ONLINE AUCTIONS - THE PERFECT OPPORTUNITY TO SAVE!
If luxury is what you seek, but the retail price is out of your reach, then buying from auction might just be the solution for you. It is the perfect opportunity to save money without compromising on quality.
We all know you can buy art, cars and houses at auction, but did you know you can also buy luxury items like a a Hermès Birkin 35, Omega Seamaster watch, Cartier Love Bracelet - even a Tiffany and Co diamond ring. All these items and more are available right now at online auction houses, but there are a few tips you should know first.
7 Essential Tips for Buying at Online Auctions
1. Reputable Auction House
Ensure you are dealing with a reputable and established auction house that guarantees authenticity of all items sold. Reputable auction houses will always guarantee authenticity and should have in-house experts to ensure you don’t buy anything fake.
Like all money matters, you really need to consider your budget before registering for any auction. If you know your maximum bid before you start, you are less likely to splurge on items you know you simply can’t afford. Consider placing a maximum bid to be executed on your behalf.
3. Don’t get emotionally involved
It is a very exciting process as you watch the online auction unfold and you can easily find yourself wrapped up in the emotion of it all. Watching someone else bid for something you really want and they go and exceed your budget, can sometimes entice you into a bidding war. If you avoid getting emotionally involved, you’re less inclined to blow your budget.
4. Do your research
It is of the utmost importance to do your research about the items you’re bidding on. By checking photos, certificates and descriptions carefully, you will not only be able to determine your highest bid, but it can significantly reduce the stress of buying at auction as well.
5. Know the auction rules and how bidding works
As with any large purchase, one should always be across the detail. Knowing the buyer’s premium fee for example is an important factor to ensure you don’t go over your allocated budget. Imagine receiving your invoice only to discover hundreds of extra dollars you didn’t account for.. Avoid any surprises by doing your homework.
6. Keep your eye on notifications
Be sure to watch the bidding closely, especially at the close of the auction, when the site will give you a notification that you are in the lead or if you are outbid. To ensure you remain the highest bidder and win your item, you must keep an eye on these notifications all the way until the end.
7. Consider alternative items should you miss out
Now the question you might be left asking yourself is, is it worth all the work? Should you build your luxury items and designer accessories collections from an online auction? Yes, there is a bit of extra work involved having to keep track of buyers’ premiums, knowing auction times, researching the items before placing your bid. However, if you’re investing the smart way with anything, you need to be doing these things anyway. So beyond that, once you get used to the process, participating in an online auction is easy, fun and most definitely thrilling.
So if you are looking for a bargain on luxury goods, take a moment to check out First State Auctions. Check out the current auction.
A copy of an article written by a News Corp journalist