2nd Oct 2013
Jewelry Shopping at Auctions
It’s not commonly known, but many dealers used to buy from auction houses. Now it is a mix of consumers and retailers and wholesalers. I attended an auction yesterday, armed and ready to get the best deals. I hadn’t shopped auctions in a while, so I figured I would give it a shot to see just how advantageous the lingering recession might be for buying.
My strategy was to only bid for something if there was a “lull” near the minimum buying range. We try to price below retail as much as possible which means buying well is critical.
First of all, there weren’t many lulls. And of course the piece I was really hoping to get (a Riker, dragon bracelet) went for 40% over the estimated maximum price excluding buyer premium fees.
I purchased one item as opposed to five. The verdict on auctions: only shop if you are in lust and willing to bid full throttle to get what you want. Me, I don’t mind waiting it out. I may have only gotten one piece but it’s a beauty.
And if you really want the “name” branded items, expect to pay over the stated maximum price without question. Which leads me to the question: to buy a brand name or not? But that’s another topic.