If you are going to succeed at the auction game, you must understand your category, the value of particular items and the market. In short, you must become an expert!
Is your heart sinking as you read those words? Perhaps you are saying, “Well, that lets me out, I’m not an expert in anything.” Don’t despair. You don’t need to become a world famous expert, especially not all at once. In fact, you don’t have to know a whole lot at first.
Just remember these pointers and you will be fine...1) Keep your spending low.
2) Reduce risk.
3) Refrain from buying any large amounts of merchandise until you know what you are doing.
4) Don’t use your lack of knowledge as an excuse to take no action at all.
For example, I am interested in books. I recently spoke with the father of a friend who is an expert in the rare book field. He’s actually one of the top experts in the world. This man is in his 70’s and has been a book fanatic since early childhood and a book dealer his entire adult life. I will never know as much as he does. I will probably never know a fourth of what he knows. But that doesn’t prevent me from making money by selling books or anything else at auctions.
Be prudent but don’t get “paralysis of analysis”! All successful businesses have two things in common… passion and effort. Narrow your choice(s) down to the best fit and then go for it!
