What the Heck Is a Box Lot? A Beginner’s Guide to Rural Estate Auctions
A couple of weeks ago, I posted about an auction haul and showed some of the things I had picked up in a box lot. I thought the interesting part was what I found. Apparently, the interesting part was:
What is a a Box Lot?
The questions started rolling in.
How do box lots work? How does the bidding work? Where do you find auctions like this?
And that's when I realized something. I've been going to auctions since I was very young, so all of this is completely normal to me. I assumed everyone knew what a box lot was. Apparently not.
So, if you've ever wanted to go to an old-fashioned rural estate auction but have been slightly intimidated by the whole fast-talking-auctioneer-holding-up-a-number thing, consider this your unofficial field guide.
And first, let's establish what kind of auction we're talking about.
We Aren't Talking About Sotheby's Here
There will be no white gloves. Nobody is bidding $14 million on a painting. The auctions I attend are usually estate auctions. Someone has passed away, the family needs to empty the house, and practically everything inside needs to be sold so the property can eventually be dealt with. Sometimes the person lived fairly simply and there isn't an enormous amount to sell. And sometimes you encounter someone who lived in the same house for 40 or 50 years and apparently never threw away a single object that crossed the threshold.
Those are my people.
An auction crew comes in, sorts through everything and organizes it for the sale. At the auctions I frequent, most of the merchandise falls into three general categories:
Box lots. The ring. Furniture. And this is where the fun begins.
Box Lots: Where the Treasure Hides
Box lots are my favorite.
Imagine cleaning out an entire house. You have pots and pans, books, linens, coffee cups, games, tools, Christmas decorations, picture frames, kitchen utensils, cleaning supplies, light bulbs and the entire mysterious contents of someone's junk drawer. It all has to go.
Anything that isn't considered important or valuable enough to sell individually may end up grouped together in boxes or small lots. Before the auction begins, everyone gets a chance to look through them.
And by "look through them," I mean grown adults will descend upon rows of cardboard boxes like rabid raccoons. This part is important because once the auction starts, the crew isn't going to carefully remove every object and explain what you're buying. You need to have done your homework.
That unassuming box containing three plastic cups, a rusty potato peeler and someone's 1987 church cookbook might also have a piece of vintage kitchenware buried underneath everything.
There are gems in those boxes.
Sometimes even the auction crew misses something good. I've seen box lots sell for a dollar. I've also seen them sell for hundreds. It all depends on what's hiding inside—and who else noticed it.
Wait...Am I Bidding on One Box or Six?
Here's where things get interesting. Auctioneers handle box lots differently, but I commonly see them sold one of two ways.
In the first method, the auctioneer starts with a box or two. No bid? They add another. Still nobody? Another box gets added. Eventually someone decides there's enough there to make it worthwhile and starts bidding. Congratulations! You may have just purchased the one box you desperately wanted...
plus five boxes containing things you absolutely did not.
This is how you go to an auction for vintage kitchen utensils and come home the reluctant owner of seventeen coffee mugs, four extension cords and someone's half-used roll of shelf liner. The important thing is that the merchandise moves quickly. And box lots move FAST.
And Then There Is "Choice"
The other common method is what auctioneers call choice. The auctioneer identifies a group of boxes or items and bidders compete for the right to choose from that group. Let's say you win the bid at $5. You can choose one box and pay $5. Or perhaps you want three boxes. You pay $5 each, for a total of $15. Then those boxes are removed and the auctioneer starts the bidding again for what's left.
This introduces a delightful little psychological game. You may desperately want the box containing the vintage rolling pins. The person bidding against you may desperately want the old boom box sitting three boxes away. Neither of you knows what the other one wants. So now you're staring across a folding table at a complete stranger thinking:
Are we fighting over the same thing?
This is where attending auctions regularly becomes useful. You begin recognizing the regulars. You know who buys tools. Who wants advertising. Who buys primitives. Who is looking for vintage toys.
And sometimes you realize the person bidding against you collects exactly the same things you do.
Game on.
The Ring: Where the "Good Stuff" Goes
Then we have what I usually think of as the ring. These are generally the items the auction crew believes deserve to be sold individually rather than buried in a box lot. Vintage toys. Old quilts. Crocks. Sets of china. Better glassware. Collectibles. Primitives. Pyrex. Whatever they've determined deserves a little more attention.
