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AUCTION FACTS

1.  WHAT IS AN AUCTION?

An auction is a method of marketing where the item sells to the highest bidder. Anyone in the crowd who is willing to pay the most will walk away with the merchandise. Mid -State Auctioneering market their sales to draw the most buyers so items will sell for the top dollar.

2. WHY DO PEOPLE SELL AT AUCTIONS?

Sellers choose the auction method of selling because, through competition among bidders, the items sell at or above current market value. There would be no reason for people to sell at auction if their items always sold for rock bottom price.

3. DOES ANYONE EVER GET BARGAINS AT AUCTIONS?

Yes. But remember a bargain is in the eye of the beholder. If you see an item you want and you are able to buy it for the price you are willing to pay, then it's a bargain to you. However, a bargain to one person may not be a bargain for another. For example, you may not see any value in a doll that is for sale at an auction but, if the person standing next to you is a doll collector and is thrilled to make the winning bid of $ 2000. He got a bargain.

4. IF I CAN'T GET ROCK BOTTOM PRICES WHY SHOULD I BUY AT AUCTION?

At auction, consumers are assured of buying at fair market value, because not only do they have a say in setting the price, they can get the item they want for just one bid over the next interested bidder. Additionally, auctions offer a wide variety of interesting merchandise, including many valuable, unique and one of a kind items not available anywhere else.

Follow these guidelines to become a confident auction consumer:

  • Attend a free educational seminar on auctions.
  • Attend auctions and watch how different auctioneers conduct their sales.
  • Most auctioneers schedule a preview prior to the auction. Attend the preview and carefully inspect the merchandise you are interested in. Adjust the price you have set, if necessary, according to your inspection.
  • Arrive at the auction early and get a seat near the front where you can see the merchandise as it is being sold and where the auctioneer can see you when you bid.
  • Introduce yourself to the auctioneer and ask him how he runs his auctions, when the item you want will be up for sale, and about the terms such as taxes, transportation and accepted methods of payment.
  • When the item you want comes up for bid, bid early so the auctioneer will see you and you won't risk the chance of being overlooked.
  • Don't be intimidated by other bidders, sometimes other bidders will try scare tactics, such as glare at you to get you to stop bidding on the items they want.
  • Stick to the price you set and don't bid more than you intended to.

 

Auction Facts