Mineral Trends

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The mineral market is currently experiencing a period of significant growth and transformation, as global demand for minerals and natural resources continues to rise. This trend is being driven by a number of factors, including the growing global population, the increasing demand for consumer goods and infrastructure, and the rise of renewable energy technologies.

One of the key drivers of the current mineral market is the increasing demand for metals such as copper, nickel, and lithium. These metals are used in a wide range of applications, including renewable energy technologies such as solar panels and electric vehicle batteries. As countries around the world seek to transition to cleaner energy sources, demand for these metals is likely to continue to rise.

In addition to metals, there is also growing demand for minerals such as phosphate, which is used in fertilizer production. With the global population continuing to grow, and demand for food increasing, there is a growing need for phosphate to help increase crop yields and improve agricultural productivity.

Another trend that is impacting the mineral market is the increasing focus on sustainability and ethical sourcing. Consumers and businesses are increasingly looking for products and materials that are produced in an environmentally responsible and socially sustainable manner. This has led to growing demand for minerals and other natural resources that are sourced from sustainable and ethical sources.

Despite the positive outlook for the mineral market, there are also a number of challenges that must be addressed. One of the biggest challenges is ensuring that mineral resources are extracted in a responsible and sustainable manner. This includes minimizing the environmental impact of mining and ensuring that workers are treated fairly and paid a living wage.

Another challenge is ensuring that the benefits of mining are shared fairly with local communities. This includes providing employment opportunities and supporting local development initiatives.

In conclusion, the current mineral market is characterized by growing demand for a wide range of minerals and natural resources, driven by factors such as population growth, increasing demand for consumer goods and infrastructure, and the rise of renewable energy technologies. While there are challenges that must be addressed, the outlook for the mineral market is positive, with opportunities for sustainable and responsible growth in the years ahead.

This is a lot of information to understand but thankfully, you don’t have to understand it all.  That’s what we are here for.  Ira  has 40± years experience with oil and gas mineral rights.  Whether you’re looking to buy or sell, or just want to chat about the markets, call Ira 580-334-6001.

Einstein, Sinatra, and Rockefeller: Big Names Hit the Auction Block

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Hot items have been recently hitting the auction block across the country. From a letter written by Albert Einstein, to jewels from famous names like Sinatra and Rockefeller, the auction scene is ripe with exciting items sold and up for bid.

Albert Einstein’s letter sold for approximately $2.9 million

The year before he died in 1955, Albert Einstein wrote a letter discussing his thoughts about God and religion that British auction house, Christie’s recently sold for close to $2.9 million at a New York auction, according to CBS News.

Known as the “God letter,” Einstein wrote the blunt letter to philosopher Eric Gutkind, and in it discussed what God means to him and his Jewish faith.

Questioned throughout his life about his religious views, people looked to the genius Einstein for answers about the universe. In this letter, we get a glimpse into some of Einstein’s beliefs and ideas about religion–ideas so intriguing they are apparently worth millions of dollars!

From Einstein we move on to a few other big names lighting up the New York auction scene:

Sinatra and Rockefeller gems

British-founded Sotheby’s in New York City recently held an auction of jewelry pieces from Frank and Barbara Sinatra and Happy Rockefeller, the wife of Nelson Rockefeller.

According to Forbes, Sinatra’s jewelry collection included Barbara’s “Lady Blue Eyes” engagement ring from Frank, diamond and colored gemstone jewelry, and a ruby and diamond butterfly pin. The collection sold for a total of $4.7 million. Happy Rockefeller’s jewels sold for just under $1 million.

For the latest in live auction news, check out the Smith & Co Auction & Realty, Inc blog! And when you’re looking to buy or sell land, heavy equipment, real estate and more, our experts are ready to help. Give us a call at 580-254-3975 to learn more about our upcoming auctions!

“Wizard of Oz” Draft Scripts Will Hit the Auction Block in December

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It has been nearly 80 years since we skipped down the Yellow Brick Road with Kansas farm girl Dorothy and her three loyal pals: the Tin Man, the Scarecrow, and the Lion. Timeless and classic as ever, “The Wizard of Oz” still delights audiences young and old with its catchy show tunes, dazzling colors, and the heartwarming message that there truly is “no place like home.”

Dozens of screenwriters worked together to adapt L. Frank Baum’s children’s book into the musical film we know and love today. Now, the world’s largest auctioneer of original Hollywood memorabilia, Profiles in History, is holding an auction with more than 150 handwritten pages of manuscript highlighting the evolution of “The Wizard of Oz.”

