When dealing with auctions I think the answer depends on which day it is. If the right person(s) shows up you could make a killing. If they don't, you won't.
Consignment might be better if you are willing to give up the sellers cut.
If I were doing it, I'd research at least some of the items to try to determine if there are any expensive pieces lurking in the shadows and not just sell them blindly and hope for the best.