Selling your vintage concert posters through public auction is often a great way to turn your posters into cash!
Let's examine both the positive and negative aspects of selling through auction, and then we’ll show you how to get your vintage concert posters in front of scores of hungry bidders.
First, make no mistake about it, there are both positives and negatives to choosing the auction route when it comes time to sell your vintage concert posters. The main negatives to auction sales are as follows:
1) Auction sales take substantial time to plan, conduct, and collect the funds from winning bidders. Typically, you will consign your material to a sale 45 days before the auction is conducted. Our auctions usually run for 7 days. You receive your proceeds 21 days after the auction closes. This means, that on average, you should expect to receive your funds 7-8 weeks after you have consigned your material to auction. Clearly, this is a huge negative compared to receiving immediate payment through a private sale.
2) Auction sales, by definition, require you to relinquish control over how much you receive for your posters. As the old saying says, you have to be willing to take risks to get rewards. We have hundreds of success stories where collectors receive more than they expected for their material at auction. But there has also been are collectors that didn’t receive the results they expected. There are many reasons this is reality, a reality that is often shielded from view by auction companies hungry for consignments.
In any given auction, your material may not be as good as other lots that are competing for collector’s attention, the stock market could have taken a dump, or some other news event could temper bidder’s enthusiasm. If you have a firm number in mind of what you MUST get for your poster(s), then auction is probably not right for you.
3) Auctions involve fees that can bring the total amount realized below expectations. Let’s say that you believe market value of your poster is $1,000. The poster comes up for auction and the final bid price is $1000.00. After you deduct a 10% seller’s fee, you receive $900.00, failing to meet you expectations after waiting several weeks.
Inexperienced collectors will often counter this argument by requesting that their material be sold with reserves. While reserves are clearly an option that can be pursued, it is often counter productive. The reason for this is simple:
Collectors enter an auction excited with the possibility that they may be able to snap up a bargain. Once bidding commences, these same bargain hunters often catch “auction fever” and bid more than current market prices in an attempt to win the object of their desire. This is referred to as a "bidding war".
If you are selling your poster with a reserve price, you are telling collectors there will be no bargain here, so your poster will most likely won’t even be considered to be bid upon. This is the exact opposite situation of what you are hoping the auction creates.
4) Despite these negatives, auctions can be a highly rewarding way to sell your vintage concert posters for top dollar! If you don’t know exactly what your posters are worth, there is no better way to find out than letting “the market decide”. If you have special material that is rarely seen, then auctions can provide a competitive environment filled with hungry bidders These bidders will pay top dollar for the right to be the next owner of your rarities. In every auction there are lots that bring far more than anticipated and if you are the lucky consigner these lots could be yours!
The bottom line is that consigning your vintage concert posters to auction is a highly viable and very popular way to sell, as long as you enter the arena with your eyes wide open to both the risks and rewards.
Psychedelic Art Exchange has a large, international clientele that enjoys and enthusiastically participates in the auctions we conduct each month. We stand ready to individually analyze each and every poster in your collection, and can provide a detailed plan to maximize the amount of money you receive for your collection in the most expeditious way possible.