Estate Sales

Estate sales (or estate auctions) usually take place when an individual is downsizing or has passed and their executor is now tasked with selling items from an estate. This process can be both time consuming and overwhelming, not to mention emotional. In times like this, you can lean on Memento for help. Our services are custom to your unique situation and we’re efficient, compassionate and knowledgeable. Our mission is to keep legacies alive by putting cherished items in the spaces of those who will treasure them once again.

Details:

Estate sales are often the best way to deal with an estate and turn personal property into financial gain. Our estate sales can sell almost all of the contents of an estate, except the home itself. Depending on the size and complexity of the estate, estate sales usually take 4 to 5 weeks from the time of first contact to the end of the sale day. During this time, we sort, catalogue, valuate, and prepare items to be sold at auction and advertise the sale. If you need, we also offer other Estate Services to help make this process easier until the property is sold.

Process:

Step 1: Consultation and Appraisal/Valuation

  • Contact us and tell us more about the estate (big or small). Before any service agreement is determined, we’ll meet with you to see if your situation is appropriate for an estate sale. After this initial consultation, we’ll explain the next steps clearly and in writing. If not already done, the process always begins with the executor and loved ones removing items they would like to keep in the family or pass on specifically.

Step 2: Preparing for the Auction

  • Our specialists sort, catalogue, photograph, and describe items to create auction listings. We evaluate each item and use our expertise to determine whether items should be sold individually or in groups (i.e., “a lot”). There is no need for you to prepare the estate beforehand. The time it takes to do this varies depending on the size and complexity of the estate.

Step 3: Marketing and Promotion

  • We promote your estate auction on North America’s largest online auction platforms. This means your items will be visible to those both locally and beyond. Most auctions are advertised for 2 or 3 weeks before sale day. During this time, bidders can pre-bid on items.

Step 4: Auction Event

  • The auction takes place online and allows bidders to compete for your estate items. To learn more about how modern online auctions work from a buyer’s perspective, please see the ‘New to Auctions’ page. You can choose to watch the auction live online. After the sale, we will provide you with the exact details of every item’s final sale price (i.e., the hammer price).

Step 5: Payment and Settlement

  • When the auction concludes, we handle all financial transactions and ensure timely payments. We provide you with a detailed and itemized report of each item. Within days of the sale, we schedule pick up days and times for buyers to collect their items. Important to note is that once the hammer falls, you are no longer responsible for the item sold (sit back and relax). The buyer and auction house are responsible for removing all items.

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FAQs

  • Estate Sales are usually one of the final steps when dealing with an inherited estate. You can contact us anytime, but usually after all inheritors have claimed and/or removed their items. Other than that, no action is required on your behalf.

    We will evaluate all items of the estate, we do not recommend that you remove items that you think aren’t valuable or worth selling. You may be surprised what a buyer is looking for and we have the expertise to know.

    We know that going through an estate is a huge undertaking. Rest assured that as we prepare for your auction, we will contact you if we are in doubt about whether something should go to auction. You will also preview all items before the sale to make sure nothing is sold that you intend to keep.

    The process is slightly simpler for those who are downsizing. You flag any items you wish to sell and we take care of the rest.

  • We do not auction firearms, livestock, or real-estate (homes and land), but can put you in contact with those who do. Obviously, we will not sell any illegal items. When in doubt, please ask.

    Damaged items or items in need of repair are included in auctions depending on their remaining value and saleability, but we always advertise items as such to buyers. We reserve the right to deny any item in our auctions.

  • Buyers have the opportunity to see high resolution images of items. We strive to provide the best images and descriptions so buyers know exactly what they’re getting. At times, we may create a 3D walk through of the estate in lieu of a showroom so potential buyers can see multiple items beforehand (the address is not disclosed).

    For estate sales, we usually do not organize in-person showings or viewings of items beforehand. Exceptions apply especially for items or estates of exceptional value or interest.

  • Ultimately, you decide. As part of our optional Estate Services, we can remove all items that do not sell and prepare the home/real-estate for sale. Oftentimes, executors take care of unsold items themselves.

    There is an expense for the auction house to put each item up for auction. As such, we do charge a small ‘lotting’ fee for each item to be put up for auction regardless of final sale price. Of course, we have a shared interest in items being sold. If we think an item simply won’t sell, we’ll let you know so that you are never needlessly charged lotting fees. Please see our Commission and Pricing page.

  • Absolutely. A minimum sale price is called a ‘reserve’. You have the option to set a reserve price on specific lots ensuring that your valuable items are not sold below a threshold. We will advise you to determine when and if a reserve is prudent.

    That said, reserve items incur extra costs to put to auction. As such, items with reserves are charged an adjusted reserve fee if not sold. See our Commissions and Pricing page.

  • We named our business Memento for a reason. We know that objects can connect us to cherished memories, moments and people. If you’re hesitant about parting with a special object, we’ll tell you all we can about it from a market perspective so you can make an informed decision.

    We are not in the business of regret and we are kind people. We want you to have the best auction experience and keep the mementos you want to have.

  • This answer is hugely variable and depends not only on market conditions during the time of auction, but also on the size and complexity of the estate. Not to mention, it depends on the quality and conditions of the items being sold. It goes without saying that prices are driven by demand.

    Regardless, Memento Auctions is a service that helps individuals manage inherited estates. This service itself is often worth putting on an auction.

  • Our commissions are subtracted from the final sale price of items. This means that in most cases, you do not pay for our services upfront, but we may ask for a deposit.

    For a breakdown of our commission schedule, please see the Commission and Pricing page.