HAGERSTOWN, Md. – Many would say that Matt Protos, owner of Old Town Auctions, takes a risk by not allowing reserves on any of the items entered in his auctions, but his gamble has been paying off nicely and proving the naysayers wrong.
The company’s June 11-12 toy and advertising auction drew 300 live bidders, hundreds of absentee and phone bidders,
and grossed $300,000. The auction was 100% sold.
“When we used to accept reserves, consignors would complain if an item came close to the reserve but did not sell. After the auction, they’d say, ‘Why didn’t you sell it for that amount?’ That made me rethink the way we were doing things, and that’s when we initiated the no-reserve policy,” Protos said.
The summer auction featured 1,100 lots plus several hundred uncataloged and late-arrival lots that were sold before and after the Saturday session, and again before the Sunday session.
Bidders came from all over the United States and Europe.