Mineral Trends

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.

Tips for First-Time Commercial Real Estate Investors

Commercial Real Estate Agent in Woodward, OK

Any kind of real estate that will be used to run a business or generate profits is considered commercial property. This can include empty buildings, buildings with businesses already in them, rental properties, and land which you plan to use for profit. Commercial property can be a lucrative investment if you take the time to do your research, find the best real estate, and use it wisely.

If you’re thinking about taking the leap into the world of commercial real estate ownership, here are some tips to help you make the right investment!

Start by identifying the needs and goals of your business.

If you don’t know what you want to accomplish with your property, you won’t be able to determine which properties on the market will best fulfill your needs. Before you even begin your search, sit down and answer some fundamental questions about your business and the characteristics of your ideal property. Here are a few questions to get you started:

  • What are you planning to do with your property?
  • What type of property will work best for your business? Retail shop? Office complex? Warehouse? Rental units?
  • How much can you afford to put down? What can you afford in terms of maintenance and utility costs?
  • What location will be ideal for your business?

Work with a team of experts to find the right property.

Especially if you’re new to commercial real estate investment, it’s important that you partner with other professionals to help evaluate properties and, eventually, acquire one. Look into hiring a commercial real estate agent, broker, inspector, appraiser, attorney, and possibly even an accountant. At this time, you’ll also want to start working with a financer—a bank, credit union, private mortgage company, etc.—to explore your financing options and determine exactly how much money you’ll have to work with.

Do your due diligence before closing the deal.

Real estate of any kind is a big investment, so it’s important that you do your “due diligence” before making anything official. This essentially means learning everything you can about the property and ensuring everything with your contract is in order before signing.

For a commercial property, you’ll want to order an ATLA (American Land Title Association) survey to give you history and detailed information on the property and its relevant surroundings. Then, you should run the numbers (this is where an accountant comes in handy) to analyze risk/reward potential. Finally, have a commercial real estate lawyer look over your deal before you sign to make sure everything is correct and fair to you.

At Smith & Co. Auction & Realty, we have commercial real estate agents ready and willing to work with you every step of the way to find your perfect commercial property in Woodward, Oklahoma. Looking to streamline your sale? We also hold commercial real estate auctions with incredible properties for amazing deals.

Contact our team today to discuss your commercial real estate needs!

An FAQ On Online Auction Bidding

Online Auctions in Woodward, OK

Internet and smartphone technology have truly revolutionized different industries far and wide—and the auction industry is no exception. Virtual auctions and mobile apps make it easy for bidders and buyers to connect quickly and from the comfort of their own homes. Here at Smith & Co Auction & Realty, we like to make it as simple as possible for our sellers to sell and our buyers to bid. In addition to the traditional live auctions we hold throughout the year, we also host online auctions and give interested buyers the opportunity to bid in both live and online-only auctions right at their fingertips.

Bidding is made easy through our mobile app and straightforward online platform, but for first-time online auction participants the process can be confusing. That’s why we’ve put together a step-by-step rundown explaining how to register for an online auction, put in a bid, and optimize your virtual auction experience!

Types of online auctions:

We hold two types of auctions in which you can bid online. The first is a Simulcast Auction. This is a combination of a live and Internet auction. It’s a live, on-site auction with in-person bidders AND the availability to bid online during the live auction from your computer, phone, or tablet.

The second type of virtual auction experience we offer is an Online Only Auction. This is an auction that is held exclusively online with no live in-person bidding available.

How do I register for an online auction?

To register from your computer, laptop, etc.:

  1. View the www.smithcoauctions.com website. Click the ‘Bid Online’ tab. Current auctions will be displayed on the screen. You will see a button for the Catalog, Registration and Auction Details. The Auction Details will contain the terms and conditions of the Auction. You will be required to check a box during registration agreeing to the terms and conditions. If you have any questions or if any of the information is unclear to you, please contact us.
  2. Click the “Register to Bid” button on the page. It will pull up a Bidder Login Box. If you have registered before please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  3. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  4. Fill out all of the required information on the form accurately and in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  5. Click the “OK” button. This will take you to the credit card screen.
  6. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information.
  7. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration” button. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

To register from your iPhone, iPad or Android device:

*YOU MUST KNOW YOUR APPLE ID AND PASSWORD

  1. Open the ‘App Store’ and click on Search (the magnifying glass). Type ‘Smith & Co Auctions’ and download the app.
  2. Open the app and click on the red ‘Auctions’ button.
  3. Scroll to the auction you are interested in and click on the ‘Register’ button. It will pull up a Bidder Login Box. If you have registered before, please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  4. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  5. Fill out all of the required information on the form accurately and in in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  6. Click the “OK” button. This will take you to the credit card screen.
  7. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration Button”. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” Button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

We highly recommend that you DO NOT wait until the last minute to register to bid. While you may wait to place your bid at a later time, by registering in advance you can rest assured knowing that you understand the bidding tools. It is important that you familiarize yourself with all the terms and conditions BEFORE BIDDING.  The terms of sale are non-negotiable.

