Beginner's guide to boat auctions
Each year hundreds of new, used, repossessed, seized, and damaged boats and yachts are auctioned at centres throughout Australia, including at boat auction centres in Sydney, Melbourne, Brisbane, and Adelaide.
Selling a boat or yacht at auction is the most effective way of realizing the highest price the market will pay for a particular boat or yacht at that time, with the boat or yacht owner genuinely intent on selling their boat at auction and not just testing the market. With the high cost of advertising a potential sale, a boat or yacht seller has more of a guarantee of success with bidders actually attending on the day of auction.
Another advantage of boat and yacht auctions is that the seller does not need to decide on a reserve price until after the final bid is in, giving the seller and auctioneer the ability to set the terms of sale and avoiding situations where buyers make offers subject to difficult conditions. At auction the boat or yacht is sold in its existing condition.
See if any boat auctions are on right now.
It is only during the boat or yacht auction process that competition between buyers can be taken advantage of, and with the price not known the onus is placed on bidders to drive the price up. A successful buyer will need to pay a deposit and execute an unconditional contract of sale at an auction, which is another major advantage of selling a boat or yacht at auction.
Potential boat purchasers are also more likely to invest the time and effort in considering the suitability of a boat or yacht if they know it is genuinely for sale by auction.
A list of auction houses that specialise in new, used, bank repossessed, damaged, and government boat and yacht auctions are available on-line (on this website) or from your local directory.
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