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Apr 2, 2009 10:00 pm US/Central
Great Deals To Be Found At Government Auctions
NORTH TEXAS (CBS 11 / TXA 21) ―
Imagine getting a beautiful diamond ring or a Rolex watch for 75-percent off the retail price. You can find deals like that right here in North Texas.
Inside the Arlington Convention Center, hundreds of deals await eager buyers. Fine gold and diamond jewelry, priceless watches, furs and art are all available at government run auctions.
Anne Dalton, with the Lone Star Auctioneers, says more people are shopping auctions than ever before. "People depend more heavily on auctions when the economy is not so good."
According to Dalton, auctions allow people to get expensive items like a $7,800 gold watch for at least half of the price. That's why Jerry Waldrop attended the Arlington auction. "Awesome, awesome prices here with a lot of one of a kind pieces," Waldrop said of the merchandise available. "Usually this stuff goes for retail about three times what you would pay here."
Waldrop is a frequent shopper at government auctions and said shoppers can find great items, but you have to do your research. "You can get good deals if you know what you're doing. You have to read everything in fine print."
Experts recommend that shoppers attend the preview event for an auction; which is usually held a day or two before the auction begins. This gives prospective buyers time to inspect items you might to make sure they're in good condition and pure.
"Do the research," auction shopper Mike Penix suggested. "Make sure that when you go to an auction you understand what you're getting into."
Many events, like a local US Marshals auction, are previewed online several weeks in advance. The preview gives shoppers even more time to research what items are actually worth.
Government auctions aren't just about gems, though. Every month, the City of Garland hosts an impound lot auction or cars, motorcycles, bicycles, and even tires that have been seized.
Dana Learned attended the auction with high hopes. "I'm trying to find maybe a high gas mileage car here," he said. Some cars at the Garland auction went to bidders for as little as $500 or $600. It's a price Learned believes is worth it. "I've actually got a few of my friend's cars for their kids going to college."
Experienced shoppers warn novices to bid carefully. When looking for a vehicle keep in mind some cars may not start or even come with keys. That means towing, a new set of keys, and repairs will need to be added to your spending cost.
For auctions like the one in Arlington, the proceeds earned went to a good cause. The US Marshals raised more than $3 million, some of which will go to pay back victims of crime.
There are government auctions happening at least once a week somewhere in North Texas. The
'Related Links' to the right of this story list a number of websites with North Texas auction information.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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