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Auctions

You can get a bargain - but not if you don't read this page

Why you pay MORE at an auction.

Why you have almost no consumer rights when you buy at an auction.

What you need to know when buying at auctions.

Why you pay MORE at an auction

Many people who visit auctions don't realise the extra costs they are going to be liable for unless they read the small print. An item will typically cost you a third more than the bid price. Most auction houses charge a 10% fee for their services. Then they charge you the 17.5% vat. And if you are paying with a credit card you will probably have to fork out an additional 3%.

Let's say you bid £100 for an item at an auction. The add-ons above will take the price to £133.13, a whole 33% more than you bid for. On a £500 bid for a computer you could end up paying almost £700.

What about auctions that sell only new goods, including online auctions where you can bid at the website? That's a bit of a joke in the computer industry. The impression people get is that the highest bid gets the product. It doesn't. The bid gets the product only if that bid is over and above the "reserve" price. It's quite normal for a monitor that costs £100 in the market to have a £110 reserve price. The auctioneer then hopes that someone who doesn't know the market price is going to bid more than £110. It's a bet he can't lose. Someone, somewhere, is going to bid a silly amount thinking that because it's an auction he's getting a good deal. Let that someone not be you.

The UK government has this advice page on auctions

Why you have almost no consumer rights when you buy at an auction.

There are certain basic rights you have when you buy goods. These do not apply to goods bought at auction. But they apply to goods bought "from a shop, street market, mail order catalogue or doorstep seller". They do not include goods bought at auctions. When goods bought at an auction turn out to be faulty, damaged or completely useless - you CAN'T get your money back. Just throw them away. Please see the Trading standards information.

The only circumstances under which you may be able to get some compensation: If you are injured by these goods or if they cause property damage costing more than £275.

What you need to know when buying at auctions

• Auction houses typically issue a catalog of the goods they intend selling. Often they make corrections to these catalogs and post the corrections at the location of the auction itself. Make sure you have seen what the corrections are on the items you intend bidding for. That computer you thought was an Intel PIII 800 could have been changed to an Intel 400.

• Make sure you've read the small print in great detail. Auction catalog usually categorize the various items. Ex: 1 - new, 2 - slightly soiled, 3 - not working ....etc. If you are then bidding on an item that has the little "3" next to it you could be agreeing to buy the "not working" item exactly as is.

• Software: Not all software you see on the display computer necessarily comes with the computer itself. Make no assumptions. Ask about every little detail. Make sure you know what does come with the computer and what doesn't.

• Bidding: Some people suspect that auction houses have plants in the audience who push the bidding up. We are not talking Sotheby's here. We're talking the several smaller computer auction houses all over the country. how can you recognize a plant? You can't. Just make sure you understand what you are buying, you know it's market price, you know it's condition and you know the warranty you are getting -or not getting - with the purchase.

• Knowing the product:  Find out how much it costs in the open market. Realise the minor differences in model number (ATI Rage Fury AGP video card is not the same as ATI Rage Fury 32 MB AGP TV Out video card). Then work out by how much you want to discount the price for the fact that it is an auction and you are buying it with reduced rights. Then discount that figure accordingly to build in leeway for the commission, vat etc. This figure is the most you are going to bid for that product. Resist the temptation to go just a pound further.