Dinosaurs and Other Fossils Sound at Auctions – The Pros and Cons

Fossils and Ancient Artefacts Under the Gavel

And so the dust sheets are drawn over those lots that did not reach their reserve price and the auctioneer’s gavel is put away in readiness for the next time and we in the scientific community all breathe a huge sigh of relief. Over the last few years there has been an increasing number of rare, museum quality fossils coming up for auction at major auction houses all over the globe. Sad to say, but recently the first, large-scale auction of a dinosaur skeleton took place in the UK. “Misty” a seventeen metre long, nearly complete Diplodocus fossil excavated from Wyoming went under the hammer.

She (palaeontologists have speculated that it was a female), fetched £400,000 GBP ($640,000 USD). The fossil skeleton was purchased by an unnamed and unknown buyer.

Not the First Dinosaur Sale in Europe

The auction house responsible for the sale, which also included rare ammonites, Pleistocene aged fossil specimens and a partial Ichthyosaurus excavated from Dorset’s Jurassic coast, claimed that this was the first sale of its kind in Europe. Like so much of the pre-auction blurb associated with such sales this was incorrect. There have been other auctions of extensive fossil material held in Europe, a Triceratops mounted skeleton up for sale in Paris a few years ago springs to mind. One thing that can be said with certainly, this sale may not have been the first, but it will most certainly not be the last.

Fossils Attract Buyers

Fossils and other ancient artefacts have become highly sort after by collectors and private individuals. Many corporations and businesses have also made purchases. It seems that a fossil specimen, especially a dinosaur is rapidly becoming a “must have” for the elite. Just ask the likes of “A listers” Nicholas Cage and Leonardo DiCaprio, both of whom have been involved with high-profile purchases of fossil material.

“Duelling Dinosaurs of Montana”

With a recent pair of dinosaurs the so-called “Duelling Dinosaurs of Montana”, recently put up for sale in New York with a reserve price around the $5 million USD mark, the purchasing of dinosaur fossils is becoming the reserve of the super wealthy. The Montana specimen consists of a Theropod (meat-eater) potentially a Nanotyrannus, preserved in fatal combat with a likely new species of horned dinosaur. This is a very significant fossil, one that did not sell on the day of its auction, as the reserve price was not reached. However, the fate of this remarkable fossil hangs in the balance and a number of palaeontologists have expressed the concern that such material if procured by a private individual or institution may be lost to scientific study for ever.

The Problem with Fossils Sold at Auction

Specimens which are sold at auction may not be put on public display. This denies access to such fossils for the those people who would want to visit a museum to see such attractions, but few museums can afford the extraordinary sums of money that such fossils now fetch. In addition, from an academic perspective, one of the principles of scientific enquiry is open access to specimens to allow other researchers to test the theories and assumptions made by others. If fossils are not available to them, then the ability to study them under one of the guiding principles of science is lost.

The “Black Market” in Fossil Material

The high prices paid for such specimens, after all, a Tyrannosaurus rex called Sue (also believed to female, like Misty), was sold at Sotheby’s on October 27th 1997 for $8.36 million USD, is fuelling a fossil “black market”. Recently, there have been court cases brought in the United States that relate to the illegal smuggling of fossil material. Sadly, this is probably just the tip of the iceberg as there are a number of suspected fossil smuggling cases being investigated at the moment. One can see the attraction, a humble farmer working his land, stumbles across a strange rock that a local dealer will pay many times his monthly income to possess. The rock changes hands a number of times until that wealthy foreign buyer takes possession.

A number of governments have attempted to bring in legislation to curb such practices but it is very difficult to police fossil movement or indeed to prove provenance of any fossil material that comes to light.

The Role of Commercial Fossil Dealers

Whilst the black market for these rare artefacts is deplored by many people it is worth bearing in mind the important function that many fossil dealers and commercial fossil hunters perform. Most fossils are rocks, when exposed on the surface these rocks are subject to weathering and erosion, just like any other rock. Abrasion processes, freeze-thaw, attrition all damage fossils and eventually will destroy them. Museums and research institutes do not have the manpower to continually explore fossil sites, but thanks to the commercial fossil dealers many specimens that would have been lost forever are found, excavated and preserved.

If it wasn’t for the efforts of dealers, many of which possess a remarkable knowledge and great skill a number of important specimens would have been lost to science forever.

