Why Selling Watches at Auctions Could Leave You Shortchanged

For some time now, the auction houses have been open for another lucrative season selling rare and exclusive luxury items. The world’s internet news feeds have been awash with watches selling for hundreds of thousands of American dollars, with some even topping the magical million.

It is easy for the man on the street to imagine from this that the best place to sell a watch is in an auction – and from numerous too-good-to-be-true-but-it-is stories, that the best place to find one such watch is at a boot fair, in your loft, or left behind by a hurricane.

However, while occasionally people do find real gems in these locations, discovering or rediscovering lost treasures and family heirlooms, or, every now and then, just getting lucky, these watches are valuable because they are highly limited. The chances of owning one and not knowing about it are slim to none at best.

For most people, selling a watch at auction would be a disaster. It’s commonly intimated on auction reality shows such as Cash in the Attic or Bargain Hunt that selling small valuables for a few hundred or a thousand or two is perfectly viable, but this doesn’t take into account the costs involved, or whether an auction is the right place to buy or sell.

For starters, there’s the listing fee. If you want an auction house to sell your stuff, you have to pay them to do it. Then there’s the Vendor’s Commission. This is the commission, based on the selling price, that the Auction house takes for selling the item (let’s say, a watch) and it can vary from a nice, low, 8%, to a startlingly high 20% of the total sale price. Then you pay VAT on that commission. As you can see, auctioning something that only sells for a few hundred pounds in the first place can seriously eat away at the money you receive. If it’s any comfort, the buyer of your item will also pay a commission fee on top of the bidding price. So the auction house actually gets two sets of commission for every sale. Actually, not much of a comfort, is it.

Then there is the issue of what the watch will actually sell for. If it goes in a general auction, the chances are it won’t be what it’s worth. This is because the success of the auction largely depends upon the people bidding. If you don’t have more than one person in the room who both knows the value of your watch, and, more importantly, really wants it, then no one will bid to buy it. Too many items fail at auction because there are no interested parties in the room.

So despite the temptation that arises from watching daytime television, an auction is not a wise place to sell a watch unless it is a truly exceptional piece. People often go to auctions to pick up a bargain; trying to sell a watch for a respectable price is a chancy business at best.

Repossessed Car Auctions – Where Can I Find Them?

Buying at repossessed car auctions is now a popular way of making money. At least that is for the few that get to know where they are held and what to do when they get there.

There are two main methods of finding where they are and that is by searching the newspapers – usually at your local library and/or doing an online search.

Method #1

It’s a fact of life that some people don’t have access to the net at home and ironically it tends to be the age group between 45 and 55 who are the main ‘customers’ at auctions.

The method involves going to your local library and seeing the local newspapers for your County or region and noting the date if you come across any. Many General auctions are held regularly but not necessarily repossession auctions and if it’s a repossession auction that you are specifically looking for you may have to delegate more than a few hours research.

What you will also find in the general reference section of your library, or at least you should if it’s big enough, are directories. If you’re in luck you may be able to find several auction companies in the yellow pages. If you do it’s a good idea to ring them individually and ask them if they hold repossessed car auctions, when they are held and where. If possible get on their mailing list, however most will now only put you on an email list – so if you haven’t got a computer or email address then you are immediately at a disadvantage.

Method #2

As you have probably seen from the previous method there can be a lot of time, energy and uncertainty involved in finding out where the next auction is to be held. I have taken the lazy way out and perhaps the more effective!

My attitude has always been about ‘choice’. I joined a membership site because I needed the information fast and believed that spending the $35 was worth more to me in saved time and hassle. I wanted a choice to see as many auction sites as possible and their times so as if there wasn’t a bargain to be had at one of the auctions I would have another option straight away.

I found that this relieved some of the ‘pressure’ that many buyers feel at an auction to come away with something as they don’t know when the next repossessed car auctions are going to be held!

On joining I had the added benefits of being exposed to other types of auction where I could make money including seized goods and impound auctions!

Government Seized Car Auctions – 2 Easy Methods to Find Them!

Government seized car auctions are a good place to pick up bargains whether for re sale or for personal use. However one of the main questions I get asked by friends and neighbors is where have I managed to get my cars from.

To be honest I have tended to buy my cars for personal use but I have sold the ‘odd’ one off after about 6 months and made a tidy profit.

When I’ve told them that I had bought the cars at auction they didn’t believe me. Furthermore only one person has come with me to an auction to see for herself – she still hasn’t got her husband to come along! You see the common misconception amongst people is that government seized car auctions have cars that are somehow inferior in quality. This hasn’t been my experience. The cars that I have bought are usually just over 3 years old and I’ve bought them for a 50% less than what I would have bought them at my local car dealer!!

How do You find where the auctions are?

This I had to find out by trial and error but there are two methods. The first is time consuming and thorough.

I had heard about seized car auctions from a work colleague when we were outside seeing his 3 series BMW (4 years old one at that!). I asked him what he’d paid and nearly died (quite literally) when he said that he had paid 25% less than I had paid for my Toyota. The strange thing is that I didn’t ask him where he went and how he found out about the auction!

Method #1

About 2 months had passed and I was at the local library when I thought I’d look up the yellow pages. I took a note of some of the local auction companies, their websites and contact details and called some of them the following Monday on my free time at work.

The guys were really helpful and I had 3 venues to attend and the times – but guess what? There were no government seized cars at the auction. They were general auctions – I hadn’t at that time realized the difference between a general auction and government seized car auctions which are more specific.

Method #2

It was then that I asked my colleague at the office how he’d found the auction that he’d got his BMW and do you know what he said? Join an auction membership site – that’s all he said!