Celebrating the History of a Statesboro Landmark

One of the perks of our field is that we, as auctioneers, get to work with, in and around history.  Our current auction is loaded with historical items (you can see the catalog HERE), but it's the location from which the auction is staged that piqued my interest.

The history of the Statesboro Bulloch Chamber of Commerce is rich with stories dating back to the 1920s.  The mission has always been about enhancing the economic prosperity of members, and as a result, the community.  That mission continues today.  The location from which that mission was exercised has changed four times over the years and now a fifth as the organization will become a tenant in the new Bulloch Solutions building.

Since 1991 the Chamber had been located on South Main Street at the former residence of the Harry W. Smith family.  A charming house, it fit the needs of the Chamber and Development Authority for nearly 30 years.  As I walked through the house I wondered about the Smith Family and how things might have been different when they occupied the house originally built in the late 1800s.  The house had seen nearly every modern convenience come to life and itself was retrofitted to include those.  Once occupied by a business owner (Harry Smith of Smith's Jewelers) this house went on to enjoy the company of the Statesboro business elite during the Chamber's time there.  What conversations those wall must have heard!  The growth of Georgia Southern and Ogeechee Tech.  The birth of new banks.  The deals negotiated to bring new industry to town.  Political campaigns that were both born and put to rest.  Oh the things they could share if the walls could talk!

As the Chamber moves on to its new residence much of the fixtures and equipment were left behind.  That's where we come in.  All of items that will not fit the needs of the organization will be sold at auction.  We approach that task with a level of humility and respect, celebrating the past and feeling the excitement of the future.  What an honor it is to be asked to complete this job, but what an honor it is to work out of a building with so much history.  I trust that whoever buys the house will have an equally rewarding experience.

Alex Grovenstein
912-657-1831
alex@southauctiongroup.com
GA Auctioneer License #4105
SC Auctioneer License #4534
GA Real Estate License #366186
#AuctionAlex

Serving Statesboro, Savannah, and all areas of southeast Georgia and Southern South Carolina with open, honest and efficient auction solutions.

When is the right time to sell?

How do you know when is the right time to sell? That is a question that we get often in the auction business, but it really applies to any method of sale.

Obviously a seller wants to be able to maximize on the peak of a market. The problem is, we do not always know when that peak is.  In the collector world, I believe that all markets are cyclical.  Of course some cycles are longer than others, and the growth curves are not necessarily equal.  But..... they are cycles nonetheless.  My general advice is always sell when something is hot.  Is there a buzz about your particular item?  Are folks talking about it?  Are people paying higher prices than you have seen recently?  If you have considered selling, this is the time!   Our society has a saying, "It will only go up in value."  That just isn't true in 95% of cases.  Everything is cyclical.  If you don't have any emotional investment, and you were considering selling anyway, pull the trigger when the asset class is hot.  Otherwise, you will miss an opportunity.  (I'm looking at you Beanie Babies and telephone insulators...)

The second thing to note is that that sometimes an asset can become a liability.  (or at the least a big loss.)  This is particularly true with business assets.  Unfortunately, I have seen this too many times.  I really feel bad for sellers who end up in this situation.  If a particular asset is costing you money or causing you duress, it's likely a liability.  For business assets, age can contribute rapidly to something becoming a liability.  Generally, the longer you sit on a business asset, the less value it will have.  This phenomenon is NOT exclusive to that class, however.  The same can be true of collectibles and personal items as well.  I'll give you some examples:

• Restaurant equipment might be one of the clearest examples that I see on a regular basis.  Equipment that has been sitting in a building, unused, for a long period of time loses value at a rapid pace.  Refrigeration, in particular, ages very poorly when not used.  If in place from a failed business, critters will invariably make their way into the kitchen.  This is not good...  I recently had to give some bad news to a restaurant owner who let a commercial kitchen sit unused for over a year.  What could have been $50,000 worth of good useable equipment was now worth less than $10,000, because most of it was worth nothing more than scrap.....and it had to be moved....another expense.  An asset had become a liability because of in-action.

• Assets that are occupying real estate can also become a liability, particularly if the real estate is highly desirable.  Unless a building is sold with the contents, it must be cleaned out.  A potential buyer will most times have no interest in the contents.  In this situation, the real estate is the asset while the contents are a liability.

• Perhaps nothing ages worse, or loses value quicker, than an automobile.  Of course, there are some exceptions in the collector car world. However, they must be maintained or at least protected. Do not expect your family's heirloom car to increase in value if it is stored under an oak tree.  Neglected collector cars that require extensive repairs and can very quickly become a money pit rather than an asset.  (as a car guy at heart, I'm begging you..... don't let them waste away!)

• Sports memorabilia is only as valuable as the last season of the player depicted.  The time to sell is when the player is hot.  There are certainly exceptions for Hall of Fame superstars of the past. Many of these items can actually increase in value.  But again, those markets are cyclical. Do you have a particular baseball card and you just saw the same one sell for a record price?  Now is the time to sell.  Never confuse your hobby with your retirement plan.

None of these scenarios take into account sentimental value. If something is a family heirloom, or has particular value because of a memory, then the item could most certainly be considered an asset.  But the value you put on it is based on emotion, not markets.  Keep that item. Enjoy it for what it is rather than what it might be worth.

In summary, watch for cycles. Sell when the item is hot.  If it is costing you money or causing you duress, it's time to sell.  If you love the item and can afford it, keep it.

If you find yourself in any of these situations, ask for help! Get input from a reputable personal property appraiser, auctioneer, or trusted advisor.  Having a fresh set of eyes with no emotional attachment will be good for a rational analysis.

More blogs to come this spring.  Stay tuned!

Alex Grovenstein
912-657-1831
alex@southauctiongroup.com
GA Auctioneer License #4105
SC Auctioneer License #4534
GA Real Estate License #366186
#AuctionAlex

Serving Statesboro, Savannah, and all areas of southeast Georgia and Southern South Carolina with open, honest and efficient auction solutions.

Why do men like old stuff?

Why is it that men have a strange affinity for old things?  Many guys are enamored by arrowheads, rusty wall-hangers and even old tools.  An anvil from the 1800s, pocket watches from the 1940s, shoebox Chevy from the 1950s, football cards from the 1970s, Fender Stratocaster from the 1980s and bar mirrors from the 1990s.  These are just a few of the items that are included in our February Collector's Auction in Statesboro, GA.  Bidding is open now and will run through February 13th at 7 PM.

Much to the chagrin of wives and girlfriends everywhere, this phenomenon doesn't seem to be coming to an end anytime soon.  Despite the fact that they don't really need it, men everywhere are still seeking classic cars, vintage American made tools and knives, signs and baseball cards of their childhood heroes.

I contend that the reason for this phenomenon is simply nostalgia.  Perhaps it's a reminder of a more simple time.  A reminder of a father or grandfather.  Perhaps it's the hope that similar relics will yield a similar life that a respected man enjoyed.  Or maybe the stuff is just cool!

All this talk of men........ The same emotions and rationalizations are evident with ladies too.  Most of the time with just different items, but many times exactly the same!  I think it's part of human nature.

What interesting old treasures do you cherish?

Alex Grovenstein
912-657-1831
alex@southauctiongroup.com
GA Auctioneer License #4105
SC Auctioneer License #4534
GA Real Estate License #366186
#AuctionAlex

Serving Statesboro, Savannah, and all areas of southeast Georgia and southern South Carolina with open, honest and efficient auction solutions.