Colin MacKinnon and Kevin McElhone have raised some valid points
about liquidating a collection or estate.  Selling a person's lifetime
accumulation can be a daunting task and most of us are inexperienced
in this area.

The two most common methods used are auction and estate sale.  There
are advantages and disadvantages to using each method.  With an
auction, all items are offered for bid.  If an item is receiving no
bids, the auctioneer will often "sweeten the pot" by including another
lot to evoke bids.  In this manner, everything gets sold.

However, auctions do not always bring the best prices for things.  So
much depends on skill of the auctioneer in organizing and advertising
the sale, and his ability to induce bids.  There must also be a certain
amount of patience on the part of the buyers to wait until a desired
item comes up for sale.

I once attended an auction where a very nice table with inlaid
marquetry work went for just a few dollars.  The auctioneer spent so
much time selling off the knick-knacks first, when the furniture items
finally came up, buyers had already spent their limit or left the
building.

An estate sale, on the other hand, is like a big garage sale.  Items
are pre-priced beforehand and it's "first come, first served".  For the
sale operators, pricing is always a concern.  Did we charge too much?
Too little?  Or do we just want to get rid of as much as possible?

There are professional estate sale services available for those who
would like help organizing and handling a sale.  These services can
help people properly price items so that a valuable antique doesn't
walk out the door at a "steal" price.  They also operate the sale and
handle questions or offers from buyers.  This helps ease the pressure
from aggressive wheeler-dealers who try to coerce family members into
making an uninformed deal under duress.  You have someone who is
experienced in dealing with these folks and also has a good idea what
items should sell for.

When my dad's estate was being settled, we had two auctions and an
estate sale.  There was a different crowd of people at each event.
At the estate sale, a number of people told us, "I'm so glad you didn't
have an auction!"

To conclude, I'd like to make a suggestion.  Why not have a living
estate sale?  Why burden your heirs with the decisions about
liquidating your belongings?  Start selling off things now while you're
still breathing and still cognizant enough to advise on their worth,
and able-bodied enough to move these items out of your garage,
basement, shed, etc.  It will be good experience for your heirs so
they can better handle the rest of your estate when you're gone.

Joyce Brite
Player Piano and Mechanical Music Exchange
http://mmd.foxtail.com/Exchange/