How Have Online Auctions Changed the Collector’s Market?
For collectors, it’s the thrill of coming across an item that is rare, unique, and valuable. This is true whether you’re investing in a certain collectible for future profit, like coins and cars, or just like having a display of your cherished items, like trading cards.
Years ago, collectors had to go to antique shops, conventions, auctions, thrift stores, and more just to find what they were looking for. Now, however, online auctions have become more and more popular. But what have online auctions done to change the game when it comes to collecting? What might we expect in the future as far as online auctions go?
If you’re ready to jump into the world of collections and investments, then we have all the information you need about what online auctions have done for the community.
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Online Auctions Versus Live Auctions
That isn’t to say that live auctions aren’t still around. Those who have been collecting for years and like to be part of their community might very well still enjoy live auctions. Live auctions give collectors the thrill of the bid with the in-person experience. The atmosphere is charged with excitement that can’t be replicated through online auctions. Decisions have to be made on the spot, which means you have to be a quick thinker, but this also gives a more personalized experience and connection to those around you. It adds a unique and valuable layer to the game.
As far as online auctions are concerned, it’s more about convenience. Unlike live auctions, which pressure you to travel around the world for specific auctions depending on your interest, you can access global auctions at home. This also has flexible timing, making it suitable for hobbyists who have busy schedules. And of course, with that flexibility comes extended bidding periods. This allows you to mull over thoughts before providing a bid you might regret. The only problem is that with such wide access to this, you are competing against a larger number of collectors who want an item just as bad as you.
There are perks and disadvantages to each side, as it comes down to just personal preference. There are some collectibles that might be best to see in person, such as cars and memorabilia, while other items such as trading cards might be easiest to collect through online auctions.
Navigating These Changes
Online auctions really became popular during the pandemic in 2020 when live events were canceled. But now that the masks are gone and live events are back, live auctions are back. But that doesn’t many of us want to travel anymore. The ease and convenience of online auctions have spoiled collectors, and rightly so. Navigating online auctions can be a whirlwind, however, especially for those who are used to the fast-paced live auctions. So how do you navigate online auctions?
The main things to know are the most popular sites to check out. Of course, eBay is high on the list. It’s the one-stop shop for all things vintage collections, war memorabilia, pop culture memorabilia, retro games, and more. It’s also the perfect place to try traditional bidding-war auctions. With millions of listings, you can ensure that you’re seeing a genuine listing with a bit of research. A few other spots include HiBid, LiveAuctioneers, and ShopGoodwill.
Next, before you bid on something, always do your research. Read the description of an item carefully, and fact-check what’s listed to ensure it’s authentic. Some online auction places, like eBay, have built-in authenticity and safety nets for this type of thing, but it’s always best to trust your instinct before anything else.
Most online auctions have a time frame of when the bidding will end. Live auctions usually wait a few minutes after the last bid, and as soon as those few minutes are up without an additional bid, it’s over. Online auctions, usually have a day or two time frame, and as soon as that clock runs out, the last bid will be the winner. Make sure you’re staying within the budget that you have in place, and keep checking in on your bid from time to time before the time runs out.
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Ways Online Auctions Changed the Collector’s Market
But how has online auctions changed the collector’s market? Has it improved or ruined how to collect items? What should you know about online auctions before joining? Here are the top five items you should know before starting your first online bid.
5. Lack of Examination
The main issue that many will have when looking at online auctions is the lack of examination. You’re basing your purchase on a few pictures, a description, and the complete trust of the seller. This can cause issues for many. While some listings will show every fault in an item, some might not be forthcoming. You might receive an item that was said to be in excellent condition, but then you’ll notice a mark you hadn’t realized. This also means there is potential for fraudulent transactions. While there are some rules in place to prevent this from creeping into online auction sites, it’s hard to stop all of them. As long as you do ample research about the item and seller, you should be safe, but it’s still a possibility.
4. Higher Demands
This can be seen as a perk and disadvantage, depending on how you look at it. Thanks to the convenience of online auctions, as they’re accessible globally and for hours, to days, on end, more and more people can check out an item. This accessibility is perfect for those with busy schedules who are collecting out of a hobby rather than a whole lifestyle. But this also means you’re fighting more people online than you would if you were at a live auction. This means it might be difficult to outbid everyone hunting for the same item, especially if it’s a rare one.
3. Lower Costs for Sellers
But while purchasing these collectible items might be excruciating at times, it’s honestly the best way to go for sellers. Hosting an online auction eliminates the many costs associated with traditional auctions, such as venue rental and advertising. If you have some items that you know are worth a good deal of money, you can simply place them on eBay with a few keywords and get traction. The cost to sell something on their site is only $.30 a listing, with about 10% to 15% of the final sale price, depending on the category. That’s barely anything compared to the immense amount of money needed for live auctions.
2. Easy and Unique Findings
Another way that online auctions are changing the collector’s market is by the ease of coming across the items you want. Not only that, but you can really scour up unique findings that you might otherwise miss. It’s simple to just type in the item you’re looking for online and have several things pop up. And just having a vague keyword of the type of collections you own can bring up several unique items. Instead of traveling across the country looking for an item, you can find hundreds of new and unique ones in the comfort of your own home.
1. Collect Faster
Along with the ease of finding what you’re looking for, as well as unique items, online auctions generally help you collect faster. Since you can look through global listings on certain websites, you can come across everything you need to complete a collection. Of course, each collection has those extremely rare finds where a limited selection is available, but with online auctions, you’ll end up finding up pop up somewhere faster just with a simple search.
Conclusion
When it comes to online auctions versus live auctions, it really comes down to preference. Most might want to stick to what they know with live auctions so they can have the thrill of bidding and being around a community. For others, the convenience is hard to beat with online auctions. If you are thinking of switching to online auctions, it’s important to remember to do your research and find reputable websites before making a bid. Online auctions are worthwhile, but they still have their disadvantages. Overall, online auctions have changed the game when it comes to the collectors market.
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