Blog Archives

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The glitter of gold made me crazy

Does this picture look familiar? Just wait until you hear what happened with these viles …

 

I like to profess that I am an expert in everything I come across in the world of garage sales, estate sales and auctions. While I will most likely still claim this to be true, last weekend I was definitely not on top of my game.

If you remember from my post last week, I headed out to an auction despite the snow and crummy weather. This was the right decision, but it was about the only one I made that day. I so badly wanted to find something I could flip that I was far too easily blinded by the glitter of gold, literally.

One of the auction listings was for three tubes of pure 24karat gold flake. Each tube was crammed full with gold flake, and I got really excited at the thought of buying and reselling them. I saw that there were six of these three-vile bundles, and I knew I had to have them. I even waited around for an hour just for the chance to bid on them.

The first three-vile bundle started at $50. I was only bidding against two other buyers (a positive from the bad weather), and I ended up winning the first set for $75. The auctioneer then offered me the other five bundles, and I couldn’t resist. I bought them all.

I came home, proud of my purchase; proud enough to blog about it on here! After I settled down, I started doing some research, preparing to list my winnings online. I started checking eBay for similar items and was greatly disappointed by what I found: a number of listings of viles just like mine for a much lower price than I had just paid. It turns out that even I can be blinded by an item, and I realized then that I should have been taking my own advice. I didn’t do any preemptive research before bidding. I had an hour to peruse the internet on my phone and I had done nothing of the sort. Had I done so, I would have  quickly realized that while gold is going for over $1600 an ounce right now, gold flake weights next to nothing. So while I was looking at how tightly packed those viles were, a whole tube of gold flake still weighs next to nothing no matter how full it is. I clearly got too cocky, and I paid the price. Three tubes are probably only worth about $30 in a good market, not the $75 I paid.

So once again, I’ll share my advice, and hopefully this time I myself will listen! First, do your research. Whether that’s going to completed sales on eBay, or doing a general online search for the exact item. eBay is always a great place to start, but it’s not the final word on this kind of information. There are plenty of specific sites out there describing just about any item or collectible – you’ll be surprised what you can find with just a few minutes of research. And if you can’t find any information, you should consider that fact that sometimes it’s just better to walk away and plan to buy another day. If I would have followed even just one of these steps, I would not have lost money at that auction, and hopefully you won’t repeat my mistakes.

Good luck, and happy hunting!

Aaron

 

To learn more about Aaron LaPedis, visit www.thegaragesalemillionaire.com or contact him at thegaragesalemillionaire@gmail.com.

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Neither snow nor rain will keep me from an auction

Have you ever planned your weekend around going to a live auction (if not, you should!), but when that day comes the weather is really poor? If that happens, you will most likely be inclined to stay home and forget the auction all together. I recommend, however, that you think twice before letting the weather affect your plans. This past Saturday I had planned to go to a recurring auction. I haven’t been in a little while and was really looking forward to it. When the day arrived, we were in the middle of a snowstorm. The snow was coming down pretty heavy and the roads were a bit slick, but I knew better than to let that scare me away.

When I showed up at the auction, I was pleased to see that the crowd was half the size of usual; it looked like most people decided to stay bundled up at home. As you can imagine, this made bidding significantly less competitive. Less people means less competition, and that means better deals. You should always understand that if the weather is bad or if the auction is inconveniently located, your chances of getting a good deal will multiply.

I want to advise as well that when attending a live auction, you still need to take some time to do a bit of research beforehand. Even though the crowd this weekend was not that large, people were still overbidding for items, leading me to believe that they did not do their research. Try to have a smartphone handy to do some quick searching. If you can find the item for sale online, use that price as a guide for what you should be paying. I did my research beforehand, using the auction catalogue to get an idea of what I was interested in, and I was able to get a good deal on a number of viles of pure gold flake. Now all I have to do is decide what to do with it!

 

 

Good luck at your next live auction! Happy hunting.

-Aaron

To learn more about Aaron LaPedis, visit www.thegaragesalemillionaire.com or contact him at thegaragesalemillionaire@gmail.com.

