Knowing What You Are Bidding On

If you are new are attending auctions, make sure you understand what you are bidding on and how many items are in the lot. Make sure you understand that it is times the money or one lot of items you are bidding on. Many new bidders get caught up in bidding and fail to realize that they are bidding on say lot 32 which has a quantity of 4. They end up winning the bid and when settling the bill didn’t really understand that the final bid was times 4. The item was a 120.00 bid win times 4 which turns out to be 480.00 due on that win, plus buyers premium and sales tax. The buyer was thinking 120.00 win, meanwhile it was 480.00. If you are at a auction and not clear on the lot, simply ask the auctioneer and he will be glad to help you.

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Michael Grosso