Whilst it is true that the new online auctions known collectively as penny auctions can bring some fantastic deals it is most important to understand the way the system works before embarking on the game.
All types of auction can be fun and entertaining but if it becomes addictive then it can become bad news for the wallet.
Anyone with an addictive personality should stay away from online auctions and lock the wallet away.
When something very unusual or very rare comes up for conventional auction it can attract worldwide interest. The auction of a vintage racing car or a lost Van Gogh attracts intense interest from bidders and onlookers alike.
There is no better atmosphere than ferocious bidding between two people where the rapid fire bids increase at a few hundred thousand pounds a bid and the reserve and estimated price is left miles behind.
There is usually a spontaneous applause when a work of art goes under the hammer for double its estimate. Usually for these major works of art there is a proxy bidder in the room or on the end of a telephone line.
To rule out the prospect of the telephone caller being the local fruitcake in a phone box around the corner, the big auctioneers have already taken a deposit on credit of at least twenty per cent of the estimate or reserve.
Penny auction
OK most of us are not in that sort of league but we can still have a bit of fun with these penny auctions and also strike a good bargain. All the goods on offer are brand new and where applicable will carry original warranty.
The winners are either very lucky beginners or more likely regulars who have study the way it works in detail and have had a bit of experience.
There are various techniques to adopt and these can only be learnt in time so the best advice is to start on low value items and have a modest budget.
Penny auction is the best way to get your items for the best price at http://www.bidvid.com/
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