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How to Buy at Auctions

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Author: Robert

Those who love to go to auctions and bid on items see winning a bid as a victory and losing a bid as a defeat. They also see bidding as part science and part art form.

The fact is that auctions have never been more popular than they are today as a purchasing venue. Maybe we can contribute the popularity to eBay and the Internet, or maybe today's popularity is just one of those ebb-and-flow flukes that nobody can explain. But either way, auctions today are hot!

Real-world auctions have all of the elements needed to provide great entertainment. There's competition, there's intrigue (with secret signals), and there is certainly drama! Online auctions aren't nearly as entertaining, but there is certainly the opportunity to get great bargains (for buyers) or sell far above retail value (for sellers).

Buyers must do their homework before they bid on an item in a real-world auction or at an online auction. If the buyer doesn't know the real value of an item, the seller is going to make a "killing."

Due diligence when bidding on items at auctions means that the bidder has checked with local merchants to determine if what an identical item sells for at retail. He has also checked the Internet and knows at what price the item is available (including shipping) there. He has examined the item and determined that there are no major defects. He has decided BEFORE the bidding starts how much he is willing to pay for the item in question. Seventy-five percent of the lowest retail price is reasonable.

A seasoned auctiongoer and successful bidder knows better than to walk into an auction "blind" and just start bidding, and a seasoned and successful auction bidder knows better than to get caught up in the drama and competition of the moment!









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