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Once
you run out of stuff in your closet to sell, how do you find new
material to put on the auction block? Well, typically, you buy
items cheap and resell them online for more cash. That's the
name of the game, really. The problem is that other sellers are
trying to do the very same thing. So, how do you beat them to
the punch and bring in the hottest merchandise? Moreover, how do
you ensure that the items you buy won't be yesterday's news when
you go to list them, leaving you with nothing but a cluttered
garage? Read on to find out!
Old
Standbys
If you are going to be in the online auction business for the
long haul, you need to be aware of what items are continual
sellers online. Even better, you should specialize in a few of
these segments so that you don't overextend yourself. This will
allow you to form a real expertise in specific areas and notice
new collecting trends more easily, allowing you to catch the
latest wave before it breaks.
Popular favorites include advertising
paraphernalia, autographs, books, coins, comics, dolls,
entertainment memorabilia, glass, porcelain, and pottery, sports
memorabilia (trading cards), stamps, and toys--especially action
figures and all manner of bears. Of course, your own interests
should be your guide when determining what categories and niches
you choose. If you are a merchant with suppliers that provide
you with new, brand-name products, these also sell well via
auction or fixed sale, especially audio CDs, books, computer
hardware, jewelry, musical instruments, software, and toys.
The
Sixth Sense
Having the intuition to recognize what's going to be hot before
it heats up is a must for any successful auction seller.
Fortunately, this skill isn't heaven sent. There are common
sense ways to get more hooked into your collecting discipline
and discover what is going to be big before it hits. In general,
this means forming relationships with other experts,
enthusiasts, and industry professionals.
There's several ways to do this.
Number one, you should sniff around major retailer's stores and
ask employees what items are selling out and which ones are
languishing on the shelf. Also, ask what items are being heavily
promoted and reordered in mass. You might even inquire if
significant shipments from the manufacturers are available or
unavailable. Often manufactures increase demand by decreasing
supply. Also, ask yourself what's on sale and what's been marked
up. This certainly shows you what's hot.
Other advice? Don't shy away from
used, secondary-market shops, which resell vintage and used
goods. Ask these enthusiasts and insiders what is on the
horizon. If you become friendly with some of the owners and
employees at these stores their comments can be invaluable.
Also, read the collectible magazines, trade papers, Web sites,
and message boards that cover your category. Don't dismiss the
non-slick collectible periodicals. Many of the less fancy paper
trades have the freshest information. Reputable examples include
Goldmine, Toy Trader, and Antique Journal.
In
Tune
All savvy auction sellers and collectors watch how events in the
media and entertainment world affect their category.
Understanding the world around you can mean dollars in your
pocket. For instance, Pete Rose memorabilia is enjoying new
interest due to his campaign for reinstatement into baseball.
Also, Tim Burton movie memorabilia is on the move, thanks to the
release of his film Sleepy Hollow. Be especially aware of
new movies and television broadcasts that have colorful
characters and stars. You never know, you might spot the next
Marilyn or Ken Griffey Jr.
Market
Watch
Finally, like the stock market, don't try to beat the
collectible market every time. You want to buy as the market
spikes and sell when it is peaking. It's not wise to hold onto
items in anticipation of their increasing in value when they are
already way over-valued. You never know how or when an event,
variation in public opinion, or decision by a manufacturer could
change the collecting climate. This is especially true of items
released in conjunction with a publicized product launch or
movie opening. The crazes created by these items can be
especially ephemeral. You only have to consider Phantom Menace
memorabilia to understand this. The smart Star Wars collectors
held onto their vintage gear when Lucas's latest installment
didn't conquer the universe.
Back to Auction tips &
tactics
by Vendio Services
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