Striking a Balance

With museums and other facilities co-operating very closely with governments and other bodies to clamp down on illegal fossil smuggling there is hope. A degree of realism needs to descend on the science of palaeontology, fossil auctions are going to be a fact of life from now on, but perhaps new rules on selling could be implemented such as once a specimen is sold the option remains open to permit fossils to be studied by scientists should the need arise. After all, for the wealthy, private collector there are tremendous public relation gains to be made. Perhaps a licensing or tracking system on major fossils could be implemented. This would permit a database of material held outside museums to be properly catalogued and documented with movement of material recorded. These measures in conjunction with education of locals when it comes to finding fossils, plus strong deterrents in the form of tougher punishments for the smugglers might give extinct animals such as the dinosaurs brighter future. Far better if we stuck to purchasing dinosaur models instead.

Estate Liquidation – Pros and Cons of Tag Sales and Auctions

Executors faced with liquidating an estate’s personal property will quickly find that it is their most time-consuming administrative task. Executors who don’t perform their duties could be removed from office by the Probate Judge, so it is important that they single-mindedly pursue disposing of the estate’s property so that the bills can be paid and the estate settled.

What you’ll get from this article

Executors have three main liquidation options, and I will discuss the pros and cons of each in this article. Any company chosen to liquidate an estate should be vetted; I will tell you how to do this conscientiously, and I will also propose the best liquidation method. I assume that the twin liquidation goals of the Executor are to achieve the greatest cash benefit to the estate and to leave the house broom-clean so that it can be sold. Of course, there are ways to maximize the cash return for each type of sale, and I’ll tell you what they are.

Investing ten minutes into reading this article could save an Executor many hours of work.

Option 1: Have An Auction On-Site

Benefits of an On-Site Auction:

Auctioneers are very competitive lot. It should be an easy job for an executor to find an auction company willing to take the estate liquidation job, and commissions will be competitive. A strong argument for an on-site estate auction is that when the auction is over, there will be very little clean-up. If you like, the real estate can be auctioned as well, since auctioneers are licensed to auction the real estate and other titled property. In one day, the house, car, boat, RV, and all the household goods could be sold.

Negatives for an On-Site Auction:

Auctions are driven by competitive bidding. Consequently, it is necessary to have a lot of people at your auction. Big crowds require nice weather, plenty of parking, bathrooms, food, and refreshments to keep the people from leaving. Online bidding can be included to boost attendance, but it is the local crowd that builds excitement and drives the prices up. To attract a crowd, the estate must have collectibles and other quality goods. Run-of-the-mill goods that can be purchased at the local thrift store are insufficient to attract a good auction crowd.

Suggestions for an On-Site Auction:

If your estate has many large collectibles, like antique furniture or a piano, an on-site auction may be your best choice. Summer weekends, when the weather is warm and dry, are the best times to hold an on-site estate auction. The auction company you hire should be equipped with sound equipment, canopy tents, display tables, and plenty of help for fast checkout.

Option 2: Auction Gallery Consignment

Pros for Auction Gallery Consignment

If weather is a concern, you may want to consider consigning your items to an Auction Gallery. Consignments at an Auction Gallery are grouped according to the type of item in order to maximize turnout and get the best prices from their collectors. For example, there may be an auction dedicated to art and home decor, or musical instruments, or ceramics.

Cons for Auction Gallery Consignment

There are quite a few reasons for not consigning to an Auction Gallery. For starters, many Auction Galleries will take only the best items from the estate. Ninety percent of an estate is made up of items that are of little interest to the auctioneer, which leaves the Executor to deal with the remaining ninety percent of the estate property. Lastly, when an Auction Gallery spreads the merchandise out over several auctions, it can take months for all the items to sell, delaying the closing of the estate.

Tips for Auction Gallery Consignment

Before you consign to an Auction Gallery, ask the auctioneer how your merchandise will be distributed between auctions; get a guaranteed settlement date. You will also need a plan for disposing of all the remaining estate merchandise.

Option 3: Tag Sale On-Site

Pros for Tag Sale On-Site

Tag sales have several advantages over an on-site auction. For those that are not familiar with tag sales, the sale is held on the premises and in the house. Companies that specialize in tag sales are less common than auction companies. At a tag sale, everything in the house is priced, much like at a yard sale. Shoppers will browse through the house, and choose the items they wish to buy. When buyers arrive at the house, they take a number, and are admitted into the house when their number is called. Tag sales usually start on Friday evening and end Sunday evening, so there is no need to provide food or bathroom facilities. Tag sales can be held rain or shine and in any season

Cons for Tag Sale On-Site

The biggest disadvantage in hiring a tag sale company is that tag sale companies are not held to the same legal standards to which auction companies are held. Auctioneers and Realtors are bound by law to the estate by a fiduciary bond. A fiduciary relationship binds the agent by law to act at all times in the best interest of the estate. Fiduciaries are licensed by the state, must pass tests, be bonded, must hold all funds in an escrow account until distributed, and has to settle the account with the estate within a specific time frame.

