Auction FAQ

Do you sell with a reserved price?

       Yes, We can. In Ohio, the Ohio Revised Code states that all public auctions are sold with a reserved price, unless otherwise stated. For example  "Absolute Auction" or "Selling Regardless of Price" or "Selling Without Reserve" would be used if the seller does not have a reserved price. That is why auctioneers are so emphatic in their advertising when an auction is absolute.


How do you sell real estate?

    One of three ways:

  • Absolute regardless of price This is, what some believe, brings the most bidders to a sale. Some auctioneers believe that "Absolute" properties sell higher. That has never been proven, that we know of.
  • Subject to seller confirmation Which means the seller decides when we reach the highest bid weather or not to accept the bid. Over 80% of our real estate auctions are sold this way.
  • With Reserve We do not recommend selling real estate this way. It puts the seller into a box, and it also takes away the motivation for buyers to look at the property if a price is already reserved for the property.


Are Auctioneers insured?

        Ohio Licensed Auctioneers (which we are) are bonded by the State of Ohio. When any auctioneer takes possession of your personal property, it is important to keep your home owners insurance policy in effect until the auction is completed. This is the same with a fine arts policy. An auctioneer can not insure property that belongs to other people, that is called "Bailee Goods" , and that coverage is not available in Ohio.


How can I account for my items?

         Cole’s have a computerized clerking and cashing system that we can transport easily on site and at our auction center. When the sale is over, you are given a detailed report of your sale listing every item. You will know what each item sold for and who bought it! You can rest assured that your auction is done with complete and accurate accounting. The old fashioned system of ticketing is extremely time consuming and not always accurate. This is why we do everything with computer programming.


Is every ticket there? Are you being paid for every single item?

       With our computer system, if an item is removed, you would be able to notice on the final report because of the empty space that is left if an item is not accounted for. We promise complete accounting for your sale.


How much experience do you have?

           We have been a full time auction company since 1974. Auctioning has never been a part time job for us. We give it our full attention.


Where are you licensed?

           Ohio licensed since 1974, Real Estate Broker since 1985, Florida Auction licensed since 1990, Georgia Auction licensed since 2002. (We carry individual bonds for each of these licenses!)

How long have you conducted coin auctions?

           March of 1979 was our first coin auction. We booked a 6 session collector. If you will remember September 1979 was the famous "Hunt Bros. Silver Fever", when gold and silver prices jumped dramatically. We have conducted 6 to 12 coin auctions, every year, since then.


Do you sell guns legally?

        YES! We are one of the very few auctioneers that have a federal Fire Arms License.