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Recently, we ran an unclaimed property auction for the Braintree Police Department. It was one of the largest turn outs we’ve ever seen at an auction of this type. It just so happened that we ended up running the same day and time as the Bruins 2011 Stanley Cup victory parade which jammed up many of the highways leading into the city and affected traffic in adjacent metro areas including our auction site providing our auction marketing & PR campaign with a true test of effectiveness.
To accommodate everyone who came we delayed the police auction by nearly an hour. Some who saw the crowd decided not to stay fearing prices would be artificially high and the auction would drag on. At the start of the auction nearly 300 bidders were registered to bid on 204 items including bicycles, electronics, tools, hunting knives, new clothing lots, new shoes and bags and miscellaneous jewelry items.
The crowd consisted of onlookers, families, new auction attendees and seasoned auction veterans. 204 lots were sold in just over two hours. Of the 300 attendees only 50 were winning bidders. Auction attendees who were veterans of the storage auction circuit made up approximately 15% of the crowd, but accounted for 70% of the purchases.
A week after the auction many of those auction regulars reported selling their police auction purchases for a tidy profit. Any party intimidated by the number of attendees would have undoubtedly missed an opportunity as the stats seem to indicate the buyer’s knowledge of value is far more important than the size of the crowd. We hope you enjoy your next auction!
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