Now that you have attended an auction, paid for everything and took all your purchases home, what are some things to consider?
After you figure out what you want to keep for yourself and what you want to sell, the first thing to do is to figure out where you are going to sell the item. It could be at a flea market, an antique booth or even online.
When you know you where you are going to sell the item, you need to get a little history about the item. Where it was made, who made it and even a good time frame when it was made will help any customer when they are interested in it.
Repairs may be inevitable before you sell the item, and you will have to take this into consideration when you go to price the item. The cost of any repairs that you may make will drive the price of the item up.
These are only a few of the things to consider after you attend an auction. What kinds of things do you run across after you attend an auction?
Auctions have been around for many years now, and there are quite a few different types of them. What are some of the different types of auctions that you might see? Here’s a few of the more popular types that you’ll run across:
English Auction—this type of auction is arguably the most common form of auction that are used today. People attending this type of auction bid openly against one another, and every new bid is required to be higher than the previous bid (this type of auction is also known as an open ascending price auction). The English auction is commonly used for selling goods (most prominently antiques, art, real estate, etc.).
Dutch Auction—with this type of auction, the auctioneer begins with a high asking price for some quantity of items that are the same. The price is lowered until a bidder is willing to accept the auctioneer’s price for some quantity of the goods in the lot (it doesn’t have to be all the items) or until the seller’s reserve price is met. This type of auction has also been used for perishable items like fish and tobacco.
Sealed first-price auction—with this type of auction, all of the bidders that are participating will submit sealed bids at the same time. This is so that no bidder knows the bid of anyone that’s there. The bidder that submits the highest price will win the auction.
This is only some of the types of auctions that you will find. What are some of the other types that you have seen?
The auction that you attended is now over, and you have everything that you bid on and won during the auction packed up. What exactly do you do now?
The first thing that needs to be done is to pay for what you bought. More often than not, you will pay for everything at the same place that you got your bidder’s number. The person that assigns you your bidder’s number gets a sheet from the auctioneer that states what was sold and for how much it went for.
This sheet will be separated out by the bidder’s number written down on it so they can have all the buyers pay for the right items.
After you pay, you now get to take everything home and make any repairs if there are any to be made. Once that’s done, you now get to take the items to your booth, list them online for sale, or even add them to your collection.
What kinds of great finds have you run across at an auction?
So you have decided to go and see what goes on at an auction. You scouted out the perfect one, and have even showed up about 30 minutes before it started. Now what do you do?
The first thing that you need to do is to register to get a bidder’s number. More often than not, the auction company will have a special area set up for just this purpose. All that you need to do is to show the auction company a valid ID and supply a phone number, and you have a biding number. What this is for is to let the auction company know who you are and even able to contact you if something arises (like if something that you bought gets left behind).
Whenever I have attended an auction, this will only take a few minutes at most, and it doesn’t cost me anything to do so.
The next thing that you will want to do is to look at the merchandise that’s in the sale. Getting to the auction a few minutes before it starts will help you look over the items to see what’s there and to see what kind of condition that it’s in.
Make sure that you listen to what the auctioneers say at the very beginning of the auction when they make their announcements. This will let you know what will happen during the course of the auction and what will be sold first.
So have some fun when you go to auctions and see what’s out there!