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6 Biggest Myths About Online Auctions
If you’re new to online auctions as a buyer or seller, they may seem intimidating to participate in. You may have preconceived notions on how online auctions work, so in this post we’ll dispel any of the myths that are floating around…
1) My items will not sell for fair market value
Many people who shop online auctions are savvy buyers who do their homework. You would be surprised how many items in our auctions actually go for fair market value or even more, especially if it is a rare piece that is hard to find.
2) Selling with an auction house is expensive
When you consider how much time is put into selling items including taking photos, marketing the auction, and communicating with potential customers, selling with an auction house is actually not expensive at all. Some auction houses are willing to negotiate a commission depending on what you are selling.
3) Auctions only attract buyers looking for a bargain
Yes, it is true that there are people who are looking for deals on items, but there are many more people who have the disposable income and simply enjoy online auctions. There are also people who are on the hunt for collectibles and pieces that can’t be found anywhere else.
4) Auction houses only sell high-end items
This may be true for giants such as Sotheby’s or Christie’s, but many auction houses sell everything from everyday household items to furniture, art, and collectibles. Here at Cal Auctions we have estate sale auctions as well as auctions for industrial machinery, tools, cars, and various equipment.
5) All auction houses are the same
This couldn’t be further from the truth. Every auction house has a different way of conducting business. The scope of services offered can vary. Some auction houses will only help with creating an online catalog and do limited marketing while other auctions are full-service and offer everything from set up to preview days and clean up.
6) There are no deals
As a buyer there are still plenty of deals to be had depending on where you’re looking for items. eBay has become a very saturated market for online auctions, but on smaller sites you can still find bargains because you don’t have to compete with so many buyers.
Buying or selling in online auctions can be fun and/or profitable once you become familiar with the process. If you’re in the Southern California area and interested in selling with us, learn more about how to get started here.