Online auctions are an amazing innovation, allowing people to participate in auctions remotely, from the comfort of their own homes. The drawback of bidding on an item from an online auction, however, is that it can be difficult to accurately assess the item.
When you are at an auction in person, you can see and perhaps even touch the item, which allows you to determine its condition and decide how much it is worth to you. When you are bidding online, how much can you really know about the items on which you are bidding?
The most well-known online auction platform may be eBay, which is good for casual shoppers. There are also many other similar sites, as well as niche sites. There are sites that primarily cater to businesses, platforms that host charity auctions, and sites that feature only high-end items.
The protocol is generally the same, in that the highest bidder wins the auction item, and everything sells “as-is, where-is”. Before deciding to bid at an auction, make sure you are dealing with a trustworthy platform. Check the reputation, particularly in the area of the platform’s transparency. Visit the auctioneer’s website to determine how long they have been in business and whether or not they have experience with the type of item you want to find.
Read the terms and conditions carefully as well as reviewing the auctioneer’s feedback and rating. A trustworthy auction company should be highly rated, with a lot of positive feedback. Browse the auctions, noting how descriptive the listings are, and make sure you understand payment options and removal requirements.
Check the seller verification, too. You want to work with a platform that only allows credible sellers to list items on their site.
If the auction is nearby, you may be able to attend an inspection day. This is an unmissable opportunity for a buyer, because it allows buyers to examine the items that they are considering purchasing.
Physically inspecting the merchandise and assessing its quality can help buyers make good decisions. The inspection day also offers the opportunity to meet the people running the auction, and this can be a valuable source of information about the auction process and the company. Additionally, when you attend an inspection day, you can network with collectors and others who share your interests.
What can you do if you cannot attend an in-person inspection day? Scrutinizing the online listing is the next best thing. Read the product description carefully, paying attention to details like the model, size, and what is included in the auction. Do not be afraid to ask questions or seek clarification when needed, especially if there is inconsistency in the listing.
Ask about the product’s history and physical condition, as well as its age and whether or not it comes with the original packaging and any paperwork. Ask for additional photos or videos if you need them, particularly close-up photos of elements that concern you. Seek clarification regarding condition grades, like new, used, or refurbished, to make sure your definition of these terms aligns with the auctioneer and seller. If you are shopping for high-value items, knowing the provenance is important. Verify all claims by asking for documentation.
Additionally, make sure you understand the platform’s return policy, and determine whether the removal policy is something with which you can comply. If an item can’t be shipped, and you must pick it up, be sure you can get there within the allotted time frame. Perhaps most importantly, study the photos carefully.
Before you begin to bid, you need to know your budget. In order to set a budget, you should have pertinent information on the value of the items on which you plan to bid. Do your homework, researching the prices at which comparable items have recently sold. This can help you determine a reasonable price to bid. Pay attention to market trends, so that you can determine which items are undervalued, which might mean you can find a bargain. It can also help you avoid making the mistake of aggressively bidding on items that are flooding the market. Educate yourself as much as you can on your auction category, so that you will be able to spot something of value, as well as noticing if something is lacking.
In addition to thoroughly scrutinizing the photos, pay attention to other details of the listing. Be cautious about bidding on any item with low-quality photos or vague descriptions, or anything with a reserve price that is suspiciously low. If something feels off, trust your instincts and consider carefully whether you want to bid. Note, too, the additional costs of winning an auction, like shipping and handling, or a buyer’s premium. A buyer’s premium is a percentage added to the final price, and this is a factor in many online auctions. Notice all of these details, so that you are not surprised when the final bill is totaled.
Whether you are a buyer or seller, Dakil Auctioneers, Inc. is here to offer a seamless auction experience. Oklahoma’s premier full-service auction company, we have led the Oklahoma auction industry since 1982. Our auctioneers have over 200 years combined experience, and our 28,000 square foot, state of the art facility in Oklahoma City sets us apart from other sales options, not just locally but also nationally.
If you need to auction property, we are capable of providing comprehensive administration of a business liquidation, including industrial and business equipment, oil and gas properties, or estate property, offering complete liquidation or cash purchase. Additionally, we provide expert promotion for your auction, designed to reach the largest number of potential purchasers, for maximum results.
A Dakil auction is a clear, efficient, and above-board process, which is why so many people choose us over other auctioneers. If you would like more information or to subscribe to our newsletter, contact us through our website.
