Photo supplied.
Keith Monk in action encouraging more bids at a live auction at Chemong Auction’s facility in Peterborough.
Auctions provide a unique type of market place for used goods, where the most enthusiastic buyer sets the selling price.
These sale prices in these instances can be difficult to predict, even for experienced participants. Keith Monk has been in the business for more than forty years providing auctioneer and appraisal services around the region since 1979, so he has seen a thing or two.
Through Chemong Auction, Keith conducts live auctions called “farm clearing” events which are usually held on location at the owner’s residence which has been or is about to be sold. Items for sale include farm equipment, furniture, household items and collectibles. Occasionally even the farm itself is the subject of the auction. All items are put on display, and the “doors” usually open to interested parties to inspect the wares an hour prior to the start of the bidding, to allow them time to set their upper price limits outside of the pressure of the bidding process. Keith also provides auction services for charities, and is best known in the community for officiating at the Pie Auction at the Millbrook Fair where he has been auctioning off baking contest pie submissions on Sunday afternoon for more than thirty years.
Smaller sales arising from downsizing and urban estates are held in the auction facility located on Chemong Rd. in Peterborough. Sellers invite Monk into their home where he inspects and offers to purchase items he believes will sell and removes them to the auction house.
During the pandemic, live auctions could not be held. To keep the doors of the organization open, so to speak, Monk joined forces with his brother Ken and sister-in-law Cathy to add on-line auctions to the business. These sales are held through the firm’s website, www.chemongauction.ca. Photographs of each item and the current high bid is indicated, as well as the time remaining before the bidding is closed. Secured online purchasing for verified buyers is provided by HiBid, who manages the payment process. Online sales attract a 10% buyers’ premium to compensate for the expense of the administration. All auction sales are final and payment must be made on the day of sale by cash, e-transfers or credit card payments, which attract a 3% processing premium. Buyers are required to remove their purchases by the end of the following day, but some, including international buyers, arrange for their purchases to be shipped with the help of the auction house.
Occasionally it can be a challenge for sellers to accept that the market for some of their treasures has softened. Antique furniture no longer has the same appeal as it did twenty years ago, but other items including antique radios and pins and old coins have retained their value and can even attract a premium. According to Keith, most of the time customers not as concerned about the proceeds of the sale but are relieved that the burden of disposing of their property is no longer on their shoulders.
The next live auction is scheduled for Saturday, April 15th at 81 Laird Dr. in Lindsay, and includes two 40ft by 8ft wide sea containers. In this instance, the removal window has been extended to five days. Whether you’re a potential buyer or seller of used items, a little market research is always helpful, and perusing the on-line auctions from the comfort of home seems like an easy way to decide if you’re ready to accumulate or downsize. KG
