Buying Cheaply At Auction: Strategy
| Hobbies : Antiques Often in an auction there will be more than one lot of the same item on sale. For instance if there are three of the same watch, then often they will be sold individually. The logic is sound - there will tend to be more money to gain from three separate lots than one combined lot. However many bidders make a mistake of bidding high on the first lot, particularly if there is competition for it, and therefore pay above the odds. Statistics over time and time again have shown that latter sales of the same lot will virtually always go for less money than the first. Why? Because those who want the lot have been risk averse and been desperate to get the first of the item, leaving the latter ones there for others to get. Therefore you should ensure that you bide your time and wait for the later lots.
 Questions about auctions:
|
|
Tweet this!