This is probably closest to what people picture when they think of an auction. The auctioneer is stationed in one area while members of the crew hold up the merchandise. They may say a little about an item and then the bidding begins. Sometimes one item is sold by itself. Other times, we're back to choice.
Suppose there are three beautiful antique quilts. The bidding might be for choice of the three. You win.
You choose your favorite. Then the auctioneer starts again with the remaining two. And once again, you're trying to determine whether the person bidding against you wants your quilt or one of the others.
Auctions are part treasure hunt, part economics and part amateur psychology.
And Finally...Furniture
Furniture is usually fairly straightforward. Tables, chairs, dressers, cupboards, beds and other larger pieces are lined up, and the auctioneer works through them individually or in groups. Artwork is often sold in this area as well. This is also the point where you need to remember one very important detail:
You bought it. You have to get it home. Measure your vehicle. Ask me how I know. It's helpful to have a friend with a truck.
Why Are Three Auctioneers Yelling at the Same Time?
They're probably running multiple rings. Confusingly, "ring" can refer both to that featured-merchandise area I described above and simply to a separate auction happening simultaneously. At a smaller sale, there may be one auctioneer handling everything in order—box lots first, better merchandise next and furniture later.
At a large auction, several crews may be selling at once. One ring might be selling box lots. Another is selling collectibles. Another is working through furniture. At especially large auctions, higher-dollar items such as vehicles or farm equipment may be scheduled for a specific time. This is why you'll sometimes see an auction advertised as a two-ring or three-ring auction. And yes, it means exactly what you're thinking. Everything you want will somehow manage to sell at exactly the same time in different rings.
Bring a friend.
Okay, But How Do I Actually Bid?
This is the part that intimidates a lot of first-timers, and it really shouldn't. When you arrive, you register with the auction company clerk and receive a bidder number. Then when you want something, you simply hold up your number.
That's it. Well... Mostly.
You'll quickly learn to make eye contact with the auctioneer or one of the ring people and indicate that you're bidding. And don't worry that scratching your nose will accidentally result in your purchasing a tractor, although I don't recommend waving at your friend across the way. Auctioneers are accustomed to new bidders. If you're unsure how something is being sold—by the piece, by the box, choice, one money for the whole group—ask before you bid. They want you to understand what you're buying.
And despite the jokes, a reputable auctioneer isn't going to gleefully let a confused newbie bid against herself. At the end of the auction, you just go back to the clerk and settle your tab.
The Most Important Rule: Know Your Number
And I don't mean your bidder number. I mean your maximum price. Before bidding starts, decide what you're willing to pay. This is especially important if you're buying for resale like I often am. I have to leave enough room for cleaning, repairs, selling expenses and—hopefully—profit. If my number is $30 and someone bids $35? They own it. Even if I love it. Even if another $5 doesn't sound like much. Because then it's another $5. And another. And suddenly you've "won" something by paying considerably more than you intended. That's not winning. That's just shopping with an audience.
Where Do You Find These Auctions?
I follow several local auctioneers and regularly check their websites and schedules. If you're starting from scratch, AuctionZip is one place to look for auctions in your area. Once you start attending, you'll quickly learn which auction companies regularly handle the kinds of estates you're interested in. Look at their photos before the sale. Read the terms. Find out what forms of payment they accept and whether there's a buyer's premium. Check whether you need to bring your own help to move large purchases. Then show up early.
The preview is part of the hunt.
The auction houses (and links to their websites) in my area are:
One Last Piece of Advice: Just Go
If you've never attended an auction because you don't know what you're doing, don't let that stop you.
You don't even have to bid the first time. Register, get your number, walk through the merchandise and watch how everything works. Listen to the auctioneer. Watch the regulars. Dig through the box lots. Figure out how choice bidding works. And eventually you'll spot something you want. You'll decide what you're willing to pay. You'll hold up that number. And if you're lucky, the auctioneer will point at you and yell: SOLD!
Congratulations! You have officially entered dangerous territory. Because once you discover that a cardboard box full of completely ordinary household junk might contain one very good thing...
you'll never look at a row of box lots the same way again.
Take the back road. Find the good junk.
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