When people think of auctions, they tend to think of tangible items like pieces of art, cars and homes. That said, auctions can also involve non-tangible things, such as intellectual property.
“A work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.,” is how the term intellectual property is legally defined.
Perhaps you’re wondering how intellectual property’s value is determined? Generally, it’s based on the ability of said property to either earn revenue or secure a competitive advantage in the marketplace.
The Benefits of Selling IP at Auctions
Why is it smart to sell intellectual property at an auction done by Wilson Auction & Realty?
The Right Value
For starters, expect an accurate valuation. It has been said that auctions are pure representations of the marketplace. A reserve price can be set, ensuring a base amount is made. Then, let the bidders determine the value. Oftentimes, auctions lead to higher prices than other sales channels because people get caught up in the frenzy of “winning,” so that’s a good thing.
Reduces Costs and Confidentially Issues
Rather than try to sell intellectual property on the private market, selling intellectual property at auction eliminates patent management costs and takes away awkward confidentiality issues. Meanwhile, there are typically more potential buyers at an auction than there would be if you were to try and sell privately. Auctions are promoted and become “big deal events” that people want to know about and be a part of– to the point where your intellectual property asset is likely to be seen by dozens of interested buyers who have both the money and the inclination to buy what you’re selling.
Do you have rights to patents, trademarks or other intellectual properties and want to sell them to the highest bidder at auction? Wilson Auction & Realty of Bryan, Ohio, can help as one of the very few companies in the country that specializes in these unique types of asset auctions.
To learn more about planning an intellectual property auction with Wilson Auction, contact our team today toll-free at 866-870-5500 or at 419-636-5500.