Fossil sale in fossil auction
The opportunities and risks in the fossil auction are closely linked. While it can be lucrative to sell unique fossils at auction, there are also risks that potential sellers should consider. For example, market demand can fluctuate and not every fossil will fetch the price hoped for. Also, auction results should not be confused with the sale proceeds for the consignor.
40
Years of market knowledge
Proven for many years
Competence
"Condition Reports" from Fossiland are recognized by leading auction houses and are quoted when advertising.
Trust
"Condition Reports" from Fossiland with proof of authenticity not only create transparency and trust, but also favor the auction result.
Security
With a "Condition Report" from Fossiland, you are on the safe side and protect yourself as the consignor against any claims from the buyer.
Fossil auction - pros and cons
A careful analysis of the auction conditions is also essential. Each auction house has its own rules and fee structures. In the event of a brokerage order, I will research the commission fees and any additional costs you may incur and renegotiate these for you if necessary. This information will help you to make an informed decision, including when setting the minimum bid, and prevent unpleasant surprises.
When selling fossils at auction, you should also keep the target group in mind. Different auctions are aimed at different collectors and investors. It is essential to find out in advance which auction is best suited to your fossil. Some auctions specialize in certain types of fossils, while others cover a broader spectrum.
In contrast to internet platforms (such as Ebay or Catawiki), established auction houses have expertise in valuing the items on offer. However, experience has shown that they rely on well-founded valuations, if available, when determining the minimum bid; expert opinions are also included in the description (condition reports).
Commission fees of approx. 40-50 % are aimed at a clientele that is prepared to pay top prices for exclusive pieces. As a seller, you should carefully weigh up whether to consign to a fossil auction, as even if you do not sell (30% – 50% of the items called for, depending on the auction house), you will incur considerable costs. Although to varying degrees, all auctions have in common that the responsibility for the description of the object as well as for the (minimum) selling price ultimately lies with you as the seller.
The pricing of your fossils, the determination of the minimum bid, should be approached strategically. My valuation report uses a wide range of information from market observation to determine a realistic market value. Be careful not to underestimate the value of your fossil, but also not to exaggerate so as not to scare off potential buyers.
Another important aspect is the presentation of your properties. An appealing presentation can make all the difference when it comes to convincing potential buyers to bid online. In order to encourage the auction house to accept consignments, I create appealing images for the condition report, well-lit and photographed from different angles.
In addition, it is important to pay close attention to the timing of your consignment. Auction houses often have specific deadlines for submitting fossils. Do not miss these deadlines to ensure that your fossil is included in the next auction. Also allow enough time for the preparatory appraisal and condition report.
Remember that the sales process does not end when you consign an item to a fossil auction. While the item is being advertised, there may be queries. I will clarify these with the auctioneer on your behalf. And not to forget: On average, at least around 30% of consignments to special fossil auctions do not achieve the minimum bid. Not only does the outward transport have to be organized and insured, but also the return transport.
Examples
Current auction results of $30,000 for an ichthyosaur (200 cm) at Sotheby’s or $93,750 for a steneosaur (300 cm) at Heritage seem attractive to some potential consignors. However, the actual proceeds were “only” around €15,000 and €45,000 respectively.
Criteria for consignment to auctions
Consignment to a fossil auction is particularly suitable for
- Rarities with high potential (e.g. “perfect” pterosaurs)
- Consignors with a need for maximum transparency (e.g. companies, book value adjustment, liquidation, etc.)
- Consignors with a pronounced readiness for opportunities and risks.
How to submit your fossils for auction
To summarize, participating in a fossil auction offers special opportunities, but also involves risks and requires careful planning. Inform yourself comprehensively and seek advice from experts.
If you are interested in consigning to a special auction for fossils (Natural History Auction), please contact me. My offer is usually based on your photos. These do not have to be professional, but should be sharp. The best thing to do is to send an email to info@fossiland.de and attach your photos or upload them to the cloud (e.g. Wetransfer or Dropbox). Or even easier: you send me photos via WhatsApp. I usually get back to you within 48 hours.
If I am interested (and have free capacity), an inspection and an appraisal including a condition report (for consignment to a special auction) are essential. In this case, you will receive a binding Brokerage offer from Fossiland, which you can check at your leisure. If you do not accept the offer, you are under no obligation whatsoever.
Any sale by the auction house will be made in your name and you will remain the owner until payment has been received from the buyer.
Fossiland knows the customs of the fossil market and is in personal contact with numerous auctioneers. I would be happy to advise you on a suitable marketing strategy for your fossil, especially with regard to a possible consignment to an auction house.
Satisfied customers
In addition to companies and private individuals, estate curators and auction houses also trust Fossiland’s expertise and fairness when buying and selling fossils.
Quality promise
As a member of the Association of Applied Paleontology (AAPS), Fossiland is subject to strict rules of conduct for the responsible handling of fossils. I assure you that my consignment for the fossil auction will be handled seriously and in accordance with fair business practices.
