4th Gen Auctioneer Reveals How To Never Pay Retail Again
Smart Buying and Selling: Navigating Value in the Secondary Market
In the world of buying and selling, whether it's at a garage sale, an online auction, or an estate sale, knowing the true value of items is more art than science. Here are some insider tips that can help you navigate the secondary market that I learned from my father who does it for a living, and his father before him, and his father, and his father (we mean it when we say since 1928).
BUYING
Patience Pays Off
Need to replace a big-ticket item like a refrigerator? Rushing to a retail store could mean missing out on significant savings. With a bit of patience and strategic shopping, you could land a great deal. Estate sales and auctions often have such appliances in excellent condition for a fraction of the retail price. It's not just about frugality; it's about smart shopping. I’ve bought and sold several newer stainless steel refrigerators for 400 to 500 dollars, why would you pay 2000? Besides refrigerators, I’ve got countless examples of people getting more and saving less by being a little patient with how they navigate the 2nd hand space.
This is now even more true considering our new line of liquidation auctions. We sell brand new household goods of all sorts for fractions of the retail price. I just bought an electric skateboard from the liquidation auction for 100 dollars that retails for 400 and it's been great.
SELLING
DON’T MAKE THIS MISTAKE: Understanding True Market Value
When you stumble upon a rare find at a garage sale or an online auction, estimating its value can be challenging. One reliable method is to check listings on platforms like eBay. However, a huge mistake people make all the time is that they simply take the price that people are asking for an item as its value. You have to remember that an item is only worth what someone is willing to pay for it, not the asking price. By filtering your search to show only completed transactions, you'll get a realistic snapshot of the item's fair market value, based on actual sales.
Depreciation is Inevitable
It's a tough pill to swallow, but the hefty price tag an item carried in the past doesn't guarantee its current worth. This is especially true for furniture. For instance, pieces from recognized brands like Ethan Allen or Baker may now struggle to find a buyer. Even some of the charities that we work with may not take those same pieces that once brought us thousands. In California's market, where style reigns supreme, even high-end, high-quality items need to align with contemporary tastes—think mid-century modern—or it must possess an exceptionally prestigious name. This had my grandfather who spent his whole life in the auction industry, a downright expert, completely perplexed at the unpredictable prices furniture would sell for in our modern market.
Orrill's Auction: Your Partner in Value
At Orrill's Auction, we understand the ebbs and flow of market trends and value. Our expertise and wealth of experience in the auction industry can be your guide in both buying and selling. Whether you're furnishing your home or looking to let go of treasures, we're here to ensure you make informed decisions.
By keeping these tips in mind, you'll sharpen your buying and selling acumen. Remember, the secondary market is dynamic, and staying informed is key to your success. Whether you're a seasoned collector or a first-time auction participant, Orrill's Auction stands ready to help you navigate the fascinating world of auctions with confidence. Even if you don't feel like fighting traffic and early morning pickers to find some treasures, you can still find those treasures and more from the comfort of your own home and from a seller you can trust with Orrill’s Auction. And likewise, if you have some treasures of your own but lack the time and expertise to properly sell them, selling through Orrill’s could be your best option.