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An Overview of Second-Hand Marketplaces

Several second hand online marketplaces exist and each has their own strengths and weaknesses but we’re going to avoid the “which is best” question because we believe that is a question best suited for the seller to answer. We’re simply going to give a broad overview of the major second hand marketplaces and what makes them unique.

eBay – The most popular auction website with global reach. eBay has expanded since it’s early days of simple online auctions to add “buy it now” options and “storefronts” features for business owners. eBay is a great site to research items and learn about the trends of items that have sold or identify price ranges for your items and what the current market value of those items is. It’s important to note that a large part of eBay’s business is still auction-based, so while you might fall in love with a second hand treasure, there’s also the risk of getting caught up in a bidding war over an item (which can be fun or painful). One of the greatest things about eBay is their user rating system. With this technology, you can choose which users you wish to do business with and which ones to avoid, based on other users feedback after a transaction was completed.

Craigslist – The most popular e-classified website on the web with a dominant presence in the US, but it has a more limited global reach than corporate second-hand websites like Amazon and Ebay. Craigslist has virtually put newspaper classifieds out of business (thankfully), who reads the printed version of the newspaper anymore? Just kidding. It’s great that the world has had a web-based e-classifieds option, saving millions of forests and trees each year (yes, I’m a tree hugger). Craigslist has everything you’d expect from a newspaper classified but in digital form. While the service is geographically limiting and your risk of being scammed is increased over corporate sites like eBay and Amazon, it’s still not a bad site to use as long as you proceed with caution and heed basic safety rules. One thing that really SUCKS about Craigslist’s garage sale section:

  • Most sale events posted are not responsibly managed by users, so you’re likely to find sale events posted on the site from days, even weeks ago. That’s not entirely Craigslist’s fault, some users are just irresponsible for not removing their ads when the event is over. (On Tagsellit.com, we do this automatically so the user doesn’t have to go in and delete their sale – it automatically expires at the end of the scheduled sale event on the last scheduled day. Technology is pretty sweet.)

    • One thing that’s really awesome but they don’t do anything about (Again, stressing user irresponsibility too):

  • Oh and for the love of whatever, please keep “virtual garage sales” off Craigslist – they clearly discourage this, yet people still abuse it. Nonsense, respect their rules!

    • Amazon.com – A global department store with both a corporate business model and successful entrepreneurial business model. You can find a lot of goods on Amazon.com but if you’re looking for second hand treasures, there are alternatives, like going to a Flea Market. Amazon.com is great for getting deals on pre-owned media, like books and DVD’s. Their individual seller platform is a bit more confusing and complex to use than other sites but has gotten much easier recently. From new to used and everything in between, chances are good you’ll find at least some information about what you’re looking for or looking to sell when using Amazon.com.

    Tagsellit.com – While not yet a household name, the founders of this site did have the foresight to come up with an interesting way of revolutionizing yard sales, especially for folks who don’t physically have a front yard or garage, or who may even be restricted by neighborhood ordinances to have a garage sale. Founded in 2007 and launched in 2008, the idea behind Tagsellit.com is simple, a second hand marketplace with nationwide reach where virtual garage sales can take place, 24/7 and serve as a resource for folks looking for services from professionals specializing in the second hand industry (including Consignment Services, Pawnbroker Services and Estate Sale Services). The beauty of a virtual garage sale is simple: Even if you’re hosting a garage sale it makes sense to advertise your event and items in advance. By listing them on Tagsellit.com, you immediately get a nationwide reach. So, someone in California might really like that trinket that was listed for sale in New York – that buyer wouldn’t travel all the way to California for a garage sale, but shopping virtual garage sales online, now that’s genius!

    It’s important to note that not one single website has all the answers or all the solutions to everyone’s online buying and selling needs. Having options such as these makes life easier, and more fun, for everyone!

