Auction Sourcing Guide
Auctions move product fast at whatever price the market will bear. Your edge is knowledge—knowing what's valuable when others don't.
Bidding Strategy
- Set max bid BEFORE auction: Emotion kills profit
- Factor buyer's premium: Usually 10-20% added to hammer price
- Preview everything: Never bid on what you haven't inspected
- Know your numbers: What can you sell it for? What's max buy price?
- Bid late: In timed online auctions, last-minute bids avoid bid wars
- Odd numbers: Bid $127 instead of $125—beats round number bidders
💡 Pro Tip: Preview hours before auction, not right before. Research values, set max bids, then stick to them.
Watch Out For
- Buyer's premium: 10-25% added on top of winning bid
- Sales tax: Some auctions charge it
- Payment terms: Cash only, same-day payment often required
- Pickup deadlines: Miss it and you forfeit items
- No returns: Auctions are AS-IS, no refunds
- Shill bidding: Fake bids to drive up prices (illegal but happens)
⚠️ Total Cost: If you bid $100 with 15% buyer's premium + 8% tax, you're paying $124. Always factor this in BEFORE bidding.