Navigating Multi-Day, Multi-Event Auctions: Lessons from Large-Scale Liquidations
When a 326-acre racecourse or a corporate campus with multiple buildings needs liquidation, the process isn't a single event—it's a carefully orchestrated series of auctions that can span months. At Grafe Auction, we've managed some of the industry's most complex multi-day, multi-event auctions, from historic venues with nearly 18,000 lots to corporate headquarters spanning multiple floors and entire campus complexes.
Unlike multi-location liquidations where the challenge lies in geographic coordination, single-location phased auctions present a different set of complexities: managing buyer expectations across multiple events, maintaining site security and access, and strategically sequencing sales to maximize returns. Whether you're a commercial property manager overseeing a campus transition, a bank managing a foreclosed asset, or handling a large portfolio liquidation, understanding these dynamics can mean the difference between a successful liquidation and missed opportunities.
Our experience ranges from 35-story office towers requiring 11 auctions across 32 floors to corporate campuses where we've conducted seven separate events across different buildings, each targeting distinct buyer markets and asset categories.
Three Approaches to Single-Location, Multi-Event Liquidations
We've identified three primary structures for phased liquidations at single locations, each suited to different property types and operational requirements.
Floor-by-Floor Progression
When Target's City Center offices closed, we faced a 35-story building containing office furniture, technology, cafeteria equipment, and specialized items across 32 floors. We've conducted 11 auctions since July 2023, systematically progressing through the building. This approach works exceptionally well when buildings have multiple floors with similar asset types, access control requires sequential clearance, or other tenants remain in the building during liquidation.
The 610,206 total bids from 5,687 bidders across 8,666 lots demonstrated sustained buyer engagement when events are properly structured. We maintained security by progressively opening floors, created detailed navigation maps for buyers, and coordinated around the building's other occupants who continued their operations throughout our series.
Building-by-Building Campus Liquidations
CNO Financial Group's campus liquidation demonstrates a different model. Their seven auctions focused on distinct buildings, starting with their 160,000-square-foot Building J corporate office facility, then moving to Building K's office contents, and including specialized facilities like their corporate fitness center. With 3,611 lots attracting 1,365 bidders who placed 232,449 bids, this approach allowed buyers to focus on specific building types and functions.
Campus-based sequencing provides natural divisions that make sense to buyers. Office furniture buyers could focus on Building J without sorting through fitness equipment. When the fitness center auction launched, we targeted commercial gym operators and fitness facility managers who weren't interested in office furniture but eagerly bid on Matrix fitness equipment and Hoist strength training gear.
Category-Based Sequencing
Sometimes the most effective approach divides assets by type rather than physical location. Discover Financial Services' New Albany, Ohio campus encompassed three strategic auctions that exemplify this model. The corporate cafeteria sale featured premium food service equipment including Kolpak walk-in units and Hobart dishwashing systems. The office furniture and technology auction offered Herman Miller furnishings and advanced video conferencing systems. The specialized power generation sale presented four Caterpillar 3512 Diesel Generators.
The 2,873 lots attracted 609 bidders placing 168,078 bids, demonstrating how category-based division works effectively when different asset types appeal to completely different buyer markets. Restaurant operators evaluating commercial kitchen equipment have different needs, timelines, and budgets than industrial buyers assessing backup power generation—serving both groups in separate, focused auctions maximizes participation and competitive bidding.
Strategic Planning Makes the Difference
The planning phase determines whether a multi-event liquidation succeeds or struggles. Our process begins months before the first auction with comprehensive site evaluation. For campus environments like CNO Financial's multiple buildings, this means evaluating each structure's contents and condition, identifying which contain similar asset types, assessing removal access and logistics for each building, and determining whether building-based or category-based sequencing makes more sense.
When a historic racecourse closed after nearly a century of operation, initial expectations called for one auction. Our assessment of nearly 18,000 lots spanning five building levels—from kitchen equipment to jockey quarters, from artwork to track components—revealed the need for a different approach. We proposed 17 auctions initially, negotiated to 12-14 events as a starting point, and ultimately conducted 20 auctions over 176 days as the full scope became clear.
Sequencing for Maximum Returns
The order of auctions significantly impacts results. We consider which assets have broadest appeal and should open the series to build momentum, which items require specialized buyers and benefit from targeted marketing windows, how asset removal affects remaining items' accessibility, and which categories can cross-promote to maintain buyer interest across events.
