Busting the 5 Biggest Auction Myths
Auctions are often misunderstood and overlooked as a route to buying or selling goods.
By the end of this post, you should have a clear understanding of how auctions work and how they can provide a great solution for both buyers and sellers.
More and more people are joining online auctions but why aren't you?
We're going to look at some of the most common auction myths and misconceptions and demystify them.
Myth #1: Auctions are only for luxury items
What ultimately steals the headlines are stories like this:
Auctions aren't just for luxury items, they are more than that. 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 machinery, clearances and even liquidations.
You'll still find countless auctions of luxury watches, jewellery and classic cars but you can also find everything between those extremes.
Myth #2: You can only buy second-hand goods at auction
It's not uncommon for online shoppers to assume that items listed in auction are second-hand items or even broken.
Online auctions are getting bigger and vendors are seeing the benefits of consigning new items to auction. Bidders benefit from this because they are able to find the deals that make them the topic of conversation!
Myth #3: Auctions are a last resort for buying and selling
Auctions have been wrongly seen as a last resort. They actually call it the triple D's which stand for Death, Divorce or Debt.
They are not the reasons why people sell at auction! Unless you're Russel Crowe who named his auction the "Art of Divorce". You can read more here: Russell Crowe cashes in at Art of Divorce auction.
There are endless reasons to participate in auctions!
Myth #4: Auctions are on-location events
When you think of auctions for the first time, what do you think of? An auctioneer in the room talking at an increasing speed until they finally bang down the gavel shouting "SOLD".
That isn't always the case and the emergence of timed-online auctions have 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.
Myth #5: It costs a fortune to sell at auction
Auction houses can charge the seller a fee of up to 25% of the items hammer price to sell with them at auction.
At William George, we charge 0% seller commission. This means that you keep 100% of the hammer.
As online auctions become increasingly popular, we hope this myth buster will help to demystify the world of online auctions for any new users.
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