Why do you need my credit card information?

Just like with a live auction, we must verify that you have funds available to make a purchase. Your credit card information is kept secure; we do not share this information. We will run an authorization charge of $1.00. Once the credit card company has approved this authorization, the $1.00 is refunded back to your card and you will be granted permission to begin bidding. In the event that you are a winning bidder, we will charge purchased items to the credit card on file.

How do I bid?

Once you have completed the registration process and have your secure bidder number and password, select the auction you wish to bid on. Click the large button that says “Click Here to Bid Now.” Once the new page has opened you may type in your bid amount to place and, if you would like, a maximum bid amount. Then, scroll down to type in your bidder number and password. Click “Submit Bids.”

Please carefully review that the information you have entered for accuracy before submitting bids. Once you submit the bid, the bid cannot be canceled and is binding.

Do I have to pay any fees to participate in an online auction?

No, you are not charged any fees to participate. However, to register to bid, you will have to provide credit card information so we can run the listed authorization amount of $1.00.

Do I need to register for each online auction?

No. Once you have registered with us your account will remain active. You will only need to log in with your username and password that was created during the registration process. Terms will vary with each auction though, so when bidding in a new one you will have to accept the terms and conditions for that particular auction.

How do I know if I am winning a lot?

When viewing the online auction, you will see your name at the top of the form. Hover over your name and a drop down menu will appear. Click on the current bids and you can see the status of your current bids.

What if I get outbid just before the lot closes?

Most of our online only auctions are set to “soft close.” This means that if someone bids in the last 2 minutes before the item closes the bidding will be extended by 2 minutes so you will be have additional time to place another competing bid.  This mimics a live auction setting. 

*Note: You have to be viewing the auction item as it is closing to notice this.

What is a maximum bid?

By placing your maximum bid, the system will automatically place bid increments for you in predetermined amounts (as explained in the auction terms). This will increase your bid if your original bid is topped by another bidder. The maximum bid feature speeds up the auction process and assists you with your bidding. If another bidder bids higher than your maximum bid, the system will stop increasing your bids and you will have to increase your maximum bid amount in order to continue competitive bidding.

Can I cancel an unwanted bid?

No, bids cannot be cancelled once they have been placed. By placing a bid you are entering into a binding contract. There are no refunds or bid cancellations. The registered bidder is personally responsible—legally and financially—for all auction items bid upon, whether representing one’s self or acting as an agent.

An online bid accepted at public auction is a legal and binding contract to purchase. Any bidder who fails to consummate a purchase will be banned from bidding at all future seller auction events and may be pursued for civil and/or criminal violations.

How do I know if I won a lot after it has closed?

You will most likely see a notification ‘may have won’.  This is because the software has to process all bids before confirming ‘sold’.  Once all items have closed and the online auction has ended, you will receive an email from Smith & Company Auction & Realty, Inc. that will confirm items won and a paid receipt. 

*Note: This email is typically received 1-2 hours following the close of the auction.

What if I cannot bid online?

Please contact our office and we will be happy to assist you through the bidding process. 

Can I inspect real estate/personal property prior to bidding?

Yes! We offer preview days for all of our personal property auctions.  If you wish to preview real estate, Ira Smith is happy to assist you and can be reached at 580-334-6001.

What is the buyer’s premium?

A buyer’s premium is a percentage paid by the buyer to the auction company on top of the winning price. While some auction companies charge upwards of 15%, at Smith & Company we try not to gouge you for purchasing at our auctions. Our buyer’s premium is 3% for personal property. We never charge a buyer’s premium for real estate!

If you are interested in bidding in one of our auctions, online or otherwise, please visit our upcoming auctions page for updates. If you have any questions about online or mobile auction bidding, contact the Smith & Co Auction & Realty team today and we will be happy to help!

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

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

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

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

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

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

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

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!