What type of property does the term "personal property" refer to?

The term "personal property" refers to both tangible and intangible assets. Tangible personal property includes physical items that can be touched, such as clothing, furniture, vehicles, and equipment. Intangible personal property, on the other hand, includes non-physical assets that have value, such as stocks, bonds, patents, and copyrights.

Understanding personal property in this way is essential for auctioneers because it encompasses a wide range of items that can be bought or sold at an auction, not just physical goods. This distinction also affects how items are categorized, taxed, and valued in legal contexts. By recognizing that personal property includes both tangible and intangible items, auctioneers can properly manage and auction a diverse array of assets, ensuring compliance with regulations and maximizing the value of the auction for sellers.