Busting the 6 Biggest Auction Myths
Auctions are often misunderstood and overlooked as a route to buying and selling goods. By the end of this post, you should have a clearer understanding of how auctions work and how they can provide a great solution for both buyers and sellers.
Every auction revolves around the premise that the goods are sold to the highest bidder, but there are many different types of auction and many ways by which these transactions are completed.
We're going to look at some of the most common auction myths and misconceptions and bust them all for you.
Myth #1: Auctions are only for luxury items
What ultimately steals the headlines are the super rare Ferraris, the ancient Chinese vases that fetch a fortune or the magnificent artworks that break all the records.
That doesn't mean that auctions are just for those kinds of items, auctions present a great route to market for a wide plethora of goods ranging from consumer goods like clothing and electronics to trade and industrial auctions featuring plant, machinery and liquidations.
You'll still find countless auctions of luxury watches, jewellery and classic cars but you can also find everything between these extremes at auction.
At William George & Co. we host a massive variety of auctions every week, ensuring that you're never too far away from finding what you need. As well as hosting collective auctions each month where you'll discover a fantastic treasure trove of goods.
Myth #2: You can only buy second-hand goods on auction
This is a common misconception regarding auctions and while it is true that you will find a host of vintage and pre-owned items, there are also thousands of brand new items available.
Many online shoppers assume that because the items are listed as auction items, they must be second hand or "jumble sale" items but we often host auctions of new items including but not limited to furniture, clothing and designer watches.
Myth #3: Auctions are a last resort for buying and selling
Auctions have been wrongly seen as a last resort for both buying and selling but this is certainly not the case, there are endless reasons to participate in auctions.
There is always the chance of getting your hands on an amazing deal and this makes buying at auction an exciting way to purchase goods and in a way that is both simple and convenient, especially with online auctions.
Our dedicated marketing team ensure that if you're looking to sell we get your items in front of the right audience.
If you're looking to buy then you can sign up to our mailing lists to receive tailored emails which only put the auctions we think you'll care about in your inbox. Just head to the bottom of the page and enter your email, simple!
Myth #4: Auctions are on-location events
Historically this was always true and traditional in the room auctions are still very popular but the internet has completely changed the auction landscape and what it means to bid at auction.
I'm sure that when you think of auctions, you think of the auctioneer in the room talking at an increasingly alarming speed until they finally bang down the gavel and shout "SOLD".
However, that isn't always the case and the advent of online timed auctions has revolutionised the world of auctioneering as we know it. Now you can bid from the comfort of your own home or even through your smartphone, wherever you are in the world.
These online auctions make it amazingly convenient to place your bids and not only can you bid anywhere but you can place a max bid on an item at any point during the auction.
This means the platform will bid for you up to your max bid so that you don't need to be stuck in front of your screen watching the timer tick down.
At William George & Co, we still adhere to some of the more traditional approaches to auctioning like extending the time on the auction if someone bids in the last 10 minutes. This enables the auction to remain fair and prevents so called "snipers" from bidding at the last minute to steal an item from under your nose.
Myth #5: Auctions only happen a few times a year
More traditional auction houses may host a small number of auctions a year and compile large catalogues but hosting auctions online has enabled catalogues to be built much quicker and sales to happen much more frequently.
Last year at William George & Co, we hosted more than 500 auctions featuring almost 70,000 lots and we generally host in excess of 10 auctions a week over a variety of categories.
Myth #6: It costs a fortune to sell at auction
The majority of auction houses and in particular traditional in-the-room auction houses such as Sotheby's and Christie's will charge the seller a fee of up to 25% of the items hammer price. At William George we charge 0% seller commission, meaning that you keep 100% of the hammer and there are absolutely no listing fees in any of our collective auctions.
If you're looking to sell at auction then head to our selling page to find out more.
Remember that the more knowledgeable you are going into an auction, the easier it will be to buy or sell items successfully. If you have any questions at all, then don't hesitate to get in touch!
Check out the auctions page to see all of our current and upcoming auctions.