I have only been to one auction. It was a watch and jewelry auction. Forced to register before I could enter the room to inspect the items for auction. When I asked to look at a watch I was quoted near new retail price and asked if I wanted to bid. When i said i'm note sure I was told they don't auction everything in the room , only items that have someone wanting to bid. Not a real auction just a retailer pretending to be an auction.
High reserves.. 20% charge...
High Internet bids forcing up prices. Auctioneers quoting retail ignoring true valuation. Using Insurance quotes to refer to items value which can be double the actual price. If price slightly under valued price they don't sell because of high reserves. One watch damaged when inspected in person but hidden in the photo and not mentioned in the description. Be wary. But the sandwiches were nice.
Great Concept - Shame about the quality
I have been attending these auctions for the last couple of years. Some great jewellry. They (mostly) have a reserve price (even though they say otherwise). Last year my friend purchased a $5600 ring (using my registration). The ring had to be resized at purchase - 12 months and 2 days later the setting broke. First State take no responsibility and the jeweller who manufactured it was happy to charge for the repair. They said the ring had been mistreated. My friend is a 65 year old woman - what could she possibly do? We took the ring to...a upmarket jeweller in Brisbane to inspect. They said that when Platinum is overheated (for resizing) the setting becomes brittle. My friend is having her ring repaired by a local manufacturer. Poor outcome for $5600. As I said, some great jewellry - like any auction, make sure you know your market value before you buy.
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