Tips for adding late additions to a live auction

One challenge auctioneers can face, is adding late additions to an auction. On one hand you don't want to turn anything away in this "feast or famine" business. On the other hand, if you take late additions and they're not well promoted, they can suffer a low price.

Here are some things to consider with late additions:

• If the item in question is very niche and valuable, if at all possible, hold on to it for a future auction.
• If the item is one for which you have regular customers that buy in this genre, make some phone calls.
• If it's a consignment, let the seller know that a late add to the sale is a dicey proposition.
• Make an announcement to the crowd at the beginning of the sale about the late additions.
• In general, I don't believe in reserves, but this may be a circumstance when one is called for. You can always announce that the item has come in the door late and that it has not been advertised, therefore, you feel it prudent to place a reasonable reserve. If it doesn't make the reserve, announce that it will be at the next sale without reserve.

Nearly every auction attracts people who want to sell or consign at the last minute, it's the nature of the auction business. Being prepared for this quandary will put more money in your pocket.