You need (or want) a car, firearm, toolbox, or some comic books … so our question today is, “Why buy at auction?”
First, an auction might be the only place to find what you’re looking for as retail otherwise often doesn’t concentrate on used items. Secondly, an auction provides the chance to get a deal — pay less than full price.
Further, many auctions provide an experience such as interacting with other people, food, entertainment, and the rush of the “treasure hunt” experience. An onsite estate auction — for example — can bring to market items that have been otherwise unavailable for decades.
Many auctions also (or instead) accommodate online bidding where you can bid from the comfort of your home, office or almost anywhere else. Here too there is a prospect of a deal and the availability of property largely not marketed otherwise.
About $264.65 billion in property was purchased in the United States at auction in 2018. We wrote about the overall 2018 auction market here: https://mikebrandlyauctioneer.wordpress.com/2019/09/25/the-state-of-the-united-states-auction-market-2018/.
Buyers have used auctions for over 2,000 years to purchase almost all types of property (real and personal) on earth. There’s no better place to look for that hard-to-find item and/or possibly get a deal on your next purchase.
Mike Brandly, Auctioneer, CAI, CAS, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, RES Auction Services and Goodwill Columbus Car Auction. He serves as Distinguished Faculty at Hondros College, Executive Director of The Ohio Auction School, an Instructor at the National Auctioneers Association’s Designation Academy and America’s Auction Academy. He is faculty at the Certified Auctioneers Institute held at Indiana University and is approved by the The Supreme Court of Ohio for attorney education.