Can you find a steal at an online auction run by former police officers?
The simple answer is yes, you can. But there is a caveat: You really need to make sure that what you are getting is a real deal.
I saw a segment two weeks ago on one of the morning shows on an exceptionally innovative Web site called PropertyRoom.com. The founders of the site, two former police officers, “specialize in stolen, seized, found and surplus goods and vehicles.”
This business allows law-enforcement agencies to streamline their own auction processes. They are partners with police departments in many major cities, including New York and Los Angeles. They ship the products, and you can even opt for the will-call option to pick up an item if you are close to the warehouse where it is being stored.
I decided to test it out. I bid on several items. I lost some, won some, learned a lot of tricks, and even picked up a piece of artwork along the way. I bought a signed giclee print for $33 only to find out, after speaking with the artists himself, that it would retail for $1,450! It's beautiful, and I have bought a matching piece for $46!
Here are the tips I learned:
Determine the final price you are willing to pay—before you start bidding. It’s easy to get carried away with the bidding and continue past a point you feel comfortable. Decide what you are willing to pay and stick to this!
Place a proxy bid. A proxy bid allows you to place a bid for the final price you want to bid. You don’t have to pay that amount unless the bidding is driven up to that price. No one will see the final price you are willing to pay and you won’t lose an item by one dollar (this happened to me) because someone placed a last-minute bid before you could run back to your computer.
Cross-reference the price on other Web sites. I was bidding on an item (a sericel) that I felt was a great deal. As the bidding increased, I checked other sites to make sure I was getting a bargain, and I actually found the item for less money on another site.
Check for doubles or similar items. I lost one item (truly because I didn’t place a proxy bid) and I ended up finding and winning a similar item and paying even a little less than expected.
Use the “watch list.” This feature allows you to keep track of your auction/bid as well as any other auctions.
Read the fine print. The condition of the item is listed as well whether they know the validity of the item. I tend to shy away from things where they can’t verify the authenticity, but if you are looking to purchase something just for aesthetic value, you may not have the same concern.
Remember to include shipping. There are still shipping costs to be included, and this information is included as you go to place a bid for your item. Be sure your item is something that can be shipped. They do have will-call pick-up as well, which only works if you or someone you know lives near one of the warehouses. Check to see if you can use the will-call service.
Learn the different types of auctions. There is a traditional auction and a fixed-price auction, where you can actually buy the item at that time for the listed price. See what works for you.
P.S. You can steal it back! A free public registry has been set up for those who have been the victim of a crime. This allows you to register any items with serial numbers that you have lost or reported stolen so you can actually “steal it back.” Go to the Web site for more information.