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    Exploring WorthPoint

    Have you ever wondered what the value of your inherited antique furniture is worth? Perhaps you have a great piece of art or a unique collection that you wish to insure and need to be able to provide accurate information on the items. It can be challenging to figure out where to start with a project like this. Figuring out who you can trust and if their experience will prove accurate is key. Fortunately the folks at WorthPoint are here to help you discover your hidden wealth – or if you have any!

    WorthPoint is the leading online resource for collectors. The site provides market data on art, antiques and collectibles along with professionals who offer opinions and appraisals to help people value, preserve, buy and sell items. WorthPoint’s core feature is a vast database of more than 100 million sales records aggregated from eBay, virtual marketplaces and leading auction houses worldwide. WorthPoint licenses these items from eBay. This database, known as “Worthopedia,” features photos, descriptions and sales information to help people determine the value of their items.

    One of the most awesome features that that WorthPoint provides is advice from “Worthologists,” — subject-matter experts who share their views on collecting through articles, blogs and webinars. These experts also provide item valuations through the “Ask a Worthologist” service on the site.

    There are also Collectors’ Forums are available where people can share insight, advice and knowledge on everything from china to coins, toys and glassware.

    So the next time you’re “cleaning” out the the attic, keep WorthPoint in mind, maybe you can identify some old treasures that have a new “hidden” value!

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    Auctions Can be Fun, But Watch Out for the Hidden Costs!

    In the last several months I’ve been participating in an increasing number of live and live online auctions (As a side note, a live auction is conducted at a specific time in a physical location, whereas an online live auction occurs within a certain time frame, but conducted completely online). I’m not talking about eBay, but rather auctions hosted by an auction house or similar company. I find it to be an entertaining way of buying items I can later resell for a profit.

    When participating in live auctions, you have to be careful not to get caught up in the excitement of the event. It seems like it’s all fun and games, but when the hammer comes down and you win the piece, you have to pay up. That’s why it’s important to be aware of all the additional costs that may be tacked onto the price of your item.

    Most auctions include something called a buyer’s premium. This fee covers the administrative expenses of the auction house and can range anywhere between 10 and 25% per piece. In addition to the buyer’s premium the auction house may charge an additional fee for running a credit card. If that’s the case, it might be a good idea to bring cash to the auction. You’ll have to weigh the size of the fee against the hassle of dealing with cash. Some auction houses charge yet another fee if you fail to pick up your items on time (I just found this one out the hard way)! If you’re looking at a large item that’s being sold out of state, shipping and transport fees can quickly rack up your final cost as well.

    As you can see, there are many ways your final cost can end up higher than expected, so it’s important to do your research in advance. Take the time to look up the policies online or give the auction house a call ahead of time. You don’t want to get backed into a corner with a purchase that’s much larger than you intended. As I’ve said before, if they allow a personal viewing, be sure and take them up on it. You can understand the product a lot better if you’re touching it, holding it and staring at it. And as always, don’t be too shy to ask questions before you place a bid.

    Good luck and happy hunting!

    As a friendly reminder, the new, hardbound edition of my book, The Garage Sale Millionaire, is now available! If you purchase through my website, I’ll sign the book for free (use the coupon code MAGNIFY)!

    To learn more about Aaron LaPedis, visit www.thegaragesalemillionaire.com or email him at thegaragesalemillionaire@gmail.com.

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    Decorating on a Dime: On a Quest for the Best

    We’re excited to feature and introduce Sophie Stone today to our series “Decorating on a Dime.” Sophie is an Award Winning Residential Interior Designer. She has been decorating homes in Palm Beach for the past 15 years. Her passion for helping others decorate their dream homes led her to found ChateauSophie.com, a vintage inspired online boutique for women, kids and home.

    “Finding the perfect piece for my clients’ homes has taken me to exotic destinations where I’ve been on the “hunt” for some of the most unique decorative pieces in the world. This quest for unique home decor has also made me an avid buyer at Estate Sales, Auctions, Consignment and Second Hand Shops wherever in the world I happen to be (Palm Beach or somewhere in Europe too)!”

