Selkirk Auctioneers

Attached please find the response to Mr [redacted] 's complaintSincerely, Client Services

Selkirk Auctioneers & Appraisals apologizes for any miscommunication that resulted in the dissatisfaction of Mr*** The lower estimate given by the Selkirk specialist was determined by analyzing the current Fair Market Value according to online resources and auction estimate websitesFair Market Value is based on what a knowledgeable, willing, and uninfluenced buyer would pay for an item in the active retail market todayInsurance appraisals are often based on the replacement cost of the item, and not the current Fair Market ValueJewelry appraisals may also be 4-times higher in order to cover the retail replacement cost of the itemAlthough the appraisal document was presented to the specialist in February 2017, this document from does not reflect the present fair market value of the itemPlease see above for Fair Market Value definition. Although placing an item reserve can be beneficial to maintain the profit anticipated by the buyer, an item reserve may also discourage bidding due to the forced higher listed estimateIf an item has a lower estimate, and thus no reserve, it increases interest and gives the item more momentum to raise in price during the bidding processSelkirk Auctioneers & Appraisers strives to achieve the very best prices for our sellers in each auction All terms of the sale were itemized and detailed in the consignment contract presented to Mr***On May 5, a pre-sale notification was sent to Mr*** for reviewOnce this notification is received any adjustments to the estimate or reserve price may be made at the request of the consignorThe consignor also holds the right to pull the items from auction at any time prior to the auction date, nulling the consignment contractSince Selkirk Auctioneers & Appraisers did not receive any response or edits from Mr*** at the time of the pre-sale agreement, the previously agreed upon details of the sale remained unchangedWe are always hoping for the highest possible return for the client, and have never intentionally advocated for an absolute sale, which includes no reserve, in any situation where we did not believe it would result in the best outcome for the clientBut, per Clause of the contract, the reserve is the responsibility of the consignor to request If the concerns of Mr*** were given prior to the auction, Selkirk Auctioneers & Appraisers would have taken all actions to insure the positive outcome of the sale for both Mr*** and the item buyerIf previously requested, the items in question would have absolutely been removed from the auction and promptly returned to the consignorUnfortunately, once the item sold on May 20th, the items were taken into possession by the paying buyerOnce the item is sold, the process is no longer reversible and therefore, Selkirk Auctioneer is no longer in possession Selkirk regrets the experience of any disappointed client and works hard to reverse or mediate disappointmentWe are committed to the relationships with our clients, and we will be reaching out to Mr*** with a remedy to this situationAlthough we are not responsible for final selling prices, we will make the best effort to work with Mr*** in order to find a solution to this issue

Attached please find the response to Mr. [redacted]'s complaint. Sincerely, Client Services