Local Auctions for jewellery/watches incl. rolex

[keltzar]

hi guys

has anyone been to the local auctions by auctioneers such as Dovebid? Is it worth a visit to pick up stuff?

Does anyone know which auctions are coming up in the next few months?

[Cessna]

Auction Visit

hi guys

has anyone been to the local auctions by auctioneers such as Dovebid? Is it worth a visit to pick up stuff?

Does anyone know which auctions are coming up in the next few months?

Hi! Just sharing my experience. Sometime such auction are manipulated by a team of "kaki". They are:

1) The company that are liquidated or taken up by auctioneer will tend to buy back the important stuff at low prices ( through pre-arrange agreement). How they do that. The auctioneer will be very fast to close the deal before you ( the bidder) can raise your bid.

2) Some will co-broke by follow bidding one another until no one bid. You will know they are kaki after visiting a few of this type of auction. There are some familiar faces if you are observant enough.

3) Of course some are really general public trying to get a good deal.

Just sharing some information with you if you have never been to one.

1) You will never know what are the actual item to be auction unless you go early and register yourself with your name and IC. Once completed, you will received a number that represent you as a " bidder". At the same time the staff will give you a complete list of item that they will be auctioning. You will go around the site and inspect the item ( which are normally numbered ) that you are interested. eg, No(9) represent a xerox printer that you are interested, you will go and find no.9 and inspect the condition and possible test the printer ( if allow ) before you decide "what price" you want to pay.

2) Once the auction starts, the auctioneer will start with a price ( could be S$10 or 50.....depends until the highest bidder) you just need to zero on the item that you are interested and then bid at the price you are willing to pay. Assuming you have bidded and won a item. Please do not forget that you have to pay 7% GST and also a 10% ( normally) auction house commission. after factoring this 17% cost. you weight whether is it worthwhile or not.

3) Always have a full breakfast before you go for auction, normally it will stretch until late afternoon.

4) PLEASE BRING CASH - Normally they only accept cash unless you are kakis. If you dun have cash, you can pay by cheque, however, they will clear the cheque then release the item you bidded. ( Note: Not all auction house accept cheque, because they prefer fast deal )

Just sharing my recent visit.

I recently went to a auction on liquidated items from a handphone company. Most of the handphone are of Atom brand ( really a lot), they also do have other consolidated sales of notebook, forlift, TV, LCD monitor and screen and even floor mat etc.

CASE (1)
Someone bought a Atom handphone( dun know what model) for around (S$ 170 to S$250 ) Do you think it is worth it? That is before the 17% tax and commission. FYI, no warranty and return. The item is sold "AS IS WHERE IS". ( To me: Not worth it as I dun need it and phone is getting cheaper with newer model, unless there are some intangible value behind it)

CASE (2)
Someone bought 20 nos. Akira 20" LCD TV in seal boxes for S$ 2700/-. Is it worth it? The item is sold "AS IS WHERE IS". No return if found to be spoilt and no testing. ( To me: Not worth it as I dun need so many TV. probably the guy who bought it is a dealer )

CASE (3)
Toyota Forklift for 2.5Ton selling at S$5000 year 1999 just fully refurbished and 6 month warranty. Is it worth it? ( To Me : Very worth it. unfortunately, it seem to be own kakis who own it )

CASE (4)
One lot of floor mat ( complete for cars )selling for less than S$100/- Estimated to be around 100 to 200 pcs. ( if you are a trading company, then it is really worth it).

Frankly, your economic and needs judgement must come into the mind when you are in a auction. if not! it will just be another poision like buying watches

Last but not least. Check out on the paper, either the classified ads or on some main section for auction details and schedule date. I think more will come soon.......( economic downturn )

[Darkangel]

Hi! Just sharing my experience. Sometime such auction are manipulated by a team of "kaki". They are:

1) The company that are liquidated or taken up by auctioneer will tend to buy back the important stuff at low prices ( through pre-arrange agreement). How they do that. The auctioneer will be very fast to close the deal before you ( the bidder) can raise your bid.

2) Some will co-broke by follow bidding one another until no one bid. You will know they are kaki after visiting a few of this type of auction. There are some familiar faces if you are observant enough.

3) Of course some are really general public trying to get a good deal.

Just sharing some information with you if you have never been to one.

1) You will never know what are the actual item to be auction unless you go early and register yourself with your name and IC. Once completed, you will received a number that represent you as a " bidder". At the same time the staff will give you a complete list of item that they will be auctioning. You will go around the site and inspect the item ( which are normally numbered ) that you are interested. eg, No(9) represent a xerox printer that you are interested, you will go and find no.9 and inspect the condition and possible test the printer ( if allow ) before you decide "what price" you want to pay.

2) Once the auction starts, the auctioneer will start with a price ( could be S$10 or 50.....depends until the highest bidder) you just need to zero on the item that you are interested and then bid at the price you are willing to pay. Assuming you have bidded and won a item. Please do not forget that you have to pay 7% GST and also a 10% ( normally) auction house commission. after factoring this 17% cost. you weight whether is it worthwhile or not.

3) Always have a full breakfast before you go for auction, normally it will stretch until late afternoon.

4) PLEASE BRING CASH - Normally they only accept cash unless you are kakis. If you dun have cash, you can pay by cheque, however, they will clear the cheque then release the item you bidded. ( Note: Not all auction house accept cheque, because they prefer fast deal )

Just sharing my recent visit.

I recently went to a auction on liquidated items from a handphone company. Most of the handphone are of Atom brand ( really a lot), they also do have other consolidated sales of notebook, forlift, TV, LCD monitor and screen and even floor mat etc.

CASE (1)
Someone bought a Atom handphone( dun know what model) for around (S$ 170 to S$250 ) Do you think it is worth it? That is before the 17% tax and commission. FYI, no warranty and return. The item is sold "AS IS WHERE IS". ( To me: Not worth it as I dun need it and phone is getting cheaper with newer model, unless there are some intangible value behind it)

CASE (2)
Someone bought 20 nos. Akira 20" LCD TV in seal boxes for S$ 2700/-. Is it worth it? The item is sold "AS IS WHERE IS". No return if found to be spoilt and no testing. ( To me: Not worth it as I dun need so many TV. probably the guy who bought it is a dealer )

CASE (3)
Toyota Forklift for 2.5Ton selling at S$5000 year 1999 just fully refurbished and 6 month warranty. Is it worth it? ( To Me : Very worth it. unfortunately, it seem to be own kakis who own it )

CASE (4)
One lot of floor mat ( complete for cars )selling for less than S$100/- Estimated to be around 100 to 200 pcs. ( if you are a trading company, then it is really worth it).

Frankly, your economic and needs judgement must come into the mind when you are in a auction. if not! it will just be another poision like buying watches

Last but not least. Check out on the paper, either the classified ads or on some main section for auction details and schedule date. I think more will come soon.......( economic downturn )

I think most important to know your stuff and the prices to bid for. And also impt is to factor in the comm and the GST incurred.

hi guys

has anyone been to the local auctions by auctioneers such as Dovebid? Is it worth a visit to pick up stuff?

Does anyone know which auctions are coming up in the next few months?

Can go and see see look look first of course. There are pawnshop auctions and several others that pop up frequently on the papers also from FirstState Auctions and Dovebid etc

[keltzar]

Cessna,
that is very useful information! Thank you .

[louie]

thanks TS for the information...great effort!