If you love antiques and collectibles, you should consider attending local auctions. Even in small towns, auctions happen frequently, usually one day or night per week. Auction houses get goods from a variety of places such as estates, business closings, and storage facilities. Once you find a good auction house, you can start a healthy business selling the things you buy. Read on to learn how to make money from auctions.
- Skill level:
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Things you need
- Local newspaper
- Internet connection
- Digital camera
Locate the auctions in your area. There is usually a classified section in the daily paper just for them. Look for the ones that list estate type items like personal effects, furniture and not the commercial ones.
Get there early. The showing is usually an hour or two before the auction. This is your chance to go and look through boxes and other items to see what you can bid on. Take note of the location of any boxes containing collections like toys, records, or memorabilia. The local dealers will already be there.
Bid carefully. It's easy to get caught up in the excitement of bidding. If the price gets too high, let it go. There will always be another item to bid on.
Buy items with good resale value. Collectibles and antiques are good, but you have to have an eye for those items. True antique dealing is hard work and takes a lot of knowledge. Buy things that lots of regular people would be interested in. If a set of furniture goes cheap and you have the transportation, you can probably resell it online in your local neighbourhood or at a garage sale.
Find the buyers. Small items can be listed online at auction websites. Larger pieces can be photographed on Craiglist or listed in the local paper.
Tips and warnings
- Some auction houses only take cash. Check ahead of time.
- Some auction houses charge a fee for bidders. Compare the ones in your area.