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Buying and Reselling Through Auctions

Buying and Reselling Through Auctions

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Buying and Reselling Through Auctions

Lungime:
121 pages
2 hours
Lansat:
May 24, 2014
ISBN:
9781310311383
Format:
Carte

Descriere

“Buying and Reselling Through Auctions” is the easy-to-follow guide offers detailed and practical advice on successfully buying, consigning and e-commerce reselling of valuables and inventories through live regional auction houses. The edition’s straightforward language introduces little known profit outlets and potential passive income streams and through the lucrative, fast-paced industry of auction buying and selling.

Author Marques Vickers cuts through the traditional misconceptions surrounding auctions and simplifies the process of buying with the purpose of reselling exclusively for profit. ecommerce reselling, sales outlets and resources are explained in detail. Entrepreneurs and selling beginners seeking financial independence and freedom can easily grasp the hidden explosive income and passive goldmine potential auction houses may provide.

The book stresses obstacles that author overcame in learning how to buy and sell knowledgeably. Proven strategies and steps create a blueprint for success for individuals seeking innovative primary and secondary sources of income. Vickers shares his experience and observations directly from the auction floor and behind the computer monitor. His online store Marquis Gallery sells rare books, fine art and collectibles. Auction houses have become a staple source for his operations to acquire inventory for e-commerce and passive income sales outlets.

“Buying and Reselling Through Auctions” concisely breaks down the elements of how regional auction houses operate. The book simply defines staple auction terms including appraisals, value estimations, bidding options, strategies and increments, previews and advance research, reserves, buyer and seller premiums, warranties, shipping and delivery options. An extensive database of website resources and references is included along with a glossary of relevant auction industry and online usage terms.

The book stresses proven ecommerce sales strategies for reselling auction purchases. Emphasis is concentrated on optimizing selling exposure through major and innovative online ecommerce outlets including eBay, Amazon, Etsy, Craigslist and Barter Exchanges as well as direct selling vehicles such as consignment shops and estate liquidation services. eBay and Amazon’s proactive consumer marketing programs are showcased stressing their innovative seller promotional and marketing tools for success. Cultivating positive buyer feedback from even difficult customers is emphasized as critical to longevity and cultivating additional passive income ideas. Other distinctive chapters focus on selling precious metals, their derivative products and fine jewelry.
“Buying and Reselling Through Auctions” emphasizes how global Internet exposure, technological advances and easily employed live bidding applications have distinctly changed auctions and live auctioneers. Online bidding has radically expanded the worldwide base of auction participants and opened explosive new income opportunities. Broader participation has also introduced complicated ethical issues involving authenticity, non-paying and shill bidders, shared marketing data, sales tax legislation and collusion.

The book’s clear and practical instruction empowers both novice and seasoned professional to maximize their selling potential. Dynamic opportunities continue to broaden. With the phenomenal television following for programs such as Antique Roadshow, Storage Wars and Pawn Stars, a substantial demand for understanding the hidden potential of auctions already exists. “Buying and Reselling Through Auctions” is an essential reference book for enabling individuals to expand their financial resources and destiny.

Lansat:
May 24, 2014
ISBN:
9781310311383
Format:
Carte

Despre autor

Visual Artist, Writer and Photographer Marques Vickers is a California native presently living in the San Francisco Bay Area and Seattle, Washington regions.He was born in 1957 and raised in Vallejo, California. He is a 1979 Business Administration graduate from Azusa Pacific University in the Los Angeles area. Following graduation, he became the Public Relations and ultimately Executive Director of the Burbank Chamber of Commerce between 1979-84. He subsequently became the Vice President of Sales for AsTRA Tours and Travel in Westwood between 1984-86.Following a one-year residence in Dijon, France where he studied at the University of Bourgogne, he began Marquis Enterprises in 1987. His company operations have included sports apparel exporting, travel and tour operations, wine brokering, publishing, rare book and collectibles reselling. He has established numerous e-commerce, barter exchange and art websites including MarquesV.com, ArtsInAmerica.com, InsiderSeriesBooks.com, DiscountVintages.com and WineScalper.com.Between 2005-2009, he relocated to the Languedoc region of southern France. He concentrated on his painting and sculptural work while restoring two 19th century stone village residences. His figurative painting, photography and sculptural works have been sold and exhibited internationally since 1986. He re-established his Pacific Coast residence in 2009 and has focused his creative productivity on writing and photography.His published works span a diverse variety of subjects including true crime, international travel, California wines, architecture, history, Southern France, Pacific Coast attractions, fiction, auctions, fine art marketing, poetry, fiction and photojournalism.He has two daughters, Charline and Caroline who presently reside in Europe.

