Since the beginning of civilization people have been bartering, trading, buying and selling their unwanted items. It seems to have been written into our DNA to get a bargain on something of great value. This is true even if the great value is on a personal or an emotional item such as memorabilia. As many people are, I am addicted to watching appraisers on the Antiques Roadshow. It’s thrilling to watch someone’s reaction to find out an item they bought at a garage sale or auction for a few dollars is actually worth thousands more than they paid. It’s the dream of many to find such a great deal. Garage sales are everywhere, but searching through some else’s unwanted stuff gets tedious and time consuming for very little in the end. So, I moved over to live auctions. At live auctions many of the treasures and trinkets we seek are all in one place.
After reading this article you will have a better understanding of how the live auction process works and be more comfortable buying and selling through a local auction house.
First a little history on live auctions:
Auctions have been a way of life since the ancient Greeks who documented auctions as early as 500 BC. Marcus Aurelius apparently auctioned furniture and works of art to pay off debts, and Roman soldiers auctioned their plunders of war after battle. Selling by auction has proved to be a great way of reaching enough people to get a fair price on your sale items. Years ago live auctions were restricted to wealthy buyers and large multimillion dollar auction houses, such as Sotheby’s or Christie’s. These auctions were specifically for selling items for the wealthy to the wealthy. If you were not of a certain income it was not an option for the regular Joe. Intimidation kept the masses away, but this is not the case anymore.
Present day Auctions:
Today online auctions are all the rage, unfortunately people are often disappointed or end up paying more than they expected by the time shipping, handling, customs, duties and taxes are all applied. To make things worse, if you’re not happy with your item, returning it is very difficult and costly. The problem with these online auctions is the inability to actually see, touch and inspect the items for sale. Actually going out to a live auction, allows you to go in advance and get a list of sale items and inspect and test the items to be sold. This is invaluable and if you follow our advice you should be happy with your items and get the best deals for less. By doing your homework and pre inspecting the items up for auction, you can look for defects or damage on the item and bid accordingly, as well as getting the overall excitement of bidding against another possible buyer. There’s no better high.
Pre Auction research:
To find an auction in your area, first check the classified ads in your local newspaper or phone book. Get all the details and do your research in advance. Visit the local auction, inspect the goods to be sold, ask the auction staff what they know about the items you’re interested in, and how it will be sold. In some cases auctions sell several items together in “Lots” so you may be bidding on 5 things in a lot, when you only want 1 or 2 of them. What are the terms and auction fees the Auction house charges? Most charge buyers and sellers a fee on top of the bid price. Make sure to calculate that in your final price before bidding, know what your limit is and stick to it. Get to the auction early, listen to the auctioneer, and learn to understand their “Patter” or lingo, so that you are not confused when you are ready to bid. Most live auctions require you to register in advance and obtain a bidder number and paddle, that identifies you to the auctioneer, get there early enough to get your number before your items comes on the block.
How to bid: The auctioneer will usually state the “Lot number” and description of the item and an assistant or employee will hold the item in the air, or direct your attention to it. The auctioneer will usually start the bidding higher than they really expect to get, so wait a minute and see if the asking price comes down. Once you see the item has hit the bottom, and other bidders begin to bid, this is the time to get your paddle in the air and make sure the auctioneer sees it. If he doesn’t notice you, yell, or get his attention quickly or you may miss out. Making eye contact with the auctioneer will usually let him know you are interested in bidding. Keep bidding until you reach your predetermined limit.
Depending on the value of the item the auctioneer will increase the bids in increments. If you agree with the offered price go ahead and bid, but if you want to bid only half of the increase you can indicate this with a horizontal movement of your hand, as if you were slashing across the price. As an example if the item has a bid of $100 and the auctioneer bumps it to $120 asking price. By making the slashing gesture the auctioneer knows you’re willing to bid $110.
Summary:
Live auctions can be very exciting and a great place to buy and sell virtually anything. Better than online auctions because you get to pre inspect the item and take it home right away if you win. They are also the perfect place to sell items you no longer want without the hassle of classified ads and garage sales. For business they are also a great place to liquidate excess stock and bankruptcy liquidations.
Who knows, your next purchase from a live auction could lead you to the Antiques Roadshow, and to the great news you always wanted to hear. There is nothing like getting a great deal and feeling like you won a competition at the same time. Happy Bidding.
Author Resource:
Check out these Live http://www.madisonsauction.com/ BC Auctions in the http://madisonsauction.com/auctionList.htm Vancouver area auction as well as http://madisonsauction.com/auctionList.htm BC Auto Auctions.
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