How to Find an Auction to Buy Items for Resale

Auction houses can be great places to buy items for resale. Auctions are often held to liquidate assets belonging to businesses as well as individuals. The type of merchandise you wish to buy for resale dictates the type of auctions that you need to find.

Instructions

1. Decide what types of merchandise you want to sell. If you are looking to sell new merchandise, then attend auctions that liquidate stock from businesses. If you are looking for vintage or antique merchandise for resale, search for those auctions that specialize in personal estate liquidations.

2. Check the classified ads in your local newspapers. Most have a category specifically for auctions. In many areas the auctions are all listed in the Thursday edition of the paper. This could vary in your area, though, so check every day until you find them and then always look on that same day.

3. Read the ad carefully to know what type of merchandise they are offering. They might also tell you in the ad terms of the sale, such as whether the merchandise is offered with no reserve, meaning it sells to the highest bidder no matter what the bid is. Also look to see what forms of payment they accept and if they charge a buyer's premium. Most auctioneers do charge a buyer's premium to cover over head costs such as staff. The average buyer's premium is 10 percent.

4. Call the phone number given in the ad if all of your questions are not answered. Some ads give a website so you can view pictures of the merchandise. If a website is given, view the pictures in advance to get a good idea if they are offering the items you are seeking for resale.

5. Arrive early at the auction so you have plenty of time to preview the merchandise. Auctions sell all items as is, where is. Therefore, there is often damaged merchandise in the auction. Once you win bid on the item, you are obligated to pay for it, and they do not accept returns. Look everything over carefully during the preview.

6. Ask the other bidders at the auction house what other auctions they attend. Most people that frequent auctions go to more than one and know where the best ones are held. Some may be hesitant to tell you because they feel they are creating more competition for themselves, but many love to talk and gladly share the information.