CONSIGNOR FAQ

Selling using the auction method is one of the fastest and most efficient means to obtain full value for your items. Through competitive bidding, auction sales establish true fair market value. Auctions also create an exciting, competitive environment to help to drive up prices.

When you decide to sell at auction with us, you can decide what you will sell, when you will sell it, and what minimum price you will accept.

Millions of items are sold at auction daily and auctions are the preferred method of establishing fair market value for most tradable items. Stocks, bonds, treasury bills, and commodities such as gold, silver, platinum, and oil, as well as automobiles, fine art, antiques, fine jewelry, and collectibles, are all frequent items on the auction block. Businesses, exchanges, governments, courts, and individuals use auctions because they have a high percentage margin of successful transactions with swift returns. Auction sales are also among the few methods of determining true fair market value for unique or one-of-a-kind items because the final sale price is determined by the participation of the consumer.

An auction estimate is an evaluation of the price an item or group of items may be expected to bring at auction, based on past auction performance for similar items and current market conditions.

An auction estimate frequently can be provided via photographs without seeing the item in person, but we may ask to schedule an appointment with you to see the item(s) in person if necessary. Please contact us by telephone, by email, or by simply using our web inquiry form on our website.

An auction estimate, whether verbal or written, is not an appraisal and should not be used for any purpose other than as a rough idea of the price an item might achieve at auction. Auction estimates are not guarantees. Each auction and each item is unique. Each have their own character, qualities, and flaws. Therefore, the actual price realized for an item at auction may be higher or lower than the auction estimate.

If you are interested in consigning items for sale at auction with Oakridge Auction Gallery, please contact us by telephone, by email, or by using our web inquiry form. We will ask you for details regarding your item(s), and ask for photos to be sent to us, either by email, text, or by attaching digital copies to the online consignment form, in order to evaluate your items for auction. For single items or small collections, you may also make an appointment to bring your items to us for an evaluation in person.

We will determine if your items are suitable for auction at Oakridge Auction Gallery and, if so, provide you with a pre-sale auction estimate for each item under consideration. If you agree to consign, we will enter into a contractual agreement with you. We will keep you up to date with when your pieces will be on the auction block and, afterwards, what they sold for. Your items will be professionally marketed, photographed, and catalogued in print and/or online to bring you the highest return value for your collection.

Payment To Seller

If you are the consignor of items to Oakridge Auction Gallery, within thirty days following the completion of the auction, Oakridge Auction Gallery will:

• Provide you with a full accounting of the auction,

• Inform you of any installment arrangement made with a winning bidder or winning bidders, and

• Remit all proceeds of the sale due to you, less commission and any expenses that you agreed to pay, due at that time.

In the event that a purchaser pays for their winning purchases in installments, every thirty days, Oakridge Auction Gallery will again provide you with a full accounting of the installments and remit all proceeds of the sale due to you, less commissions and any expenses that you agreed to pay, that are due at that time. This thirty day process will continue until you are fully paid for the items sold on your behalf. Oakridge Auction Gallery will not allow your items to be delivered to a purchaser until that purchaser has paid for the item in full.

Unsold Items

Unsold lots are items that did not sell because they did not meet the reserve. If you are the consignor of an unsold item, you can choose from several options:

• You may re-consign the lot or lots Oakridge Auction Gallery with a 50% reduction in estimate and with no reserve. They will then be offered in a future auction for similar items,

• You may choose to allow Oakridge Auction Gallery to offer the item or items for private treaty sale, or

• You may have the item or items returned to you.

If an item fails to sell in multiple consecutive auctions, Oakridge Auction Gallery reserves the right limit the number of auction attempts for a given item.

Oakridge does offer the option of setting a reserve, an amount under which an item cannot sell regardless of final bid amount. Please note that all contracts made after July 15, 2019 will require a $25 per item fee to set reserves, and no reserves will be accepted for items estimated to sell below $500. Please speak to your specialist about your concerns and they will advise you of a recommended reserve and of your options and rights under your current contract.

Oakridge acknowledges that all consigned items remain in the possession of the consignor until purchase, meaning that a consignor may always request to have items returned to them. Please note, however, that an item that is pulled by the consignor after the sale is published, which occurs one month prior to a sale, will be charged a 1.5% buyback fee to offset the costs which have gone into cataloguing, marketing, staging, photographing, storing, and hosting the item on the online platform. This buyback fee does not apply to items which pass at auction and are then requested to be returned to the consignor.

Please do not hesitate to communicate your concerns about your item's estimate to your specialist prior to the sale's publication and exhibition. We strive to communicate clearly and punctually with our consignors to prevent misunderstandings and to provide a fluid, informative experience for our buyers.

Lots which pass at auction may be reallocated to another sale with the consignor's approval or returned to the consignor at their request. The policy at Oakridge is that all items left unclaimed for more than 45 days will be considered abandoned property, to be disposed of according to Oakridge's best judgement.

Please communicate readily with us if you know that you will have trouble collecting your item within the allotted 30 days. Please arrange another pick-up date with us at your earliest convenience.

Please also note that scheduling a pick-up date that is several months past the 30 day allotment will incur a storage fee.