Watch video of Dr. Lori now as she shows you actual online auctions where items were priced hundreds to thousands of dollars less than their actual value!  
Video courtesy CBS 3 TV.

Dr. Lori's Online Auction Tips #1 thru #5 (below)
Dr. Lori's Online Auction Tips #6 thru #10 (next page)
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Dr. Lori's 10 Online Auction Tips

Quick, convenient, and safe describe the online shopping experience. Online supersellers know that the Internet is a retail heaven with secure servers, credit verification programs, and direct shipping. But, how does the Average Joe cash in with just a click? 

At my antique appraisal events, I am constantly asked by an audience member where they can sell an item for the best return. I advise that before you sell, know what you have and what it’s worth. If you don’t bother getting this vital information, you can just toss your item into the trash. Here are my tips for smart, successful selling online.

Tip #1: Know your Stuff

Most importantly, find out what you have and what it’s worth. Knowledge is power and you need to know the correct description of your item and its true value. Example: You have a stuffed toy monkey that you are willing to sell for $5. Are you sure that your $5 stuffed animal is not a vintage Steiff stuffed toy monkey worth $1,200? Know what you’re selling and its value before you sell online or off. 

Tip #2: Get Unbiased Information

Get this appraisal from an unbiased, expert who does not have a financial interest in your item. I think that someone who evaluates your item’s market value should NOT have a financial interest in that item. I think that an art and antiques appraiser should NOT offer to buy the item from you. Someone wanting to buy an item may undervalue that item in order to pay a low price for it. 

Tip #3: Recognize an Ethical Appraisal

Ethical art and antique appraisers are required to base their appraisals on actual sales records showing the client where similar pieces sold. A certified written appraisal must include actual comparative sales records. If your appraisal does not describe the item or simply lists a numerical value without any supporting evidence for that value, get another appraisal. To meet standards set by the US government, art and antique appraisers are required to also certify that they have not made an offer to buy an appraised item and have no present or contemplated future interest in the item. 

Tip #4: Determine & Set a Price

Determine the value of your item. Your asking price is the amount of money that you would be happy receiving if your item sold. You can set a reserve price. A reserve alerts potential buyers that you won’t part with the item for less than the reserve amount. This attracts serious buyers, not just casual shoppers. Example: If you would be happy getting $750 for your vintage Lladro figurine worth $1,500, set your reserve at $500, not at $50. 

Tip #5: Know your Market

Certain items sell better in certain markets. Pennsylvania Impressionist landscape paintings sell better here than they do in New Mexico. Think broadly about potential markets. Trying to sell a ruler online? Market to school kids and carpenters, but also advertise to TV weather reporters covering a winter snowstorm. 

In Part II of this column, I’ll outline additional tips #6 thru #10 so you can click for cash with online auctions. 

Dr. Lori
Director
Masterpiece Technologies Inc.