| Have you ever been to an auction? If not, you're in for | | | | before you jump in and bid. |
| an interesting and exciting experience. Auctions are a | | | | - The key to being a smart shopper at auctions is to |
| great place for picking up items at very low prices. | | | | know the value of an item before you bid. If you don't |
| The key is to know how auctions work, how to bid to | | | | know the value of an item, you'll likely bid too much for |
| win, and the value of items that are up for sale. | | | | it. |
| Auctions are a competitive environment, so you could | | | | - Auction companies generally make a percentage of |
| get into a bidding argument with others and end up | | | | the gross receipts, so it is in their best interest to get |
| paying too much. Armed with the right advice and | | | | the highest bid possible for the greatest number of |
| some practical experience, you can avoid this and | | | | items. Auctioneers will often try to coax you into |
| other potential problems, and snag yourself some | | | | bidding on an item, so you need to be aware of their |
| excellent bargains. | | | | persuasive ways. |
| Here are the basics that a smart shopper needs to | | | | - With rare exception, everything at an auction is as-is |
| know: | | | | and where-is, meaning that there are no guarantees |
| - Auctions are held for a wide range of reasons: | | | | on what you buy, and you have to remove items from |
| downsizing for retirement or a move; court ordered | | | | where they are located. |
| sale; estate sale; closing of a business; liquidation of | | | | You need to keep in mind that at most auctions, they |
| inventory; seized assets; and, many other reasons. | | | | are selling someone's used items, so they aren't worth |
| Auctions are held at auction houses, the county | | | | nearly as much as they would be if you purchased |
| courthouse, on location, and over the Internet. | | | | them new in a retail store. Examine items carefully so |
| - Anything and everything is sold at auctions. Vehicles, | | | | you know their value before bidding on them. |
| stamp and coin collections, firearms, hot tubs, clothes, | | | | Since an auction is a competitive environment, you |
| shoes, furniture, dishes, appliances, equipment, homes, | | | | might find yourself in an enthusiastic crowd that is |
| land, bedding, tools, books, knick knacks, trailers, fencing, | | | | bidding considerably higher than the value of things. In |
| scrap iron, and the list goes on and on. | | | | these cases, stay out of the bidding argument and just |
| - You don't buy things at auctions, you win them. Items | | | | watch the action. You go to an auction for bargains |
| are won by offering the highest bid. This means that | | | | not a financial beating. |
| others will be there and might also bid on the same | | | | If you're knowledgeable about the auction process and |
| item you are interested in. The competition makes for | | | | you know the value of items you'll be way ahead of |
| an interesting sale, but it can also lead to a higher sale | | | | the game. Knowing how to bid on items will also help |
| price when two or more individuals are intent on | | | | you be a better competitor without paying too much |
| getting the same item. | | | | for your treasures. |
| - Auctions and auctioneers operate in a similar manner, | | | | So, check your local trading paper to find an auction |
| but it is best to have some experience watching the | | | | near you. Go ahead and have some fun while you |
| auction to learn about protocol and auctioneer style | | | | save money on bargains that are up for auction. |