Some people seem to have preconceived ideas about an auction and the way it functions. However, there is much more to these buying and selling transactions than meets the eye. That’s why Backes Auctioneers has put together some common misconceptions about auctions that they wanted to clear up!
Myth #1: People only sell expensive items or junk at auctions.
Fact: There are many normal things you would find at an auction for reasonable prices. You may even find some sweet deals! Valuable art can be sold for millions at an auction, but there is also commercial equipment sold for fair prices along with retail store pieces and standard private possessions.
Myth #2: Auctions are only in-person events.
Fact: Auctions used to be in-person, but now there are all different types! Digital auctions are an industry that continues to grow quickly which means you don’t even have to leave your home to buy the prized possession you’ve been looking for. Although live auctions are still popular, online auctions are able to cover a variety of industries as well!
Myth #3: Auctions don’t work.
Fact: If a seller is unmotivated or unrealistic, then there is a chance the auction will fail. With a seller who is ready to part with their possessions and accept the prices offered, then an auction will be a success. The seller must realize that some things may not sell for their true value while others may go above and beyond expectations.
Myth #4: Auctions are a last resort.
Fact: Record sales have been set at auctions for all industries which means that myth will always stay a myth. Auctions create competition and that allows prices to be raised higher than normal because bidders get competitive and don’t want to lose out on what they’re bidding on.
Myth #5: You have to pay to attend an auction.
Fact: You do not have to pay to attend or register for an auction. You can even come just to watch and not buy anything! Auctions welcome anyone who is interested in what is being sold, whether you end up purchasing something or not.
We hope that by clearing up these common myths, you can be more confident when attending an auction on your own. Auctions are great for finding a good deal and the item you really want, or for selling your own assets. Contact us today to discuss our available auction services or to see what spectacular sales we have coming up!