The auction is to include the first three original drafts of the screenplays written by Noel Langley, lead screenwriter for the movie. The three drafts date between April 5 and May 14, 1938. The auction also includes Langley’s fifth draft from August 1938 and the movie’s fourth draft written by Florence Ryerson and Edgar Allan Woolf. Fans of the movie will love reading the draft scripts highlighting the treasured film’s genesis and development.

Other beloved tokens from “The Wizard of Oz” up for auction

Fans of the movie will not forget the iconic tornado sequence that first brings Dorothy to Oz. About 16 photos of the tornado scene and other special effects are included in the auction. An additional lot includes Margaret Hamilton’s “Wicked Witch of the West” hat.

A private collector is selling the archive, which Profiles in History estimates will value around $800,000-$1.2 million. The auction will be held in Los Angeles from Dec. 11-14.

Be sure to check back with us at Smith & Co. Auction & Realty for all your auction industry updates! And if you’re looking for the next live auction to attend, browse our upcoming auctions today!

A Look Inside the Upcoming Stephen Hawking Auction

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On March 14, 2018, we lost one of the world’s most brilliant scientific minds. A Cambridge theoretical physicist known for his contributions to cosmology, general relativity, and quantum gravity, Professor Stephen Hawking changed the world for the better with his amazing discoveries and unwavering zest for understanding the universe.

Stephen Hawking suffered from Lou Gehrig’s disease, also known as amyotrophic lateral sclerosis, and therefore spent much of his life in a wheelchair. One famous, red wheelchair he used in the 1980s and 90s along with many other important and personal items of Hawking’s, will soon be up for sale to the public.

“On the Shoulders of Giants” online auction from Oct. 31 to Nov. 8

To highlight his remarkable achievements and inspirational life story, British auction house Christie’s, with the help of Hawking’s daughter Lucy, is holding an online auction entitled “On the Shoulders of Giants” from Oct. 31 to Nov. 8.

The auction includes 22 items, including a signed copy of Hawking’s PhD thesis from 1965, which famously crashed the Cambridge University website when posted online.

What’s on the auction block from Dr. Hawking?

In addition to the leather-backed wheelchair of Dr. Hawking, other items up for bid include a copy of 1988 best seller “A Brief History in Time” (signed with Hawking’s thumbprint), medals, significant awards, and 12 of Hawking’s scientific papers. One of Hawking’s personal leather bomber jackets and a copy of the script of the 22nd season premiere of “The Simpsons,” which Hawking appeared on, also make the cut for this auction.

Proceeds from the auction will go to the Stephen Hawking Foundation, the Motor Neuron Disease Association, and Hawking’s estate. Bidders will also find possessions from Albert Einstein, Sir Isaac Newton, and Charles Darwin included in the auction.

This special auction is a true testament to the life and work of Stephen Hawking, reflecting his personality and achievements in a beautiful dedication to his life.

Winners at the auction will truly take home a monumental piece of history.

Check back with the Smith & Co. Auction & Realty blog for more updates in the auction industry, and maybe attend an upcoming live auction yourself!

Marilyn Monroe’s 1956 Ford Thunderbird Hits the Auction Block this November

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Few people reach the iconic status that Marilyn Monroe did, and 56 years after her death, she’s still making headlines.

Monroe’s 1956 Ford Thunderbird is set to come to auction

Later this year, the Thunderbird will hit the auction block and fans are floored over the opportunity to own her iconic car. The car is a raven black convertible which was owned by the actress between the years of 1955 and 1962, the same year the actress died.

It was purchased in December of 1955 in Westport, Connecticut and was believed to have been a present from Milton Greene, Monroe’s business partner and personal photographer.

Monroe passes the Thunderbird on

She gave it away a few months before her death when she gifted it to her acting coach’s son for his 18th birthday. However, she was known for loving the car and used it for important life events. In fact, the car was used to transport Monroe and playwright Arthur Miller to their wedding ceremonies (civil and private) in 1956.

Julien’s Auctions will be responsible for the sale of the vehicle and reportedly has proof from the current owner of its origins. The car was recently restored but looks and drives as it did in its heyday. The car is expected to sell for between $300,000 and $500,000.

