Someone put a priceless limited edition collectible that you really like for bidding. However, you do not know the regulations attached to participating in one. When you looked up online, you found out that this is close to your place. Excited and nervous, you called the AZ live auction house to ask how.
An auction is a medium to buy and sell items to gain profit. The owner of the item puts a specified price on the item until a winner claims it after the event. It has an aggressive marketing environment because people continually increase their price offers until they get the item or maxed out their finances, whichever comes first.
Getting registered is the first thing to do in live auctions. Then, pay the required security deposit bid that will be refunded to you after the event. You are then given a bid paddle with a number on it which you will raise upon the start of the bid war.
The auction house has scheduled a day for viewing the items up for bidding. Here, you can freely inspect that collectible item you wish to purchase. You can also check the other items they have displayed which you might like. All of them may either be second hand items or brand new. There are chances where second hand items have or do not have scratches and dents on them.
You have to be early on the day of the event. This will give you an edge to others as you will have the chance to pick your seat that is near the auctioneer and the items. Being near the auctioneer will make him see your bid paddle when you raise it. You are able to clearly hear him when he announced the prices offered by others.
One thing to note is that there will always be an additional charge at hammer price. This is the buyer premium. This is part of the commission of the seller that the auction house provides to them. Hence, you must adjust your budget to include this premium.
Let us say that the owner sells the item at twenty thousand dollars with a ten percent premium. During the event, you won the bid war. You only have allotted a maximum budget of fifty thousand dollars. You have won it at forty four thousand dollars. Including the premium, your total would be forty eight thousand and four hundred dollars. Luck is on your side. Any more than that will make you incapable of paying for the total cost of the item.
Always keep within your budget. Take notes on your notepad and do calculations beforehand. It would also make your attendance successful if you have other options to make purchase of. It is alright to make a list of those that also grabbed your interest in case the main one belonged to another.
Congratulations on winning the sought after object. Be a proud new owner of the item that you constantly wished for. If you lose the bid, then do yourself a service and congratulate yourself for having the restraint to not buy an item you cannot pay for. Instead, move on to other items on your list. You might win one and have a successful bid.
An auction is a medium to buy and sell items to gain profit. The owner of the item puts a specified price on the item until a winner claims it after the event. It has an aggressive marketing environment because people continually increase their price offers until they get the item or maxed out their finances, whichever comes first.
Getting registered is the first thing to do in live auctions. Then, pay the required security deposit bid that will be refunded to you after the event. You are then given a bid paddle with a number on it which you will raise upon the start of the bid war.
The auction house has scheduled a day for viewing the items up for bidding. Here, you can freely inspect that collectible item you wish to purchase. You can also check the other items they have displayed which you might like. All of them may either be second hand items or brand new. There are chances where second hand items have or do not have scratches and dents on them.
You have to be early on the day of the event. This will give you an edge to others as you will have the chance to pick your seat that is near the auctioneer and the items. Being near the auctioneer will make him see your bid paddle when you raise it. You are able to clearly hear him when he announced the prices offered by others.
One thing to note is that there will always be an additional charge at hammer price. This is the buyer premium. This is part of the commission of the seller that the auction house provides to them. Hence, you must adjust your budget to include this premium.
Let us say that the owner sells the item at twenty thousand dollars with a ten percent premium. During the event, you won the bid war. You only have allotted a maximum budget of fifty thousand dollars. You have won it at forty four thousand dollars. Including the premium, your total would be forty eight thousand and four hundred dollars. Luck is on your side. Any more than that will make you incapable of paying for the total cost of the item.
Always keep within your budget. Take notes on your notepad and do calculations beforehand. It would also make your attendance successful if you have other options to make purchase of. It is alright to make a list of those that also grabbed your interest in case the main one belonged to another.
Congratulations on winning the sought after object. Be a proud new owner of the item that you constantly wished for. If you lose the bid, then do yourself a service and congratulate yourself for having the restraint to not buy an item you cannot pay for. Instead, move on to other items on your list. You might win one and have a successful bid.
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