Navigating Estate Sales: Essential Manners, Regulations, and Guidance for Novices

Estate sales are public events that offer a unique opportunity to find hidden gems and treasures. These sales, which typically span over two to three days, are held inside a home and are open to the public. They are a convenient way to reach a large number of buyers, making them visually appealing to drive sales.

Estate sales can occur after various life events such as death, divorce, downsizing or moving, or filing for bankruptcy. The primary reason for estate sales is often the liquidation of a deceased person's possessions, as the wills of the deceased often state that their assets should be sold and the equal cash amounts distributed to kin.

Valuable items that can be found at estate sales include fine china, works of art, jewelry, designer or vintage clothing, vintage baubles, home decor, silverware, first-edition books, and fine art. One notable example is the sale of Zsa Zsa Gabor's belongings, which made headlines in 2018 and 2019. The sale included furniture, jewelry, artwork, and a scrapbook of her 1962 trip to India with her sister Jacqueline Kennedy Onasis, with a total sale of $1.2 million.

Estate sales are conducted by family members for modest-sized sales and by estate sale companies or liquidators for more complex or valuable sales. Estate sale professionals ask for a percentage of revenues (around 25 to 50 percent) or make a consignment arrangement where they may make a 35 percent commission. Additionally, estate sale companies may charge fees for advertising, research, manual labor, security, permits, and sales tax on items sold.

When attending an estate sale, it's essential to follow proper etiquette. If you see an item you like, you pick it up and carry it around until you're ready to pay. In some cases, buyers who don't want to pay the listed price can put in a bid, but these bids aren't opened until the end of the sale. It's also important to inspect small appliances before purchasing, as they may require maintenance.

Before holding an estate sale, there are several steps to consider. This includes holding a family meeting, knowing your debts, looking everywhere, having the contents of the estate appraised, properly securing and insuring your items, considering charitable donations, and determining whether you'll sell on your own or through an estate sale company.

In some cases, estate sales may be limited to a certain number of individuals at a time to avoid overcrowding. It's always best to check the specific guidelines for each sale to ensure a smooth and enjoyable shopping experience.

Estate sales cover all types of personal property, making them an exciting and unpredictable adventure for bargain hunters and collectors alike. Whether you're in search of a unique piece of art, a vintage item, or simply a good deal, estate sales offer a wealth of opportunities to discover hidden treasures.

Navigating Estate Sales: Essential Manners, Regulations, and Guidance for Novices