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Making
a Profit - Index
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The idea of making money at auction is a
complicated and hard process to master. It's not easy, if it were everybody would be doing
it. If you plan taking your merchandise to auction and making a profit, take unusual or
different items every auction and make sure the items are clean and in good
condition.
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Know the area in which you plan to sell, it is paramount
to profits. If pottery in that area doesn't sell well, don't take pottery. The same can be
said of anything. I made money at auctions by taking items that were different, unique
and
sold well at the respective auction house. I would buy in one state and sell in another.
This way I could purchase items in one state, that I could get at a reasonable price, and
take it to another where I could make a profit. And vice versa. Of course, my operating
expenses were high (gas, lodging, etc.), but I nonetheless could make enough to recoup my
expenses pay monthly bills and have enough left over to buy more merchandise. This method
was highly susceptible to market conditions, which means that items available for purchase
and profits were not consistent and at times would vary drastically. This method of buying
and selling is not for everybody. But the message I'm trying to convey is do not buy and
sell at the same place and bring merchandise that sells best for the area.
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Do not bring in large quantities of the same item. If you
have multiple items for sale, only bring a few at a time and do not bring in the same
thing auction after auction. Your goal is to make money. If you flood an area with your
merchandise, not only will your profits drop drastically but if other dealers buy your
merchandise, they'll be stuck with inventory they cannot sell. You may ask, "Why
should I care if someone else can make a profit on items I took to auction?, I just want
to get rid of the stuff". My reply is: you better care. The majority of people buying
at auctions are dealers. These people will greatly add to your income at the end of the
day. They will remember what happens and usually find the individual
responsible for 'dumping' in the area. And they will make sure that your profits are
minimized, if your fortunate.
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If you plan on taking new or reproduction items to auction
for sale. It's best to keep quantities small, usually no more than two of an item (one is
preferred). Bring a variety of items that sell well and do not get carried away with large
numbers of new or reproductions. Keep your items to less than 10. The more you bring the
lower the profit. The auctioneer usually will sell multiple items as 'choice'. When items
are offered this way, people have a tendency of holding back on the price they're willing
to pay in the hopes of getting at least one cheaper. Unless, the item is in demand your
profits will be smaller.
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If you plan on taking new and reproduction merchandise to
auction and passing it along as being old. Remember, what goes around comes around. People
pay high prices for some of these items and will remember when they are taken. Not only
will the 'regulars' and 'dealers' not buy the item, but they usually notify
interested people if an item is a reproduction. A trustworthy auctioneer or 'feeder' will
also notify bidders of reproductions. People do not like to be fooled at auctions, I
have seen some pretty nasty fights break out. Be-aware.
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You will not get rich selling items at auction, but you
will get quick cash for your items. If you plan ahead, and the nine conditions are in your
favor, your sale will be successful.
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Navigation is accomplished by using
the main menu on the left. Just click on the red
help book next to the words Auction Guide
and the topics will unfold. Or you can use the index below.
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Copyright
Information
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This reference is here for informational
purposes only.
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This guide may be freely distributed providing
that I have been credited as the author, and a link to this website has been
placed on each chapter. Thank
You.
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I would appreciate an email
if you did use excerpts from this guide. But it's not necessary.
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Written and Copyrighted © 1997-2001
by Stan Daniloski, Earth
Station 9.
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