Auction glossary
Estate sale
Also known as · Estate auction · Succession sale · House sale
- Definition
- The sale of objects from a deceased person's estate, often an entire household or collection, on behalf of the heirs or an executor. The auction house handles valuation, sale and settlement.
Estate work involves several parties: heirs, executors, notaries or lawyers, and sometimes the courts. Communications may need to go to a representative rather than to the owner of record, and the proceeds may be shared between heirs.
In Selloff, a consignment or an appraisal can name a representative, such as an executor, notary or family member, and communications can be addressed to that person.
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