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Buying and Reselling Through Auctions - Marques Vickers

BUYING AND RESELLING THROUGH AUCTIONS

Published by Marques Vickers at Smashwords

Copyright 2017-2019 Marques Vickers

Preface

THE BUYING PROCESS

PART 1 BUYING FROM REGIONAL AUCTON HOUSES

Protocol For Buying At Auction Houses

Previews, Descriptions and Informational Material

Pricing Estimations

Four Methods of Bidding

Bidding Increments and Buyer’s Premiums

Bargaining, Payment and Delivery

Buyer Default

Shipping

Warranties

Jewelry Lot Identification

Research and Instinct

PART 2 THE EVOLUTION OF ONLINE BIDDING

Online Service Contracts with Auction Houses

Marketing Data

Non-Paying Bidders

Vetting and Online Monitoring

Enrolling to Bid

Bidding Online

Newer Minimum/Maximum Bidding Capabilities

Auction Results Databases

PART 3 BIDDING ON AN AUCTION FLOOR

Evolution of Onsite Bidding

Collusion, Shill and Employee Bidding

Exchanging Trade Secrets

PART 4 ONE SINGLE BIDDING INCREMENT MORE

Bidding Philosophy

Visibility Tactics

Bidding Tactics

The Difference of a Single Bid Increment

PART 5 THE ETHICS OF RESELLING AUTHENTICITY

Provenance of a Collectible

Questionable Merchandise

PART 6 AUTOGRAPHS: PASSING THE SIGNATURE TEST

Comparative Resources

The Analysis of a Signature

Professional Grading Systems

CONSIGNING PROPERTY

PART 1 CONSIGNING & SELLING THROUGH AUCTION HOUSES

The Process of Consignment to an Auction House

Reserves and Price Estimations

Reporting Documents and Seller’s Premiums

RESELLING YOUR PURCHASES THROUGH E-COMMERCE

PART 1 RE-SELLING YOUR AUCTION PURCHASES

Emerging Online Sales Vehicles

eBay Overview

eBay Auctions and Merchant Stores

eBay Feedback

Amazon Overview

Amazon Marketplace and Webstores

Fulfillment by Amazon and Amazon Prime

Craigslist Overview

Transactions and Listings on Craigslist

Barter Exchanges

Taxation on Barter Transactions

Additional Online Auction Websites

The Future of National Online Sales Taxation Policies

Consignment Stores

Estate Sale Liquidations and Agents

Upscale Antique Fairs

Embracing Social Media

Importance of Employing Hashtags

PART 2 CULTIVATING POSITIVE FEEDBACK

Philosophy Behind Customer Feedback Programs

Return Procedures

Dealing with Difficult Clients

PART 3 SELLING PRECIOUS METALS AND RELATED PRODUCTS

Precious Metal Refineries

eBay and Auctions

Storefronts, Antique Shows and Traveling Buying Shows

GLOSSARY OF TERMS

PREFACE

This book is designed to help you avoid the roadblocks I endured learning how to buy knowledgeably at regional auction houses. It is an effort to help you realize a profit sooner.

I began buying and reselling rare books and collectibles professionally in 2009 following a five-year residence in southern France. I returned to my hometown in California and a job market unwelcoming to middle aged professionals.

Like many individuals whose rounded experience does not integrate well into precisely squared job descriptions, finding a permanent source of income proved challenging.

