All you need to know about online auction tips

online auction tips

Online bidding is growing in popularity, but being successful in this arena means being aware of the process. This article offers information on the task and act as a guide to online bidding in this contemporary age.

When you think of auctions, what immediately springs to mind? The average person would consider a formal room commanded by a dominant auctioneer raising his hand and pointing to the highest bidder. While this traditional form of auctioning is still alive and well, auction aggregators are noticing a growth in the online bidding world.

What you need to know about purchasing items at modern-day auctions

1. Mobile Buying

In today’s society, over 50% of all auction browsers and bidders are aged between 18 and 24 years. Moreover, these bidders use their mobile phones to complete the act of browsing – a vast leap from the 5% of online browsers noted only five years ago in Barnebys Online Auction Report. The shift in approach has enhanced the number of people in the “auction room” allowing customers to browse and bid on larger catalogs from the comfort of their home (or any other area they have access to their mobile phones).

2. Finding Unique Items

All auction rooms will offer a vast array of one-off, unique pieces, making them an alternative to the items in retail stores. Why invest in mass-produced pieces when an auction could result in ownership of a vintage Chanel handbag from your favorite collection? By following auctions, you can easily find collectible items including vintage coins, stamps, and toys that attribute to about 50% of all digital auction sales. Shop on whohou if this is the sort of thing you’re after.

3. Sustainability

‘Upcycling’ is now one of the greatest trends, and the online auction arena is a fantastic place to find products that need some TLC. Furthermore, by buying a vintage or second-hand piece, you will be acquiring an item that is more eco-friendly or sustainable. Unwanted pieces can also be sold easily at auction without too much trouble.

Research by Barnebys found that younger buyers are purchasing second-hand items as long-term investments for a sustainable future. This value of potential investments is a positive move and may produce highly beneficial results.

4. Quality

One of the greatest concerns to buying branded products via online auction sites is the authenticity of the brand. However, auction houses do brand-specific and detailed authentication procedures before placing the product up for sale; therefore, ensuring the quality of the product. The information of the piece, including the condition and the origin, is provided to the buyer making the potential buyer confident to bid before seeing the item ‘in the flesh’.

5. Fair Pricing

Statistics show that about 75% of all online shoppers claim the pricing is the greatest drawing factor to online auctions. Digital auction sites allow the individual to view the estimate before bidding and set reminders for the desired product when it is about to appear for auction. This feature can be used by setting up a free account with the site, so one can be sure to not miss out on these all-time low products. Moreover, product images with detailed information are provided allowing you to make informed decisions regarding your bidding.

6. Free Valuations

If you are interested in selling a product online, Barnebys can make the procedure simple for you to complete. By using their free valuation service, you will be connected to auctioneers who have the potential to sell the product. Begin by signing up with an email address and password, and then add information regarding the item you wish to sell. The auctioneers will tell you whether they are interested in selling your piece and for how much. Items sent in for valuation have included Kurt Cobain’s guitar and a Picasso vase!

7. Tips To Buy At An Auction

Checking The Details

It is crucial that you do not become swept away with the excitement of an online auction, and it is easy to become enthralled with this act. To make sure you stay level-headed, it is important that you read all the product information in detail before making any bids. Take your time and note the size and condition of the item. If you are purchasing art or furniture, it is recommended that you check the dimensions of the piece and ask the auction house questions if you have any.

Set A Maximum Bid

The final minutes of an auction can be the most exciting period of the auction, but you need to be sure you do not go above what you intended to bid (or out-bid yourself). You can use the online auction house’s maximum bidding tool so this does not happen, but you should also bear in mind that added fees will be placed into the final price if you do use this feature. Set a maximum bid and always stick to it.

Begin Low

The starting price of all items will be set by the initial valuation of a valuator and this will give an indication of a starting bid. It is recommended that you begin bidding as low as possible; however, bear in mind that the hammer price or final bid can be considerably higher.

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