Auctions are a great way to purchase brand-new merchandise at a price often far lower than full retail value. Think of it as a really, really good sale. Plus there's something exciting about the atmosphere at an auction: the whispered chatter as potential buyers preview items and discuss how high they're willing to bid; the silent eyeing-up of potential bidding competition and finally the fast-talking auctioneer frantically taking bids as people wave (or calmly raise) their hands. And then of course, there's the mounting excitement when an item is down to two bidders who call out price confirmations untiil one finally reaches their spending limit and relents.
In short, even if you walk away empty-handed sometimes, an auction can still be a fun and entertaining way to spend a few hours and it doesn't have to cost you much, not even a penny if you don't want it to.
What you'll find there
Anything and everything, depending on the type of auction. You may be picturing the old-school type where antiques were the merchadise du jour, however today's auctions are often full of items from companies that went out of business (commonplace in today's economic situation), damaged loads of freight (in which the items are often left unscathed), household items from local showhomes or recovered stolen property in which an owner never stepped forward to claim the goods. In any case, you may find lots that include furniture, appliances, tools, athletic equipment, flooring, jewelry, toys, canned food, bicycles - almost anything you can imagine. However it varies and can be very hit-and-miss, so don't be disappointed if the occasional auction is a total bust.
Tips
Most auction items are final sale and sold "as is", so always show up early before the event begins to view the merchandise. Most auction houses have a viewing time available and allow you to examine the goods to be sold. Check for any damage that may not be repairable and decide if it's a deal-breaker for you. Decide your maximum bid in advance so you don't end up paying significantly more than the item's value - or worse, more than you can afford. the only time you may be tempted to bid more than an item is worth is if it is an antique or rare piece you won't be able to find elsewhere.
The Pros
As mentioned above, often times merchandise is sold below retail value, especially if there is a lot containing several of the same item. Years ago Mr. Pinky Bean and I purchased hardwood flooring from an auction at a much lower cost than the woods we had priced out at the big chain stores. At times, you may find unique items that you are fairly certain few other people other.
You'll also be providing a good home for items that were thankfully not sent to a landfill.
The Cons
If the auction items you have your eyes on are highly coveted, you may face serious bidding competition and lose out in the end. While there may be multiples of the same item, at times there is only one up for grabs, so you could miss your chance depending how high a bidder is willing to go to get it. This is also why it is important to decide your maximum bid ahead of time; it's easy to get caught up in the excitement and spirit of competition and bid more than you would actually be willing to pay if you'd stopped to think about it.
As mentioned previously, most items are sold as is. While you should look an item over as closely as possible and plug in appliances to make sure they work, there may be times when you get something home and discovered damage you missed upon initial examination. The most you can do is look it over as closely as you can and hope for the best. There is also a chance that any manufacturer's warranty will not be valid for items purchased at auction, but it depends on the manufacturer. Just don't automatically expect that the dinged-up dishwasher will be replaced with a new one under warranty by the company that made it.
The Etiquette
There's no need to yell and wave your arms like a maniac when bidding, unless there are several bidders competing for the auctioneer's attention. Even then, simply calling out to confirm the current bid he or she has just announced shoud suffice, as should simply raising your hand high enough to be seen if they are facing your general direction.
Don't be too worried about simple gestures such as scratching an itch or involutary twitching. Most auctioneers require eye contact or obvious bidding attempts and won't consider every little move made by audience members to be a legitimate bid. If you accidentally move in a way the auctioneer takes as a bid, call out that it wasn't a bid and let the bidding for the item continue rather than letting the words "Going once..." escape from the auctioneer's mouth.
Finally, don't get your nose out of joint if an item you want is sold and you aren't the successful bidder. It's nothing personal - the winner was just willing to pay more than you were. If ithey are willing to shell out the cash, they're entitled to the item, it's as simple as that.
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