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The Do’s And Don’ts For Buyer

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Discovering a marvelous treasure by itself is a great paragon. Buying of antiques at online auctions continue to be a fervor for many. But there are a lot of fringes attached when it comes to buying at online auctions. A few factors that come in handy while buying during an online auction include determining the monetary estimate. It is a suggestion of how much the auction material is worth for. When there is a huge demand for the item among the people, the price may escalate and when only few are interested the price can be pinned down.

Conduct a vast research and source as much facts possible about the auction material before the commencement of the auction. All information must be interpreted judiciously in advance. Getting the queries answered from the auction house and collecting pictures of the item are most vital steps. The other mandatory checks include the origin of the item, its artist, dimensions of the item and most imperatively the quality or condition of the item. Make a pick on the maximum limit before the commencement of bidding. Do not get emotionally attached with the item and endure bidding to the previously set limits.

The Do’s And Don’ts For Buyer

Make an estimate of the additional charges before the bidding begins. 15 to 25 per cent commission is usually charged by the auction houses and 3 to 5 per cent is charged by the online bidding platforms. At further higher costs, bidding via telephone might prove to be a reasonable option. The process of bidding at certain online platforms continues to run over several days. This might increase the prices at a massive level as the bidding approaches its deadline. By the last few hours of the last day the prices soar high. Make the payments quickly and arrange for safe transportation of the item.

Read also Online Auctions – A Deeper Insight

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Online Auctions – A Deeper Insight

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An innovation that came through with leaps and bounds of technological boom is the execution of online auction with the help of specialized auction software. Each one becomes a bidder provided they have an access to web. Highest bid price for a chosen item wins the online auction. Online auctions are conducted for days together. Hence, the time of placing the bid does not matter whereas the highest amount placed as a bid wins the auction. Online auction sites are only referred to as middlemen and they are not the original seller of goods. They act as a facilitator for the transaction to take place.

The sequential process involved in an online auction includes the registration of either the buyer or seller with the online auctioning website. The seller builds a listing for a specific product and inaugurates the auction. The seller also stipulates the duration of the auction and the minimum bid price. A buyer who looks out for a particular item through the listing states the maximum amount as a bid. This amount has to be comparatively higher when compared to the previously existing bids. The software begins bidding by taking into account the lowest amount necessary to put up the highest bid and the software never reveals the maximum amount mentioned by the bidder.

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At the completion of an auction, the highest bidder and his winning bid is informed and requested for payment. The winner of the auction pays for the product. On receiving the payment, the seller transports the product to the buyer. The auctioning website precedes the payment to the seller and collects a small percentage as processing fee. Thus on the close of the auction, the buyer obtains the product of his choice, the seller receives the payment in return, the website receives a processing fee and both the buyer and seller provide a feedback about the auction.

Read also Specialized Online Auction Software – You Can Make Use Of

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