Auctions 101

Auctions 101

Average folk like you and me don’t usually attend auctions because without the know how, we feel we might get ripped off or taken advantage of and that always feels bad.
Did you know that lots of people attend auctions regularly and this type of “sport shopping” is a prized entertainment?
Last week I found out why.
Auctions are the epitome of “The American Dream”come true. You can buy something that is grossly underpriced and turn around and sell it for much more, if you want to.
You almost feel like a pirate who’s stolen a prize and you fear someone will catch you. But this is legal thievery, where the seller is happy to sell. And the buyer is allowed to take advantage of the seller and purchase an item for the lowest price you can get away with.
Your adventure depends on who else is attending the auction. If you are the only person who is interested in a bone china Wedgwood moustache cup, then you will buy it for a mere $10, a steal by any measure. That’s what I did and my mustachioed husband is very happy to sip coffee out of it.
Quinn’s Auctions occur almost weekly, Wednesdays at 6 PM., at 431 N. Maple Avenue, Falls Church, VA. Address questions to info@quinnsauction.com and visit their website at www.quinsauction.com It’s a great place to cut your “bidding technique” teeth. You may never graduate to the high-end places but you sure will have a lot of fun.
One caution: Attending auctions can be addictive. They are faster paced than TV shopping and less tiring than mall shopping and great deals can be had. This is controlled risk gambling with no guarantees on quality of merchandise and no returns.
Lesson #1. If there is a catalogue sale, you can purchase a catalog of each item to be auctioned and read carefully to find what tickles your fancy. If the auction doesn’t have a catalogue, you have to trust your eye when the item is shown for the first time. Some auctions are for sellers where you try to get the highest price possible from bidders with deep pockets. The final sale price is publicized worldwide and we marvel that anyone would pay millions of dollars for a painting or other treasure.
However, take heart because buyer’s auctions are very approachable and the fun is available to anyone that wants to attend.
Lesson #2. Mark down the maximum price you will spend in the catalogue to protect yourself from impulse bidding.
Lesson #3. Attend the preview that is held for at least a few hours or days before the action begins, so you can look at all the items to be sold, touch them, examine them in great detail, look for repairs, defects, and secret markings. Use a tape measure, and look your potential treasure up in any reference books you may own that describe your sphere of interest. Quinns can help you do your research. Just ask Paul, Matt or David Quinn who are usually on the premises.
Lesson #4. Attend the auction with a friend for accountability. Even if you lose you mind over a rug that you adore, when the bidding goes over your budget, your friend can hold you back. If you are a very enthusiastic type, agree in advance how aggressive you will allow your friend to be in restraining you.
Lesson #5. Keep track of what things go for so you will be better informed the next time you attend. Your saved, well-documented catalogues will become a reference for you in the future.
Lesson #6. If you really like something and want to bid, don’t jump into the bidding at the get go. Wait until it looks like it is waning and then jump in quietly.
Lesson #7. Wear comfortable clothes. You’re going to be there a long time.
Stories abound that may reach Johnny Appleseed proportions someday. But I like the one of the man who bought a lot of 5000 baseball cards for $50. He then sold each one on Ebay.com for $1 apiece. Not a bad turn around and he didn’t let greed get the best of him. Imagine the chain reaction. The next buyer snags a hot card and parlays that into hundreds and someone’s kid gets his college tuition paid for.