The information age has created innumerable opportunities, but maintaining relevant marketable skills and a professional network is more challenging outside of ongoing employment.  Bridging the technology skills gap is critical to finding alternative income sources.

The most common request I have encountered since beginning my online selling operations is whether or not it is possible to earn a respectable livelihood. My response is definitely yes.  There are ample examples of successful, self-employed entrepreneurs in numerous marketplaces worldwide.

The second most common inquiry is whether such an online enterprise can be as lucrative as a more structured and salaried position working for an established company (assuming one can actually find one). My response is a more tentatively qualified yes because business success is never preordained or certain.

Business success is a combination of educational preparation, imagination, research, decisive decision-making, timing and good fortune. Competently operated businesses may still fail despite previous success. Markets shift, customer preferences evolve and credit access may tighten making continuity problematic. Thus risk is inherent with entrepreneurship and perseverance imperative.

This book is designed to walk you through an elemental part of the success process.

The basic tenet of successfully operating an online business is: buying inventories low and reselling high. This equation for profit is easily digestible, however, the mechanics to accomplish this objective are less so.

The road to online selling success may take several detours along the way. There is no single format guaranteeing success. However, without exception, access to a reliable sourcing of resalable inventory is imperative.

One of my principal sources of inventory has been regionally based auction houses. In my case, the majority of these auction houses are located on the West Coast of the United States. Regional and special interest auction houses proliferate throughout the United States, Canada and Europe.

Regional auction houses differ from major international entities such as Christies, Sotheby’s or Bonham’s based primarily by terms of scale. Regional auction houses have become a staple marketing component for numerous online resellers, flea market vendors and traditional retail establishments.

Larger operations do not necessarily translate to only appealing to larger clientele.  Larger auction houses have made concerted efforts over the past decade to broaden their client base and consignment offerings. However, their very size, structure and particularly fixed operating expenses inhibit their ability to offer lower priced inventory to resellers.

There are certainly advantages to working with major auctions houses, particularly for higher priced merchandise. Most resellers establish buying and selling relationships with these major auction houses as their operations expand and client base becomes more affluent.

Larger auction houses typically have access to a larger international sales audience and offer significantly more staffing resources than their smaller competitors. Their commission structure tends to be competitive, but their selectivity restricts their consignments to larger minimum value levels and they charge higher additional service fees to consigners than the regional auction houses do. They cannot and will not guarantee higher returns on consigned property.

The ongoing evolution of the Internet continues to democratize the competitive playing field.  The traditional disparity between regional auction houses and rival major auction houses has narrowed significantly. The expansion and capabilities of online bidding have essentially enabled previously modest regional operations to expand globally, creating a competitive international presence. International shipping capabilities, live bidding and contemporary payment options has made traditional geographic boundaries irrelevant. For both buyer and seller, this advancement has created unprecedented opportunities.

Participating in regional auction house sales should become an integral part of your product sourcing mix. An overview to understanding the mechanisms of buying and selling via auction houses is essential.

It should come as no surprise that the majority of professional sellers are unaware of how auction houses function.

After suggesting to one reseller that she attend a nearby auction, focused on her specialty, I was surprised initially by her reaction.  She wondered about the need for a letter of introduction, if the auction was open to the public, how to avoid inadvertently bidding on an item, and finally, expressed her own concerns about being intimidated by the entire process.

Her apprehension is not unique. At one time I shared her perspective.

This view is not uncommon and based on a widely perceived notion that auctions are solely for the well educated, wealthy or those in the business.

Wider attendance and exposure will certain de-mystify auction houses and the auction process.

Buying and selling via auctions is essentially a simple and straightforward practice. Navigating past the myriad of misconceptions and need not be daunting.

A growing public curiosity and interest over various forms of auctions including antiques, storage lockers, collectibles, real estate, and even pawned items have proliferated into expansive television programming. The focus of these shows extends to various aspects of the auction process, including valuation, sourcing, bidding and research, culminating in the intense drama of buying and selling goods.

My objective is to simplify the process of

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