Never Been To An Auction........?

OMG! You don't know what you're missing! I would love to get a bunch of sellers together and go to one. There are just specialty type auctions that only have antique furniture, paintings or glass and porcelain, the ones I like are general merchandise and collectibles auctions.

First and foremost...there are things you need to know Before you can bid. When going to a local auction, you will need to register for a "Bidder Paddle or Number", this is how they keep up with who bought what and how much the item went for. You will need to have a drivers license to register, current address and phone number where you can be reached. You of course will need to bring cash, your checkbook or credit card. I like to go at least one hour before the auction starting time so that I can register and look at the items that I'm interested in. Take a small note pad and pencil and jot down those items you'd like to bid on and....Keep track of your spending once the auction begins, it's very easy to get caught up in the excitement of bidding and you can lose track very quickly! Set an amount to spend and stick to it, just like gambling, know your limits. Take boxes and newspapers to pack your items in to avoid damage until you get them home.

On line internet auctions work a little differently. Always read the auctioneers requirements and all costs associated with that particular auction. No matter how much I may want an item, I always take into consideration what the total cost will be, the lowest expected return when reselling and base my bidding on those numbers. On line auctions charge a buyer's premium ranging from about 10-20% of the selling price, some have a per item or per box handling fee, plus all shipping and insurance costs. All of these add up and can price some items out of reach for resell....Be careful, when you register to bid and do win, you're obligated to honor that invoice when it comes, your bid is a Contract.

The Auction Junkie