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Bidding in Seized Jewelry Auctions

Posted by Daily Jewelry On April - 5 - 2013

Competition is not your friend when it comes to jewelry auctions. Multiple bidders will only drive the prices up and cut into your odds of finding great deals that can save you 80 percent off retail prices. Try to avoid bidding on the popular pieces. Instead, target unusual items that have not yet attracted a crowd. Of course, you shouldn’t bid on anything you don’t love just because it seems like a good deal.

Setting a reasonable budget is also an important part of bidding in seized jewelry auctions. It’s easy to get swept up in the excitement and competition of the bidding and end up spending more than you’d intended. In order to avoid this, you can set a maximum bidding cap and let the auction site automatically place bids for you up to this cap. This will help you keep your distance from the emotionally charged atmosphere of the auction. Also, remember that you need to have an overarching budget for all of your bidding activities, as well as for each individual piece of seized jewelry. If you don’t set an overall budget, you might get stuck with a big bill when you suddenly and unexpectedly win multiple auctions at once.

When crafting your budget, use retail prices as a baseline. Then check to see what similar pieces have sold for at auction. Finally, gather all the information you can from the auction listing description and use it to estimate the value of the raw materials in the jewelry. If the pictures in the listing aren’t clear enough, or you require additional information, don’t be afraid to ask! A reputable seized jewelry auction site will always be happy to answer any questions and provide all the information that they have. With seized jewelry that has been worn, it is especially important to inquire about scratches, damage, or other wear and tear on the piece. Be sure you are comfortable with the information you have before placing a bid. Remember to include the price of shipping and insurance in your budget.

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