Discover's approach exemplifies strategic sequencing. The corporate cafeteria auction captured strong interest from food service buyers first. The office furniture and technology auction followed, appealing to a different buyer base. The specialized power generation equipment auction concluded the series, targeting industrial buyers willing to handle complex removal of massive generators. Each auction stood on its own merit while the sequence ensured appropriate buyer markets received timely, relevant marketing.
Operational Excellence Across Extended Timelines
Every item receives the same level of attention regardless of which auction includes it. Our cataloging team maintains consistent photography standards across all events, uniform condition descriptions, detailed documentation of brands and models, and clear lot numbering systems distinguishing between auctions while maintaining overall organization.
This becomes especially important when auctions target different buyer markets. CNO Financial's fitness center equipment required different documentation emphasis than their office furniture—highlighting weight capacities, equipment conditions, and technical specifications that commercial fitness buyers need.
Category-specific presentation maximizes buyer efficiency. Discover's food service equipment benefited from grouping by function—walk-in coolers, dishwashing systems, food prep equipment—allowing restaurant operators to efficiently evaluate complete kitchen setups. Their office furniture presented better in workstation groupings showing complete workspace solutions. The power generation equipment required extensive technical documentation and access for buyer inspections given the specialized nature and investment level.
Marketing to Different Buyer Segments
Keeping buyers engaged across multiple auctions requires sophisticated marketing approaches. Each auction in the series receives customized campaigns addressing that auction's specific buyer market.
Discover's progression illustrates this perfectly. The corporate cafeteria auction targeted food service operators, institutional kitchen managers, and restaurant equipment dealers through industry-specific publications, food service equipment dealer networks, restaurant industry associations, and messaging highlighting premium brands like Kolpak and Hobart.
The office furniture auction shifted completely, reaching corporate facility managers updating workspaces, office furniture dealers and resellers, growing companies seeking quality furnishings, and emphasizing Herman Miller and advanced conferencing technology.
Between events, we maintain momentum through email campaigns previewing upcoming auction categories, social media updates showing new areas, and highlighting notable items from future events. CNO Financial's seven-auction series required sustained engagement over an extended period. We maintained interest by showcasing Building K's specialized technology after Building J's success, building anticipation for the fitness center equipment as a unique opportunity, and consistently demonstrating strong results encouraging continued participation.
Lessons from Large-Scale Success
The historic racecourse liquidation demonstrated how proper phasing maximizes returns. By targeting specific buyer markets for each asset category and maintaining momentum through consistent events, we cleared the entire 326-acre property within timeline requirements while achieving strong prices across all categories.
Target's City Center showcased systematic floor-by-floor progression maintaining secure access, flexible procedures adapting to building operations, and targeted marketing highlighting evolving inventory from standard office furniture to sound studios and specialty items. The sustained engagement across 11 auctions—with over 610,000 bids—proves that buyers remain interested when each event offers fresh inventory and professional execution. One memorable outcome: Ecolibrium3, a Duluth nonprofit, participated in three Target City Center auctions to furnish their community center renovation, achieving a 94% cost reduction—from an $850,000 original budget to just $50,000—while creating flexible spaces that better serve their mission of building equitable and sustainable communities.
CNO Financial's building-based sequencing allowed focused marketing to appropriate buyer segments for each building type, systematic campus clearance maintaining security of remaining structures, and category diversity maintaining fresh buyer interest. The fitness center auction particularly illustrated category-based appeal, attracting commercial fitness buyers distinct from the office furniture audience.
Discover's category-based division ensured each buyer segment received targeted marketing and could efficiently evaluate relevant inventory without sorting through unrelated assets. The three-auction structure maximized engagement within each specialized buyer market.
Moving Forward
Multi-day, multi-event auctions represent the most sophisticated approach to large-scale liquidations. Whether you're managing a historic venue, a corporate tower, a multi-building campus, or category-diverse assets, the complexity demands experience, planning, and flawless execution.
The choice between floor-by-floor progression, building-by-building sequencing, or category-based division depends on your property layout, asset diversity, and operational requirements. We assess each situation individually, recommending the approach that will maximize your returns while accommodating your timeline and access constraints.
Whether you're managing a foreclosed property, overseeing a campus transition, or handling a corporate liquidation, we bring the expertise and systems necessary for successful outcomes. Our track record speaks to our capabilities: projects that initially seemed impossible completed successfully, clients whose timeline requirements were met, and buyers who returned across multiple events because of our professional execution.
Ready to discuss your large-scale liquidation needs? Contact our team to learn how our multi-event auction expertise can maximize your returns while managing the complexity you're facing.