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eBay Live Auctions..
There's a place on eBay where "those in the know" have become hunters and gatherer's of product from around the world. While eBay Live Auctions has a few a direct links on eBay itself, eBay Live has remained (for the most part) an untapped resource. Why? Because eBay Live Auctions (while not too hard to find) can be intimidating to even the most savvy of eBay users.
The Live Auction Mystique..
The "mystique" surrounding Live Auction Events can be found in the word "live". In the "live" (virtual world) of auctions, eBay Live Auctions is just like visiting Sotheby's or Christie's. Ever wonder why auction staff are sitting behind a bank of computers clicking away when you're attending an auction in a brick and mortar auction house? They are more than likely utilizing eBay Live Auctions to offer their lots on a Global scale. eBay Live Auctions have afforded the best auction houses (in the world) the ability to increase their audiences by the hundreds (or even thousands).
What's Mightier - The Paddle or the Mouse?
Imagine getting up on Sunday morning, logging onto to your computer (in your bathrobe) with a cup of coffee and bidding on an item halfway around the world! This is where eBay Live Auctions excels! It saves buyer's travel time, expense and offers a "competitive edge". Yes, you have the competition from the auction house floor (and other online bidders) however, you have a competitive edge in that you saved hundreds (if not thousands) on travel expense. In addition, you can log on from anywhere in the world and "tap" into items (for resale), which you could win for just pennies on the dollar. Remember, many auction houses have slow days (low attendance) thus, the competition for specific items may be extremely slow.
The Buyer's Premium..
The Buyer's Premium is one consideration (which, if NOT given consideration) can take away from your competitive edge.
The Buyer's Premium can be ZERO or be as high as 20% or more. Some auction houses are paid a fee in which to absorb the Buyer's Premium. In this case, the Buyer's Premium is negated.
Another FEE, which can cut into your bottom line, are re-stocking fees. Remember, you are attending an auction and as such, you are not purchasing items from a retail store so, why would you be paying a re-stocking fee? Any house, which charges a re-stocking fee, is basically expecting a large percentage of items back.
Rule of thumb. If an item is properly described and as pictured, you don't expect to send the item back and houses, which charge a re-stocking fee, are sending up a warning flag. In some cases, a few houses actually earn revenues (daily) just on re-stocking fees for returned items.
WindsorAuctions-USA does NOT charge re-stocking fees.
Excessive Shipping Charges..
If an auction house charges shipping based upon value, as opposed to the ACTUAL shipping charges (imposed by the carrier of choice) then the house is (once again) earning extra revenues.
The goal behind attending a Live Auction Event is for the bidder to SAVE money and NOT to be charged upwards to 25% for returning items (which they would NOT have bid upon) had they received what was described and/or pictured during the event.
What to LOOK - The Warning Signs..
If you attend a Live Auction Event look for the following BEFORE signing up:
- Buyer's Premium - KNOW the percentage of the Hammer Price you will pay before bidding.
- Re-Stocking Fee - KNOW the amount YOU will pay if you send back an item. Remember, it does NOT make a difference to some Live Auction Sellers if they keep you or lose you as a repeat customer - it's about the bottom line. If you win an item for $100.00 (and it's NOT as described or pictured) and you return the item, it can cost you upwards to $25.00 in LOST premium and re-stocking fees (not to mention excessive shipping charges - coming and going).
- Feedback - It's ALL in the FEEDBACK! Even "positive feedback" will reveal that items were returned and the buyer was charged a high percentage of the Hammer Price on the return. The "negatives" will stand out as well however, see if there are hundreds of MUTUAL withdrawals, as these were unhappy buyers and they got left a "negative" for a "negative". In this case, the seller retaliated with a "negative" (justly deserved for poor quality product) however, needs to keep their PowerSeller status "in check". Too many "negatives" will get the seller suspended.
- Excessive Shipping Charges - Shipping charges should be "reasonable". What's considered "reasonable" by some sellers may NOT be "reasonable" to the buyer. Charging shipping fees based upon VALUE is NOT reasonable to the seller. If the seller is offering jewelry and charges shipping based upon value, then the buyer may pay $15.00 to receive an item for just over $100.00. Check for the shipping charge "table" or "disclosure" within the listing itself. If there's an escalating charge for shipping, based upon VALUE, be cautious.
eBay Live Auctions - How to be a Winner!
The "acid test" for attending Live Auction Events is to NOT jump right on in and bid! Pick a few houses and watch the Auction Live (first). Watch the bidding process, look for averages based upon estimates for items being sold. If you feel comfortable and want to place a bid (and win) STOP!
Win one item, pay for that item, receive it in the mail and then evaluate the item. If the item was as pictured and described (and you won the item for a great price) then you have narrowed down the playing field of Live Auction Sellers and can add them to your Favorites list.
Learn more about WindsorAuctions-USA (as Featured in eBay's Entrepreneur Start Up Guide)
Other guides relating to jewelry and gemstone buying which you may find helpful are as follows:
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