Auctions really pull back the curtain that obscures the machinations of commerce. You see before your very eyes the demand (or lack thereof) for a particular product. You also really get to learn the ins and outs of a particular marketplace very quickly. You can see the secondhand value of items, and also get an idea of the durability and maintainability of items through a secondhand market.
That's the broad brushstroke benefits of tracking auctions, but let's take a closer look at the benefits for both buyers and sellers.Benefits of Buying from an Auction
There are a number of compelling advanatages to buying from an auction rather than from a shop:-
Benefits of Selling from an Auction
- You can buy discontinued items no longer available
- You can buy bespoke or limited edition items
- You can pick up some bargains, particularly on auction platforms that have thousands of similar items on sale
- Buy from experts - with a discerning eye, you will find yourself as much weighing up the seller as the item on sale itself. A good seller can give you insights on the item being sold that you typically won't get asking a salesman in a highstreet shop
Sellers can make a very good living off auction platforms for a number of reasons:-
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- You can become an informed seller very quickly by observing what sells well, often picking up items, "doing them up", then selling them at a higher price on the same platform
- While we've pointed out that buyers can pick up bargains on auction platforms, any high demand item you have for sale will almost certainly pick up a higher sale price than if you sold it privately - people outbidding each other can drive prices up very high.
- You can know when an item will be sold at an auction rather than a private sale where you wait for buyers to contact you