he savings you can find through online auctioneers can be tremendous. If, for example, you are searching for a set of 1.20 ctw clean diamond earrings in a gorgeous 14K white gold setting, you can visit a jeweler and pay over $5000. By browsing through an online auction, you can find the same earrings for under $250. The savings are incredible and speak to the wonderful deals you can find.
There are two ways to bid on items with an online auction. The first option is to browse through the items and select those on which you would like to bid. You will see the current high bid, and vendors typically also list the retail price you would expect to pay in a store. You will also see how much time is left before bidding closes. You can choose to enter in a competing bid, and if yours is the highest, you win the item.
The second option is to participate in a live auction event online. This combines the benefits of both online and traditional auctions, and allows you and others to bid in real time. There are live bidders at the actual location, and online bidders can place real time bids from anywhere in the world.
As each new item comes up for bidding, you will see a photo and description. You can choose to increase your bid, and the auctions tend to move very quickly. This is where you will see and feel the energy that is typical of live auctions.
Which option is right for you? Will you save more money by purchasing watches, earrings, bracelets, and other items containing precious stones with live auctions or the longer auctions that span several days? With each type of auction, you can find tremendous deals. The key is to know what you would like to spend and not get so caught up in the bidding that you forget your budget. This is very easy to do! If you thrive on the energy of competing against others, live auctions will likely be very exciting and exhilarating. If, however, you would like a slightly more laidback approach, you can choose to enter your bid, check back later, and revise your bid if desired.
Monetary Loss: $6230.