Sunday, October 28, 2012

Auctions 
 Buying from auctions for resale is an outcome of my collecting vintage items for fun and to decorate our home. Often times when antiques or collectibles are bought at an auction you will end up with items that you didn't want or are extra item that will gather dust.  Storage and tying up your money in something that you didn't want or cannot get rid of can be a hazard of auctions and estate sales.   The solution is to sell it on EBay for enough profit to help purchase the next collectible item you are looking for.
Buying for resale can be daunting.  You have to know the value of the things you are bidding on.  Both the retail value and the wholesale value or in other terms the antique store value and EBay value. EBay value is often times much lower than antique store list price and even lower when you consider shipping.  Some knowledge of what you are buying is required.  Resist the urge to bid to on things you have no knowledge of.  If you have that gut feeling that you have found a long lost Van Gogh or Monet try and win the bid but realize you may be stuck with a painting or item of no value.
Go early and scan what is displayed at the auction and have an idea of what you want and what your limit will be.  Bring a partner with a note pad and knowledge of other items of value.  Communicate your limits and have them tug on your sleeve when you get into a bidding war.  Know what items you want to keep and what may be good for resale.   If you want an item that you will not resell you may want to bid up to or over the retail price.  Know it is the auctioneers job to get the highest price for the seller. They split many collections that should stay together in order to bring a higher price.  Have a poker face and try not to show excitement over something you know has value. Human nature is competitive and someone else may sense the bargain from your excitement and start a bidding war.    Jumping in to the bid takes practice.  Sometimes the auctioneer will lower the price when no one bids and that is the time to jump in.  

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