Wednesday, February 9, 2011

These Auction Prices are Insane!

These prices are ridiculous! I can't buy anything! Can you believe the number of people here? I thought the economy was bad. Crazy idiots.

These were the comments that I have heard repeatedly this week. I have been attending auctions for over 30 years now and I can tell all of you that it happens this way every year. I don't know if it is caused by cabin fever, income tax returns or the need for inventory but auction prices escalate during the winter months in this icy abode that we call Ohio.

For many years I too sat through auction after auction in the winter time achieving nothing but frustration. My ability to make money disappeared just like the summer sun. Being backup bidder (which is worthless) on items that I wanted to purchase became the norm. I would become the Sisyphus of auction goers. The frustration of not completing a task (making money) being ever present. So what is the answer?

If you can't beat them join them. Absolutely anyone who subscribes to this is an idiot. This blog is dedicated to helping you know what, how and when to buy. Joining the crowd and potentially over paying for items just for the sake of owning them, not too smart.

Sit back and observe. This response is O.K. but it still does not make you any money (today). I will tell all of you that attending auctions is one of the best ways to become knowledgeable about the values of items. The knowledge that you gain will help you to make money in the future, but it still is not a solution for today.

I personally subscribe to this...BEAT THE OVER BIDDERS AT THEIR OWN GAME!

How do you beat overly competitive people in the wintertime in Ohio? Simple. Become the seller, not the buyer. The best way to win the game of selling antiques and collectibles this time of year is to become the seller at auction, after all wouldn't it be wonderful if it was your $300 item that sold for $1,000 at the auction. Imagine the smile on your face when the overspent money is coming into your pocket instead of out of your pocket.

When prices are low in the late summer and fall buy, buy, buy. Store it in your garage, attic or local storage center (just remember to pay your rent or I may end up with it). Then schedule an auction with your favorite auctioneer and watch the fun. There is an element of risk (3 feet of snow can kill a sale) but generally speaking you will be selling at the time of year when auction prices peak. Last week I had two separate consignments with different auctioneers with the end result being more than triple (after commissions) the value that I would have received any other time of year.

Solution to winter time buying blues:




So don't get caught pushing stones up to the top of the mountain with the end result that the stone rolls back to the bottom. This is when you should cash it in.

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