Out of the Woodwork, Thinking There Would Be More Of Them!

_________________
John D. Adams-Auctioneer
Jersey County Auction
Kane,Illinois
http://WWW.JERSEYCOUNTYAUCTIONS.COM


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 Post subject: Re: $27,000 storage unit
PostPosted: Tue Feb 15, 2011 4:53 pm 
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There were a ton of people there but they never seem to bid. About 35 people were there but maybe only 5-6 people bid on the units. I would never waste my time out in the cold if I never planned on bidding. The units ranged from $75 - $27,000 so anyone could have joined in.


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 Post subject: Re: $27,000 storage unit
PostPosted: Mon Apr 04, 2011 11:51 pm 
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Joined: Sat Nov 27, 2010 12:50 pm
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I know the guy who bought that unit...he's a veteran storage auction buyer; been doing it over 10 years. I also believe he may have had the inside scoop on who owned it and what may have been in there. He told me about some of the items he found in it, civil war papers, documents signed by 7 presidents, and a cane owned by Harry Truman.

I'll be posting an article about this on my blog...not sure if I can post the link here. Will find out if it's ok.


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 Post subject: Re: $27,000 storage unit
PostPosted: Fri Apr 22, 2011 11:20 am 
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Joined: Tue Dec 28, 2010 7:20 pm
Posts: 7
what ever happened with this storage unit? I'm curious to know more about it.


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 Post subject: Re: $27,000 storage unit
PostPosted: Thu Jun 02, 2011 8:45 am 
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Joined: Sat Feb 20, 2010 3:05 pm
Posts: 64
Location: Stockton, California
I can only imagine how much this space would have brought if the auctioneer had pulled the items out, inventoried them and sold them separately. Whenever I have units like this one, I usually break the unit down into lots, sell the lots and then offer the lots combined to one bidder. I always make more money for my clients this way. Interesting story...


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 Post subject: Re: $27,000 storage unit
PostPosted: Thu Oct 20, 2011 9:01 pm 
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Joined: Thu Oct 20, 2011 8:50 pm
Posts: 7
This is an old post, but if the OP see's the question... was this an indoor unit?

Some antiques, especially in your part of the country, can fetch hundreds of thousands of dollars. To that note, I wouldn't expect to find QUALITY antiques in an outdoor shed.


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 Post subject: Re: $27,000 storage unit
PostPosted: Tue Apr 17, 2018 9:39 pm 
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Joined: Thu May 02, 2013 10:50 pm
Posts: 1
Tom Litton wrote:
I can only imagine how much this space would have brought if the auctioneer had pulled the items out, inventoried them and sold them separately. Whenever I have units like this one, I usually break the unit down into lots, sell the lots and then offer the lots combined to one bidder. I always make more money for my clients this way. Interesting story...

Want to ruin storage auctions ..this is what does ir


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 Post subject: Re: $27,000 storage unit
PostPosted: Mon May 07, 2018 12:17 pm 
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Joined: Sun Sep 16, 2007 5:54 am
Posts: 271
Location: New York state
james denton - 1 wrote:
Want to ruin storage auctions ..this is what does it


Admittedly, bidders likely will have to pay more for individual items, BUT the auctioneer's legal duty is to get the most possible money for his/her client (the storage unit owner). An auctioneer has absolutely no obligation to consignors, whatsoever.

I can't see how an auctioneer removing items from a unit and selling them individually might "ruin" a storage auction, unless it is ruining it for bidders who may have to bid/pay more than they want for quality pieces?

Note, Mr Litton's technique is called a "Round Robin" for those who aren't aware -- catalog each piece, and get an individual high bid on it, until all the items have a "high bid"; then offer the ENTIRE GROUP as one single lot, with the starting bid on everything being the TOTAL of all the individual high bids or the next higher increment - which essentially is the same as if you could have inspected the unit and seen what was in there. If nobody beats the sum total of the individual high bids, then they are sold to the high bidder of each piece.

The only thing a Round Robin "ruins" is the chance to buy the entire lot for a bargain basement price, instead of more like what it is really worth. Mr Litton deserves to be commended for being willing to spend significant extra work and time on behalf of his client -- even though it's only "doing his job" as the agent of the owner/seller.


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