    1. I repurposed one of my bejeweled vintage handbags (circa 1930′s $54.99) found at ChateauSophie.com as a decorative object in an étagère I was recently decorating. Tired of looking at the predictable ensemble of china plates, crystal and figurines, I knew this piece was perfect! Hung gracefully off the handle of an antique silver tea pot, it sparkled like a gem. Unpredictable yet perfect, exactly the way I like to decorate!

    2. On the hunt for office decor, I spotted these two vintage candlesticks at a designer’s consignment shop in North Palm Beach ($25.00 for the pair, I’m sure the former owner would gasp)! Their small scale was perfect, as they needed to fit on a bookshelf for a custom library I was decorating. Offset by the rich mahogany bookcase, I knew their white ceramic glaze would stand out. Not too shabby on a bookcase that cost thousands!

    3. Vintage oil paintings always catch my eye and this one at the Second Hand Shop was no exception. The sailboat scene had extraordinary detail set in a carved wood gilded frame. The oil paint used by the artist should a rich and I knew instantly that it had some real history; not to mention at $59.00 it was a steal! I used it to fill in the space between my two vintage candlesticks on the bookshelf and it worked beautifully. I achieved a “collector’s” look for a total of $85.00!

    4. Vintage Wall Art for a Kid’s Room is ideal for a Shabby Chic Theme. My collection of Vintage Campbell’s Soup Signs ($29.99 each) found at ChateauSophie.com works beautifully tucked on a bookshelf or as grouping on the wall.

    5. While decorating a French Country Bedroom, I was in need of 2 mirrored chest of drawers for either side of a bed. With a custom floral patterned comforter and silk draped canopy lined with tassel fringe, mirrored furniture would reflect the beautiful details and soften the space. I found two mirrored chests at a Fine Consignment Shop. They had been there for a while so I was able to bargain with the price and bought them both for $299.

    Now my job was to make them look like heirloom pieces. First, I started with changing the color. They were stained a dark brown so I had them silver leafed and then rubbed with an antique gold glaze. I also highlighted the framed details in antique gold. This instantly gave them a rich and elegant look that fit perfectly into the French Country Bedroom. I topped them off with a soft cream colored marble top and now they look like they are indeed from a French Chateau!

    You learn more about Sophie and her amazing projects on her website, http://www.chateausophie.com/about_sophie.php

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    The Fastest Indian to Ever Get Away From Me

    For the last three days I’ve been trying to buy an Indian. No, not a person; not a carving, but one of the best motorcycles ever made. I’m always talking about the fun and the excitement of auctions, whether it’s online or live, and how I tend to get caught up in them. Well, just the this week I got caught up again.

    This particular online auction had something I’ve always wanted: A 1911 Indian Motorcycle.

    "The motorcycle I was bidding on was actually red, but this a very similar model."

    Indians aren’t just any motorcycle. They’re known for their speed and the number of races they’ve won. For any motorcycle collector to say he owns an Indian, it’s like saying you won a gold medal at the Olympics. Unfortunately for me, my day at the Olympics passed me by, and so did the Indian I wanted so badly.

    As I was bidding on this beautiful motorcycle, it seemed that a lot of others thought it was a great deal as well. The competition was stiff. This didn’t suprise me, however, since Indian Motorcycles can go for anywhere from $7,500 in poor condition to $175,000 in great condition. This particular one was a single cam and in better than average condition, but it had a few other problems I wasn’t quite able to identify just from the photos. As the auction went on, the bidding got too fast and I forced myself to drop out at about $42,000. In the end, the Indian went for a little over $43,000 – not much higher than I had already offered. But as I say in all my teachings, if you don’t know everything about what you’re bidding on and aren’t sure you can make a profit, you need to walk away. In this case, I wasn’t completely familiar with or comfortable with all of the problems the bike had. So with this auction, while I wish I could have ridden away, I instead had to take my index finger off the bidding button and walk away. It just wasn’t my day for a date with the world’s fastest Indian.

    Happy hunting!

    Aaron

    To learn more about Aaron LaPedis, visit www.thegaragesalemillionaire.com or email him at thegaragesalemillionaire@gmail.com.