My Biz: Auctioneers rely on past sales experience

Mike and Deb Cady converted their combined 50 years is sales into a nationally known auction business after their former jobs fell prey to changing times and downsizing.

Both have been involved in the buying and selling of antiques and collectibles off and on for 30 years on the side, so it was a logical transition, the couple said. In February 2009, they opened Cady Auction Gallery and Appraisal.

'We'd been talking about doing this auction type of business for a couple of years,” Deb said.

They attended Continental Auctioneers School in Mankato, Minn., earning their certifications as Auctioneers, Real Estate Auctioneers and Personal Property Appraisers.

But they needed a building.

'We were looking for a place after the flood,” Mike said. 'And it took us about 6 months to find this place.”

Cady Auction has developed its niche by specializing in merchandise that requires a broader exposure on the Internet as well as catalogs.

Their auctions have drawn buyers and collectors from all over the country. In February they hosted buyers from Arizona, Las Vegas, California and Florida in addition to local collectors when they put a 1940 Ford Coupe up on the auction block. 'We got Barrett-Jackson prices for that one,” Mike said.

Preparing consignment merchandise for auction day is no small task. Three part-time employees assist with the photography and set up before each auction. Another 12 people help on the day of the auctions.

Since their auctions are live online the day of the event, everything has to be photographed for prior viewing by prospective buyers. They average 3,000 to 5,000 photos per auction.

'The trick to being successful in this business is to market it,” he added.

All photographs go into a catalog and are posted online to five different websites. The auctions are advertised in three national trade magazines, local newspapers and fliers. Two different email blasts go out to developed customer lists. The Cady's email list alone contains 7,000 addresses. Facebook and Twitter are also used.

Once the auction is complete they spend the following week packing and shipping to their online buyers, which comprises 25 to 40 percent of their business.

And what is selling these days?

'The hot items that always sell are firearms, ammunition, pocket watches, military collectibles, knives and coins.” Deb said.

The couple is preparing for a 400-piece pocket watch auction at the end of May.

While business remains steady, Mike has noticed a few changes within the industry.

'The economy has affected the middle-of-the road to low-end stuff,” he noted. 'There isn't the expendable income, nor the interest in it as much these days.”

'The really high-end merchandise is always going to sell well,” he emphasized, 'because those people who have the money are always going to buy.”

'But, if you have good quality, desirable stuff - it doesn't matter what it is,” he said, 'if we do our marketing like it should be done, it is going to sell for market value.”

Know a manager or company in business for more than a year that would be ideal for 'My Biz”? Contact Chelsea Keenan at Chelsea.keenan@sourcemedia.net

At a Glance

'Owner

: Mike and Deb Cady

'Company

: Cady Auction Gallery and Appraisal

'Address

: 833 Shaver Rd. NE, Cedar Rapids

'Phone

: (319) 364-4143

'Website

: www.cadyauction.com