I really can't imagine how Propworx went bankrupt. As a business model, consignment auctioneering appears from the outside to be a fairly low risk endeavor. You don't have to buy any inventory, you do have marketing expenses like the auction catalogue and web stuff, but the customer pays for shipping and handling.
The biggest expense I would think is storage and labor costs to prep and run the auction. But it's not like Propworx was selling cars - so storage costs could be modest. Some of the most expensive items are smalls like jewelry. You could run this type of business out of your home. And Propworx ran some of its auctions with volunteer labor. How did he rack up hundreds of thousands of dollars in sales, and hundreds of thousands of dollars in debt?
The biggest expense I would think is storage and labor costs to prep and run the auction. But it's not like Propworx was selling cars - so storage costs could be modest. Some of the most expensive items are smalls like jewelry. You could run this type of business out of your home. And Propworx ran some of its auctions with volunteer labor. How did he rack up hundreds of thousands of dollars in sales, and hundreds of thousands of dollars in debt?