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Bidding on a high-ticket item at an auction is thrilling. You’re competing with a few other participants as the dollar amount climbs ever higher. Soon, it’s just you and one other bidder. The price is beginning to exceed what you’re comfortable paying, but you can’t help it—you continue outbidding the other person until they finally concede the win to you.
But when the hammer falls, reality sets in, and you realize you actually have to pay. What if you change your mind or truly can’t afford to buy an item you won in an auction? Here’s what you need to know.
Auctions, when simplified, are just a way to sell goods or services in a competitive manner. From the seller’s perspective, they use auctions to get top dollar for their items. From the buyer’s perspective, auctions are a means to find a bargain.
How you get to the result can occur in many ways depending on the type of auction used. This blog will explore the various kinds of auctions, what makes them different, and how to decode the various terminology.
Move over stock market, collectors items such as sports memorabilia have become a popular alternative for people to invest in – both young and old. What was once valued as a $5.4 billion industry in 2018 has since ballooned to $26 billion due to the pandemic. Not only did people have more time to rummage through the attic or garage to find old gems that had been laying around for years, they also became more willing to invest in old-school items from some of sports’ greatest legends.
Although not all sports memorabilia is able to fetch top dollar to allow for an early retirement, the market is ripe enough for all sorts of items to be sold. The main question in all of this is how to know if your items have value and how do you find out what they’re worth? We will tackle these topics to prepare you to sell or auction off your sports memorabilia.
To the average consumer, stumbling upon a stamp collection in your grandmother’s attic may be just another pile of trash. To more savvy collectors, these stamps could be a potential gold mine. But how exactly do you know if your stamps are worth anything? This blog will help provide tips and information on how to determine their worth.
There is a reason heavy equipment is so expensive. Whether it’s an excavator or a bulldozer, the machinery itself is complex due to hydraulics, GPS systems, and the raw material needed during the production process – after all, these machines are huge.
As expensive as these items are to purchase or maintain, they can also fetch quite a bit of money when it comes time to sell them. Not all equipment is the same, and various factors play a role in how much it’s worth. Consider these tips when selling heavy equipment so you can get the most value for your items.
Real estate auctions tend to have a negative stigma associated with them. Between banks looking to offload property due to foreclosures or government agencies needing to cut their losses from properties with tax liens, many of the assets auctioned off aren’t exactly glamorous. After all, they’re being auctioned off for a reason.
But that’s not all real estate auctions are for. Sometimes it can be as simple as sellers who want a quick, easy, and stress-free sale – three qualities auctions boast. For those of you who are unfamiliar with real estate auctions, read more below on the various types of auctions, how these auctions work, and tips on how to have a successful first real estate auction.
Fast-talking auctioneers and fast-paced events with high-ticketed items are what most people think of when an auction comes to mind. While this may be the most popular way to auction items off, it’s certainly not the only way.
Silent auctions, which involve placing bids silently and anonymously, are a popular auction type to help raise money for a fundraising event or to coincide with a gala or awards ceremony. This blog will explore how silent auctions work, provide tips on how to run one, and give ideas on which items to use.
Consider this scenario: It’s a Saturday morning, and you’re at your local auction house to bid on a new car. There are 20 other bidders present, and you know there will be stiff competition to walk away with this item. Knowing the stakes, you end up winning the car with not only the highest bid, but a bid that is higher than market value.
This should be a happy moment. Instead, you’re met with regret even in victory – a feeling known as the winner’s curse. This blog will expand on the winner’s curse and provide some tips on how not to succumb to it.
The traditional way to buy a house involves searching property listings and working with a real estate agent. But you can also buy a house at an auction. Real estate auctions can benefit both buyers and sellers. Still, many people think it’s not an option if they don’t have liquid assets to purchase properties outright. Here’s more about real estate auctions and how you can participate even if you don’t have cash at your disposal.
This past year was a welcomed return to normalcy in some regards. The country opened up, businesses unlocked their doors, and mandates were lifted. But for a world constantly in change and in flux, the auction industry largely remains unscathed.
This stability leads to a steady flow of auctions, which means there are always unique and interesting auctions to come across. They say you never know what you’ll find at an auction, which is why we like to compile an annual list of our favorite and most memorable events. You can also take a look at our recap of the most interesting items auctioned off in 2021.
