What You Need to Know Before Attending a Jewelry Liquidation Sale
When a company goes out of business or repositions its inventory, it often holds a liquidation sale. These sales can be a great way to find bargains on previously owned items.
The key is to do your homework. This will help you know what to expect and ensure your jewelry is safe in the hands of someone who knows their stuff.
Know What You’re Looking For
You must research ahead if you’re planning on attending a liquidation sale. This will ensure you get the best possible deal and avoid falling for deceptive discounts that aren’t worth your money.
First, you must find out how the auction house handles payments. Some companies require a refundable deposit when you register to bid, while others accept credit cards or checks.
Second, you need to ask how the company will prevent theft at the sale. Some companies hire security guards to watch the sales floor, while others may use personal safety equipment like a crowbar and flashlight to protect customers from thieves.
Finally, it would help if you were sure that the items you buy at the liquidation sale are legitimate. According to Consumer Reports, some liquidation sales for electronics, jewelry, and Oriental rugs are frauds designed to exploit unsuspecting shoppers.
It’s also a good idea to determine the price of what you would sell a finished piece of jewelry for. This will help you decide whether to keep the items as is or remount them into a new piece of jewelry.
Don’t Be Surprised
Before you attend a jewelry liquidation sale you must know what you are getting into. Many people have lost much money at jewelry sales because they need to know the terms and conditions governing them. You need to understand what the store will keep, what percentage they will pay you and what happens if the store closes or moves. You also need to know how they will advertise and sell your jewelry and who is liable if it is stolen. The auctioneer at the jewelry liquidation sale will be able to help you with any questions you may have.
You can also check out online auctions, which are becoming increasingly popular for those unable to attend an in-person sale. However, in-person auctions are less personal or intimate than in-person auctions, so you will not have the chance to see and feel the items you are bidding on. If you bid on an item at a jewelry liquidation sale, make sure you get there early and plan how you will spend your money.
The most typical sort of appraisal is one done for insurance purposes. The evaluation gives your item’s retail replacement value. If your jewelry is lost, this is the price of replacement.
Remember that the replacement cost at retail is different from the selling price. The estimate is substantially greater given that you would be buying a replacement rather than selling the item, which would have a reduced market value.
Know Your Limits
Buying your bling at a pawn shop isn’t the only way to get it back. The best way to avoid the headache of a pricey pawn shop repair job is to have it shipped off to a reputable jewelry restoration company. Not only will the process be much less expensive than a trip to the dump, but you’ll also be able to enjoy your shiny new pieces of bling for years to come! The best jewelry restoration companies offer free and transparent evaluation services that are much less painful than a pricey pawn shop repair session. A reputable company can help you find the right person to handle the task for you most of the time.
After seeing other people bid on products, you should know what to do when your item is up for auction. Feel free to increase the price since you never know when the hammer will fall. If you wish to bid, raise your hand or the bidder’s card. Keep an eye on the auctioneer as they increase the starting bid, and make eye contact with them each time you bid to ensure they see and understand you.
Get There Early
Liquidation sales are a great way to find new treasures for your collection at a fraction of the original price. But it’s important to remember that these sales are often final, so it’s wise to list what you’re looking for and stick to it. Also, ensure that you have the proper insurance coverage and know how to use it before buying a piece. You want to avoid getting a piece of jewelry that breaks down on you after you’ve already spent a lot of money on it. And, of course, if you’re purchasing electronics, don’t buy something that doesn’t come with a manufacturer’s warranty.
Whether a jewelry designer or an enthusiast, the right tips can help you make the most of your liquidation sale experience and get the most bang for your buck.