If Monroe’s car isn’t what you’re after, then we may have a few suggestions. At Smith & Company Auction & Realty, we sell everything from farm machinery, to 3100-acre ranches, and beyond. Browse our upcoming auctions and give us a call at 580-254-3975 with any questions!

Tips for Buying and Selling Heavy Equipment at Auction

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Many different tractors standing in row at auction.

Whether you need to get your items sold quickly or need the best possible deal, auctions make large equipment transactions easy for both the buyer and seller! Many manufacturers need to make way for new ranges of equipment, and the rental market needs to refresh their fleet regularly, meaning all redundant equipment usually heads to auction.

Here are a few tips to prepare to buy or sell heavy equipment at auction!

Research the Value

Before you head to an auction to sell your heavy equipment or to look for used machinery, you need to know its value. To locate a suitable buying or selling point, you can check out used sales locally and the industry trends currently showing. Find a fair value you are willing to negotiate and stand firm on your bottom-line price.

Prepare the Equipment

When you take a piece of heavy equipment to an auction, you should take the time to prepare it first. Make sure it looks presentable by washing and refurbishing any worn parts. A nice-looking piece of equipment will draw in prospective bidders. Heavy equipment that isn’t presented properly gives potential buyers the idea you have not maintained its operational needs, and they won’t give it a second glance if it is dirty and unappealing to the eye.

Inspect Equipment

You need to take the time to inspect the items you plan to purchase. Check how the engine turns over and whether there are any leaks. Inspect each piece carefully for any welds or cracks and cycle the hydraulics. You need to know how heavy equipment functions and listen for any unusual sounds that may indicate serious issues.

Ask the seller for as much documentation as possible, like maintenance and service records for the machine in question, as this is another good way of identifying any potential problems. If possible, find out who owned the machine previously to gather some extra info.

Pro Tip: Chances are this will not be the last time you either sell or bid on a piece of heavy equipment at an auction. While you’re there, make connections with the auctioneers and other participants in case you need heavy equipment in the future!

If you are located in the Northwest Oklahoma or Kansas area, Smith & Co Auction & Realty is the place to go for all your auction needs. From heavy machinery and used farm equipment to land and real estate, we will conduct a professional and successful auction, whether it be in person or online.

Contact us at (580)254-3975 to learn about our services and upcoming auctions!

Auction Chant: How to Better Understand the Auctioneer

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It’s no surprise that many people find it confusing to unpack exactly what an auctioneer is saying.

Auctioneers are required to be very specific with their language, but we’re here to help you decipher the chant so you’re better prepared for your next auction!

The basic elements of an auction chant

An auction chant basically consists of two numbers, the have (which is the current bid price), and the want (the higher bid that is being requested by the auctioneer).

Between these two numbers is a wide array of sounds and other words inserted to add rhythm to the chant and increase the entertainment element. These filler words have purpose though, as they give bidders an opportunity to decide if they want to bid higher. In order to make it seem like they are talking faster than they really are, auctioneers will purposely slur words to shorten them.

This means there’s less time between the have and the want.

In addition to the have and the want, there is the next. When someone accepts the want and that number becomes the new have, the new want is known as the next.

At any time, the auctioneer will have 3 numbers in mind, the have, the want, and the next.

When the highest bidder is found, the auctioneer will give audiences one last chance to bid on the item. When they say “going once, going twice, sold,” it’s the last call for anyone to take the current want.

Now that you know the rules, it’s time to test your knowledge at one of our upcoming auctions! Give our team at Smith & Co. Auction & Realty a call at 580-254-3975 to learn more.

How to Score a Bargain at a Live Auction

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Live auctions can be both exciting, and intense. They’re incredibly fast-paced events, where auction-goers bid against one another in a format that can be dizzying if you’re new to it. But actually, live auctions are a great place to find a deal—it’s where the real value of an item can be appraised and debated. That’s if you know how to score a bargain!

Prepare for the auction ahead of time

One of the best things you can do before a live-auction is research so that you know what to expect upon arrival. Browse through the items being sold at the auction ahead of time; that way, you can do your proper market research, find out what the item’s value is, and be able to plan your bids accordingly.

Early bird gets the worm, or should we say bid?

If you’re planning on placing bids, then arrive at the live auction a half hour or so before it’s set to start. By doing so, you’ll be able to see the items you’re bidding on, assess their condition, and adjust your bid plan, if need be. Get a bidding number the minute they start handing them out, so you’re first on the list!

