Storage Auctions vs Safe Deposit Auctions

As a platform for storage auctions, we’re familiar with the phenomenon of abandoned items. Storage lot owners retain property left behind by delinquent tenants; in order to clear space and generate revenue, they hold auctions.

State governments also require cash flow to fund public works and institutions. Lottery tickets represent a popular business model; taxes, not so much. A lesser known approach to generating public funds bears resemblance to storage auctions. Three years after people abandon safe deposit boxes at banks and credit unions, the items are turned over to the state.

As an example, Arizona maintains an entire website devoted to unclaimed property. The site serves as a means for property owners and their heirs to find missing items. It also announces auctions where buyers can bid on remitted property.

Storage Auctions vs. Safe Deposit Auctions: Which Is Better?

Comparing storage auctions to safe deposit auctions is like comparing apples to oranges. With storage containers, there’s usually an element of mystery, an exciting gamble for a prize. With safe deposit auctions, states list specific items. Obviously, they tend to be valuable by virtue of having been stored in a bank vault. People generally store different types of items in safe deposit boxes than they do in storage lockers. When you win a storage auction, you find yourself the proud owner of a large quantity of items — their quality partially or entirely unknown.

Call us crazy, but that’s part of the fun! Depending on what draws you to storage auctions, you might enjoy exploring this other avenue of bidding on abandoned items. On the other hand, you might prefer to stick with the treasure hunt that accommodates a lower budget and satisfies a thirst to search. Storage Treasures is your hub for live and online storage auctions.

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Meet Vivian Maier, A Storage Treasure

Meet Vivian Maier, A Storage Treasure

Wouldn’t it be great to find an undiscovered Van Gogh in a storage unit? Or to solve the mystery of the stolen Rembrandt paintings, now missing for 27 years?

These scenarios might be a tad far-fetched. However, for historian John Maloof, an interest in local history led him to accidentally, posthumously discover the photography of Vivian Maier. Her incredible images of city life, from dramatic scenes to daily routines, are beautifully composed and expertly captured. Many of the images tell stories, and even more leave the viewer wondering about what might have been going on. This quintessential 20th century street photography may have been lost in storage had it not been for a lucky find.

Photographs Discovered At Auction

Maloof first encountered her work at an auction selling items from a repossessed storage locker. He needed old photographs of the area for his book about Chicago’s Northwest Side, and paid $400 for a box of negatives from the 1960s.

When he finally got around to looking at the contents of the box, he realized he’d uncovered treasure. He contacted one of Maier’s former employers to gain access to two storage lockers — the contents of which were destined for the garbage. Maier was a hoarder, and it was difficult to sort trash from treasure in her packed floor-to-ceiling storage units. Yet the first box Maloof discovered ignited a passion for her work, and he now owns 90% of her collection.

Treasure Hidden In Storage Lockers For Decades

A highly lauded documentary delves into the photographer’s biography, and a new book by Ann Marks delves even deeper, dispelling some of the myths that have already formed around her life story. For those of us at Storage Treasures, it’s a fascinating journey into art and art history that began with the auction of a mysterious box, abandoned by its charismatic, talented owner for reasons unknown.

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What to Do With Important Documents Found in Storage Units

When a storage unit tenant goes delinquent on payments, the facility owner takes possession of the unit’s contents. Auctions free up rental space and allow the owner to generate funds to make up for lost revenue.

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What to Look for in Storage Units

When a storage unit goes unpaid for several months, the owner of the storage facility often puts units up for auction. The winner receives everything inside of it. However, it isn’t usually possible to spend a lot of time appraising the unit, and bidding high can be a gamble. If other bidders are driving the price up, here are some things to consider:

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Why Do Storage Facilities Host Auctions?

Storage facilities host auctions for a number of reasons. First, they need to recoup their losses. Second, they need to compensate the tenants for the possessions they sell. Finally, they need to clear out overdue units. It’s a lawful measure that appeals to facility owners and buyers alike. While you can benefit from receiving goods at a low price, everyone wins with auctions.

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5 Reasons To Switch To Online Storage Auctions

Online storage auctions have emerged as a useful technology in our increasingly connected world. Whereas auctions used to be cramped and time-consuming, now you can virtually attend from anywhere on a much more flexible schedule. Here are five reasons to make the switch to online storage options:

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Things To Know About Storage Auctions

Storage auctions are a great way to pick up unique goods at reasonable prices, and put some sweat equity into improving and expanding your inventory. Whether or not you intend to resell storage auction items, you can take advantage of online storage auctions to discover the best items up for grabs. Use these tips to score storage treasures in online auctions.

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