8 Common Misconceptions About Auctions in the Philippines

8 Common Misconceptions About Auctions in the Philippines

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What are common misconceptions about auctions in the Philippines?

  1. They are only held live
  2. Events only auction off seized items
  3. They are only for junk items
  4. You need to pay to participate
  5. These are the last resort for items
  6. People only sell second-hand items
  7. Auctions rarely happen
  8. Auctions are Expensive

 

 

Auctions in the Philippines and all around the world have continued to rise in popularity and excitement! Various items are being sold to the public and bidders come from all around the globe to place their bids on numerous items of interest!

The opportunity to be able to procure an item for any price you place a bid on, and winning it, is truly an opportunity of a lifetime…that is if you can afford it and keep up with the competition!

That being said, auctions in the Philippines and in other parts of the world indeed come with their fair share of myths and other misconceptions. Here are 8 of the best ones for you to learn more about:

 

 

Auctions Are Only Held in Person or Live

While the common auction does involve the traditional ‘auctioneer’ with his/her fast talking voice and their bidders raising their hands to signal the price they wish to place their bids on, that’s not exactly a common element of the event.

In fact, with the introduction of the digital age in the late 90s to early 2000s, digital auctions have also made their way to the public eye, especially online auctions that deal with a variety of items in their showcase!

 

 

Auctions Are Only for Properties That Have Been Foreclosed On and Seized by Banks

This is another misconception that is both true and false. Sure, some items being auctioned are products of a few bad financial decisions, many others are auctioned for the pure love of spending and bargaining.

Take for instance: ancient relics! Various marvels around the world are being sold to the public for hefty amounts of money—and knowing the public, especially those that collect such artifacts for a living, it’s going to be an intense competition to the finish!

 

 

Auctions Are for Junk

Auctions Are for Junk

If that last paragraph failed to give you some enlightenment, here’s a new misconception about auctions. In this particular case, it is seen by many as a way to get rid of excess junk in one’s home, all while making money out of it at the same time.

Sure, that can be the case for other sellers—but then again, as the saying goes, “One man’s trash is another man’s treasure!”.

With that being said, auctions aren’t just to get rid of junk! It’s to showcase the best that every item has to offer in terms of quality and quantity, as well as to give your bidders a thrill when they determine about that item’s legitimacy and overall quality!

 

 

Auctions Are Paid Events

While you technically have to pay once you win a bid, there are no payments to be made just to get in and attend the event! Auctions are usually free to the general public, especially to those who have interest in the items at hand. In any case, other than having to pay the price of the bid you place on any item, you can attend auctions for free!

 

 

Auctions Are Last Resorts for Everything

Auctions Are Last Resorts for Everything

Another misconception about auctions is that it is seen as a last resort for pretty much everything having to do with selling items to the public. This can be due to the varying sizes of the audience, as well as it being able to guarantee a purchase every once in a while.

While that can be the case for some, auctions can be held at any time, not necessarily when one is at their wit’s end! There are more and more reasons to hold an auction—and no matter what the reason, it’s undeniable that the opportunity to participate in one can be a good one to take!

 

 

Auctions Usually Sell Second-Hand Items

Again, the reiteration of ‘ancient artifacts’ should be in place for this particular misconception about auctions. In this case, while auctions can sell antiques and other artifacts that serve as reminders of the old world, new and luxurious items can be auctioned off as well.

Of course, no matter what the condition of the item is for auction, they all undergo the same process of preparation for auction—and then eventually, people place their bids on the items and vie for victory among the rest!

 

 

Auctions Only Happen a Few Times

While preparing for the event can take some time, auctions can actually be held at any time, thanks to online capabilities and the availability of many personnel involved in the event! Also, with so many items going on auction on the regular, a regular auction should definitely be underway!

 

 

Auctions Are Expensive

Auctions Are Expensive

Yes, some auctions can be expensive, especially when it depends on the items they have for auction. Nonetheless, it’s only as pricey as their items for auction, which you will definitely need to prepare for!

 

 

Key Takeaway

These 8 common misconceptions should not get in the way of your Philippine auction experience! In any case, if you feel the want to explore this industry, why not give it a go?