Should you buy, sell or hold? Members of the Chadds Ford Business Association met at William Bunch Auctions on Route 202 for lunch to hear about the auction business. Bill Bunch surveyed the changes in the business during his decades of buying and selling.
The biggest change is technology. Bunch jumped on electronic auctions soon after e-bay offered a companion electronic auction to run in conjunction with physical auction houses. Competing services developed. After experimenting with different electronic auctions, Bunch decided to use all of the above.
He uses at least two electronic bidding systems while running a live auction. Online bidders are pre-qualified. During the auction, online customer’s bids are processed real time as though they were in the room. Remote bidders also have the option of submitting a bid prior to the auction.
Other changes Bunch noted are the boomers moving into retirement and smaller homes. Baby boomers, often referred to as boomers, are people born between 1946 and 1964 according to the US Census Bureau. Boomers were great collectors. Some would say hoarders.
Now the items collected over many years are coming back on the market. This is not a cyclical trend. Younger people are showing different preferences that their parents and grandparents. What Bunch calls dark wood furniture is not in favor. Young people like the more modern pieces that are lighter in color and weight.
Economic trends, in contrast to shifting demographics, are like a pendulum. There are good times, and there are lean times. Good times give way to bad times which give way to good times again.
Bunch passed out sheets of paper with photographs and descriptions of items he has auctioned. The audience was asked to guess what the amount that each item actually sold for. Prices ranged from $20 to $32,000. Most of the audience guessed on the low side.
Do you think swan and the horse irons would bring the same price at auction?
Actually, the swan shaped iron was mass produced and sells for considerably less than the horse shaped iron. The swan sold for $20 and the horse iron for $3700.
Diane Bell of Pennock Insurance Company came closest to the total amount for all items. She won 50 Bunch Bucks which she can spend at an upcoming auction.
Here is a quiz for the readers. How much this jade piece sell for at auction?
To make a guess you can post a comment to this article or just press reply to this e-mail. The sale price will be posted next week.
Roy Chappell of Prudential Fox Roach Realtors said he has found good things at the regularly scheduled auctions. He bought paintings that he really likes that were a good value.
The next meeting of the Chadds Ford Business Association is Thursday November 7 at Brandywine Prime Restaurant. Susan Minarchi, President of the Sanderson Museum, will talk about the past, present and the future of the museum. Attendee will be allowed to tour the museum after lunch. The museum is located across the parking lot from the restaurant.
The next auction is scheduled for Tuesday, October 29th from 9 a.m. Items for auction can be previewed Monday, October 28th from 9 a.m. – 5 p.m. or online at http://www.williambunchauctions.com.
Can’t decide whether to buy or sell? Get advice from the expert. November 7th, 2013 Bunch is holding a free appraisal day. There is a limit of 3 items per person. Interested parties should call for an appointment at 610.558.1800.
About Emily Myers
Emily Myers has lived and worked in Chadds Ford for over thirty five years. She founded the parent company of Chadds Ford Live, Decision Design Research, Inc., in 1982. ChaddsFordLive.com represents the confluence of Myers' long time, deep involvement in technology and community. Myers was a founding member of the Chadds Ford Business Association and currently serves on its board of directors. Her hobbies include bridge, golf, photography and Tai Chi. She lives with her husband, Jim Lebedda, in Chadds Ford Township.
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The 5 inch carved jade boat sold for $15,000.