How to Find a Great Auction to Buy Items for Resale
Visit the genre of shops in the area that apply to the type of auction you want to attend., Read newspaper ads., If there is a phone number in the ad, find out the terms., Find out when inspection time starts and attend!, When you attend your first...
Step-by-Step Guide
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Step 1: Visit the genre of shops in the area that apply to the type of auction you want to attend.
For example, if you're looking for a good antique auction to start attending, stop in the local antiques shops and ask what there are for good auctions in the area.
Sounds obvious, right?! But here is what to listen for...listen to what the dealer doesn't say.
The more a dealer speaks poorly or negatively about an auction he or she attends, the more likely they are trying to keep a good thing secret.
Think for a moment, why would a dealer keep attending a lousy auction? -
Step 2: Read newspaper ads.
Look for ads in the classified ad section rather than flashy display ads.
Flashy ads are indicative of an auction that will be high priced and may have reserves (a set price on an item) and a very enormous crowd.
While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner. , Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items.
These are the best auctions to attend! Is there a buyer's premium? A buyer's premium is like a tax that everyone who purchases at that auction must pay above the winning bid price.
Most auctions in our days do charge a buyer's premium, 10% is not unreasonable.
There is also something called a credit card penalty.
This is usually disguised by stating a 12 or 13% BP that is discounted for cash or check payments, hence a 2 or 3 % percent penalty for using your CC.
Don't you already pay enough interest when you use a credit card? , A good auction gives at least 2-3 hours to inspect the merchandise.
Never attend an auction if you can't make the inspection, unless you're prepared to gamble.
Most auctioneers sell at a rate of about 100 items per hour, which is why they sell "as is".
They simply don't have the time to give a detailed description of all the items.
Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction.
Beware of any auctions that offer very little or no inspection time. , Ask them where there are other auctions in the area that they attend. , By frequenting good sales you help increase the bottom line of that business helping to ensure that they'll stay in business.
It's tough for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps.
And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, and keep you coming back. -
Step 3: If there is a phone number in the ad
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Step 4: find out the terms.
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Step 5: Find out when inspection time starts and attend!
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Step 6: When you attend your first sale
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Step 7: take note of the 1/2 dozen or so dealers that buy the most often.
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Step 8: When you do find a good auction
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Step 9: attend it as often as possible.
Detailed Guide
For example, if you're looking for a good antique auction to start attending, stop in the local antiques shops and ask what there are for good auctions in the area.
Sounds obvious, right?! But here is what to listen for...listen to what the dealer doesn't say.
The more a dealer speaks poorly or negatively about an auction he or she attends, the more likely they are trying to keep a good thing secret.
Think for a moment, why would a dealer keep attending a lousy auction?
Look for ads in the classified ad section rather than flashy display ads.
Flashy ads are indicative of an auction that will be high priced and may have reserves (a set price on an item) and a very enormous crowd.
While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner. , Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items.
These are the best auctions to attend! Is there a buyer's premium? A buyer's premium is like a tax that everyone who purchases at that auction must pay above the winning bid price.
Most auctions in our days do charge a buyer's premium, 10% is not unreasonable.
There is also something called a credit card penalty.
This is usually disguised by stating a 12 or 13% BP that is discounted for cash or check payments, hence a 2 or 3 % percent penalty for using your CC.
Don't you already pay enough interest when you use a credit card? , A good auction gives at least 2-3 hours to inspect the merchandise.
Never attend an auction if you can't make the inspection, unless you're prepared to gamble.
Most auctioneers sell at a rate of about 100 items per hour, which is why they sell "as is".
They simply don't have the time to give a detailed description of all the items.
Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction.
Beware of any auctions that offer very little or no inspection time. , Ask them where there are other auctions in the area that they attend. , By frequenting good sales you help increase the bottom line of that business helping to ensure that they'll stay in business.
It's tough for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps.
And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, and keep you coming back.
About the Author
Stephen Butler
A seasoned expert in arts and creative design, Stephen Butler combines 5 years of experience with a passion for teaching. Stephen's guides are known for their clarity and practical value.
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