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A Guide To Auctions
You could get the buy of the century; you may overpay; you could get fleeced. The auction industry is booming and consumers are flocking to auction sites in search of good buys. However, 'auction fever' is tempered by auction fraud. Some auction houses misrepresent the quality and value of items; some plant 'shills' in the audience to create false competition and boost prices. Even if an auction is totally aboveboard (and many are), novice attendees often end up paying too much for secondhand merchandise.
There are a number of things that you can do to make auction-going/surfing fun and profitable and to keep yourself from falling victim to a scam.
Be a spectator before becoming a bidder. Get comfortable with the bidding process and other rules of the game before you dive into competition.
Do your homework. If there is an auction catalogue, study it carefully and read all the fine print. Understand all 'conditions of sale' including payment procedures, removal of property from the auction site, and other specifics (like 'merchandise for export only'). Beware of glowing auction-house descriptions that oftentimes exaggerate the value of merchandise. Also, inspect merchandise before buying. Most auction houses have items on display for at least a few hours often for as long as a week or two, before the sale. And try to find out what the items you want are really worth - wholesale and retail values. If you are interested in a pricey item, like an antique or a valuable painting, considering hiring an independent expert to value its authenticity and reasonable cost.
Decide on your top bidding price before you go. Write it down and don't go beyond that point. It's easy to get caught up in the spirit of competition and become more concerned with winning as opposed to getting a good deal.
Pay attention to who is bidding. Perhaps one person is always in the thick of things - you keep hearing the same bidder number - but the bidder never seems to buy anything. You may be dealing with a phony bidder and an unscrupulous auction house.
Go early and stay late. While the best merchandise may be sold in the middle of the auction, the best buys are at the start and the finish. At the start, bidders can be somewhat scared or tentative. By the end of the auction, a lot of bidders have gone home.
Remember that most of the time you are buying goods sold 'as is'.
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