If you are interested in earning extra income, either as a business or a hobby then buying and selling at auction could be the opportunity you have been looking for.

	“It is un-publicised auctions like these that I find my best deals”

One of our readers, Edward Duke, explains what is involved being an auction dealer.

First of all, how much money you will make as a dealer is linked directly to how much time you put in. I think the minimum requirement is probably a day a month divided between research, attending a single auction, and selling on anything you intend to buy. Thanks to Government Auction News much of the background work is done for you. For instance, you won’t have to waste time looking for otherwise unpublicised auctions. But you still have to make the effort to turn up before the sales to look at the lots and to sit it out until anything you are interested in comes up. I’m doing this full-time of course, so I probably attend about six or seven auctions a month.

Knowing value is the next important thing. If you have specialist knowledge then it makes sense to use it. For instance, if you know a bit about cars then why not deal in cars? If you don’t have any particular expertise then you should concentrate on buying things that you are 100% certain are being sold below market value. Believe me, this is not rocket science providing you stick with what I call the ‘bleeding obvious’. My secret is to keep a lot of reference books in my car and also I sometimes nip into an internet if there’s one nearby to check out prices on the web. I’ve also been known to telephone shops to price things if I am in doubt.

Once you successfully bid for your bargain or bargains you’ll want to sell it on. Personally I am happy to make a smaller profit margin in exchange for fast turnover. How you sell something will depend on what it is. I don’t specialise in any one area so I use a variety of methods – other auctions, eBay, classified advertisements, other dealers and direct to retailers. Sometimes I sell direct to the public. For instance, when I started I used to buy umbrellas from police lost property auctions for about 50 pence each and sell them wherever there was a crowd on a rainy day. I could shift a hundred umbrellas in an hour of heavy rain and make £250 profit. Some auction dealers I know only sell on to other trade buyers and build up contacts who they know will be interested in particular items.

There are all sorts of dealers in the auction game. At one end of the scale there are the real specialists who buy items other dealers might not recognise at regional sales and sell on in posh London auction house. At the other there are part-time dealers doing what I do on a smaller scale.

“I am just starting to dabble in property. My first buy is a studio flat in Hastings which cost me £16,000 and which I have on the market for £54,995”

One of the things I will say is that Government Auction News is of incalculable value. No other publication provides the same detailed information on how to buy at auction and sell on at a profit. More than this it also shows you how to buy from other sources (such as wholesalers and importers) and to sell at auction at a very substantial margin. With Government Auctions News you will know where the auctions are, what you should buy from them, what you should avoid, what you should pay, how to sell on and how to charge. You will also pick up invaluable tips on everything from reducing your tax liability on profits through to arranging transport and shipping. Buying at auction isn’t one of those “get rich quick” schemes promoted by somewhat shady characters. Instead, it is a proven way to earn a second income – even a very high income by acting on information which should otherwise be hard to come by.

Anyway, if you are looking for a way of making money then I would strongly advise tou at least take out a trial subscription of Government Auction News…after all, it will cost you nothing.

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