Get ready to bid

Listen closely for announcements and think on your feet. Account for any unexpected costs, like buyer’s tax and other hidden fees. A live auction is quick and can be over in the blink of an eye, so you’ll need to move fast.

With these tips in mind, you’ll be set to score a bargain at any of the upcoming auctions from Smith & Co. Auction & Realty. If you have any inquiries, feel free to give us a call at 580-254-3975 today!

What’s the Difference Between an Auction and an Estate Sale?

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Judge Holding Gavel With House Model At Desk

An estate sale and an auction are two different ways to sell the contents of your space when you’re planning a move or selling a home. Sometimes these circumstances arise when the death of a loved one occurs. Typically, the easiest way to take care of the family members’ items is to hire a team to manage an estate sale or auction for the home.

While the general purpose of estate sales and auctions is the same—to sell all of someone’s belongings—the method of sale is different!

Estate Sales

 If you decide to have an estate sale, you rely on the company and its employees to determine the value of every item you own. The estate sale company will charge you a commission. They want the most accurate estimate possible to get the most return for their work, but there is always the risk that the company prices items too high and no one buys anything, or too low, and you don’t get the full value for your estate. You also have to trust that your estate sale company can accurately value everything from common household items to antique artwork.

Estate sales typically work on a model that reduces prices as the sale goes on, and even if you’re the first one in the door, you don’t always have time to fully evaluate the worth of an item before you purchase it for fear of losing it.

Auctions

Unlike estate sales, auctions allow you to find the true market value of any item you own because the bidder’s set prices. True market value is what someone is willing to pay at any time for any object. This is largely contingent on the crowd, so auctioneers are very good marketers who draw the right buyers to the right sellers. On top of that, the pace, excitement, and competition aspects of an auction mean bidders are sometimes willing to pay more in the heat of the moment.

Auctions give bidders time to assess the value, condition, and authenticity of any item up for auction before raising their hand or paddle. This allows buyers to bid confidently, and everyone has the same chance to bid on any item.

If you’re looking to find the largest, most qualified buyer pool, auctions will find you those buyers. Many auctioneers are required to be licensed in their state, requiring continuing education. Many others are members of their state association or the National Auctioneers Association, which holds members to a high standard and educates them on best practices. There are no such requirements for estate sales.

At Smith & Co Auction & Realty, we pride ourselves on being a full-service auction and realty company with a niche for marketing. We are Northwest Oklahoma and Kansas’s choice for all your land auctions and real estate needs!

Contact us today at (580)254-3975 to learn about our services and view our current auctions online.  

Online Auctions: All Your Questions Answered

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Happy young couple winning online auction

When you hear “online auction,” you might think of eBay or Facebook. However, thousands of large online auctions run by highly experienced auctioneers happen worldwide on a daily basis.

You probably have a few questions if you have never participated in an online auction, so let us answer some of the common one’s for you!

Can I Preview an Auction Item?

Most likely, yes. This largely depends on the item you are interested in and the online auction platform. For online auctions, the preview could be limited to online only. Contact the auctioneer and ask for a preview if you don’t see a preview time. In most cases, they’ll get one scheduled for you. The closer to the auction’s closing date, the less flexibility, and availability there might be.

Why Was I Immediately Outbid in an Online Auction? 

When bidding in an online auction, you can set max bids. By indicating how high you’re willing to go, you automatically outbid anyone who bids lower than your max and vice versa. If someone else’s max bid is higher than your current bid, the online auction system will automatically accept the higher max bid.

Are Online Auction Items Guaranteed?

Items at auction are typically sold as-is, where-is. It is up to the buyer to inspect the item and take it in the condition and location it is sold. There may be exceptions to this on a case-by-case basis. Your best bet is to read the auction company’s terms and conditions or reach out to the company directly.

Are Your Items Shipped to You?

Be sure to check the terms and conditions for the auction before bidding. Some companies ship items, and some don’t. If you’re unsure, reach out to the auctioneer, they’ll be happy to provide you with additional information. In cases where the auctioneer does ship, expect to pay the shipping cost, including reasonable handling and packing fees.

At Smith & Co Auction & Realty, we host a wide range of online-only auctions and simulcast auctions. We pride ourselves on ensuring the process is stress-free and simple for people to participate in an auction from the comfort of their homes! 

View our “How to Bid Online” instruction guide for an in-depth understanding of the registration process and check out our current online auctions.