Fiduciaries must also keep accurate records and follow certain protocols. Failure of a fiduciary to follow procedures can result in fines or loss of license. Tag sale companies are not held to the same legal standards, although they certainly have a moral obligation to the estate. Tag sale companies can handle the details of the sale and the distribution of the money any way they see fit.

Another problem with tag sales is that typically there is merchandise left over after the sale. Often, there is a LOT of merchandise left over. When a lot of items are left over, the executor then has a clean-out problem, because the house must be left “broom-clean” before a realtor will list the house for sale. Unlike an auction, where prices go up with each bid, tag sale shoppers want to negotiate a lower price for everything, which is not only time consuming but costs the estate money.

Tips for Tag Sale On-Site

When working with a tag sale company, read the contract thoroughly, make sure settlement dealines are included. the operator should have a solid pricing plan, adequate staff, and a solid track record.

What about Internet Sales and Retail consignment?

Internet sales work well for items that can be shipped easily, like small collectibles, books, and artwork. Before you decide to sell these items online, remember that having a nice assortment of collectibles at your auction or tag sale is what will attract the buyers to your event. If you sell all the good collectibles online, you won’t get very good attendance at your sale. Dont even consider a retail consignment; they will take too long to sell your items.

How do I know if I am dealing with a reputable company?

Unfortunately, asking for references doesn’t always work; no one gives a bad reference. The Better Business Bureau lists ratings for some, but not all, companies. With an auction company, most states have an occupational licensing board which can give you the status of an auctioneers license and tell you if they have any complaints on file. Checking up on a tag sale company is a lot harder, because there is no agency keeping track of complaints. One website that is helpful is http://www.ripoffreport.com. When at the site search the name of the company you wish to investigate; also type in the owners name to see what that brings up.

Hire a company with a solid internet presence

These days, it is imperative for a company to have an online network. A company that is well-connected in the online world is likely to be a company that is well-networked in the local area. It’s unlikely that a company with a poor or no website will be able to use the internet to generate sales for your event. Doing a Google search of the company’s name or web address is the best way to to see how well connected they are. Go to Googles search bar (not the address bar at the top of the page, but the search bar in the center of the page) and type in the companys web address starting with www. How many search results are returned that pertain directly to the company you are investigating?. If the company is a national franchise, disregard the results for the general franchise and only count the results where the local company is mentioned. Ranking well with the search engines doesn’t necessarily mean the company will be the best one for your needs, but it is a good indicator of the professionalism of the company. Typically, companies that have lots of returned results do so because other organizations want to associate with experts in their field, so they link to the experts website. A large number of linking companies is like a “vote” for the company being linked to. A company that displays lots of Google results is usually one that is recognized as being expert in their field.

So, what’s the best way to liquidate an estate?

The best type of sale for estate liquidation is to hire a licensed fiduciary to sell the estate property in one day, to the bare walls, any time of year. To achieve this would require an event that is part tag sale and part auction, run by an auctioneer. Since Tag Sale operators are generally not licensed auctioneers and auctioneers usually hate to do tag sales, that’s a tough solution to implement. There are auctioneers that combine these services, however. Finding such a company will give an executor the flexibility of having a sale any time of year, the ability to sell down to the bare walls with nothing left over, and the assurance of dealing with a state licensed and bonded fiduciary.

Pros and Cons of Online Police Auctions

One of the best places to get a car is through an Online Police Auction whether you are looking to purchase a new or used car.

Most of the autos you find at a police Auction are available as a result of criminal arrests or companies that have been involved in fraudulent activity. Consequently, most of the cars you find will usually be near new or in very good condition.

By using Police auctions online, you can find excellent quality cars at extremely reduced prices because the police agencies are just trying to recover as much money as they can and since they really don’t have any use for the car itself, the prices are always discounted and they will usually take what ever price they can get for it.

You should be able to scan through a large number of cars in a short span of time since police auctions usually have a large selection of autos online, and you can use the auction site to examine the details on each of the cars.

If you are looking for something specific in a vehicle you can just give the site the specifics of the type of car you are looking for like the make, model, color, engine, and then you can find a suitable vehicle to fulfill your needs.

All the information you need about a particular vehicle that is scheduled to be sold will be provided to you at the online auctions and you are also given access to detailed pictures of the autos.

Following these steps will allow you to buy a vehicle for less than what a dealer or a private individual would ask for it. So go ahead and make the best deal you can make by buying from online police auctions.