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Tips On How To Buy Items At An Online Auction

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Tips On How To Buy Items At An Online Auction

You have discovered a potential treasure online and are eager to purchase it, but what are the professional's tips for securing the product when it is being bought via an online auction? This article will provide some pointers in the act.

1. The Estimate Is Only An Indication

Always remember that the estimate offered at industrial equipment auctions is only an estimate. It is an indication of what the item is worth and, if many people are interested in the good, the cost of the item can spiral out of control. If fewer people are interested, you may find yourself acquiring a bargain piece.

2. Do Some Research

It is essential that you obtain as much information as possible about the item before you begin. Always read all product information carefully in advance and do not be afraid to contact the auction house for more information or photographs.

Check where and when the item was made. Who was the artist? Is the painting an unsigned or signed piece? What are the item's dimensions and will it fit into your living room or through the house's front door? By doing the research, you will not be taken for a fool and can be assured you are purchasing an original article. Of course, because the item is older it will more than likely have some damage or wear and tear, so be prepared to handle these issues should you win the auction.

3. Choosing A Limit

Many people fall into financial difficulty at auctions because they do not set limits beforehand and are unaware of what is affordable to their budget. Specialist auctioneers say that a person should follow their wallets and not their hearts as it is possible to become emotionally wrapped up in the thrill of a bidding war. Continuing to bid beyond what you can afford may not seem to be a problem at the time, but you need to question whether the item is worth the potential financial difficulties.

4. Considering Any Additional Charges

It is crucial that you review any additional charges on the item before making an online bid. Typically, auction houses will charge a 20-25 percent commission above the agreed upon price with some bidding platforms charging approximately 5 percent to use the platform. In these cases, you may want to avoid any additional charge by arranging to bid via phone.

5. Auctions Are Contracts To Buy

Once the auctioneer has banged the gavel at the end of a bidding session, it establishes the 'hammer price' , and this is considered a contract to purchase between the bidder and the auction house.

6. Placing An Absentee Bid

According to well-known auctioneers, many people will opt to place an absentee bid to increase their feeling of security when bidding online. This will authorize the auction house to bid on your behalf securing the lot at the lowest possible bidding price. Of course, some auction houses will charge additional storage fees, and you must be prepared to pay these amounts.

7. Check The End Of The Bidding Time

Some auctions operate in a manner similar to eBay where the bidding procedure spans over several days, heating up as the deadline for sale approaches. You will receive email alerts; however, specialist auctioneers have noted that the busiest period on any online auction is in the last two hours before the bidding deadline.

Latest Activity: Apr 03, 2018 at 9:28 PM

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