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Putting Auction Theory to Work (Churchill Lectures in Economics)
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This is a selection made from among articles on Christies Auction. For a permanent link to this article, or to bookmark it for future reading, click here.

Getting Started on eBay

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You've probably heard about how much money can be made on eBay. With dreams of quick riches and easy money, you are probably ready to jump in with both feet - right now! The best thing you can do if you are serious about making money with eBay, however, is to slow down. In fact, just stop for a minute. Don't rush straight in. Take your time, and do it right.

eBay has over 100 million members. Think about that number for just a minute or two. When you get your eBay business set up, that is how big your customer base will be - instantly. 100 million people - 100 million people who are just waiting for you to get set up and running so that they can throw money at you! Well, not quite. It is true that there are over 100 million members, but at this point, they don't know that you exist. In fact, no matter how well you do on eBay, most of them will never know that you exist. 100 million is a very large number.

The most successful eBay sellers started out as buyers - and you should too. This will give you a sense of how everything works. It will also show you how things are from the buyer’s side of the fence. Let's call this period of time "consumer research." You are literally studying how eBay works, from a customer's point of view. You may not realize this, but this eBay buyer experience will actually make you a much better seller - right from the very start.

Really pay attention to the customer service you receive from the buyer. Think about how you want to be treated as a buyer, and take notes. Take your time during this process. Interact with the sellers. Get involved in hot auctions to see what they are like. In your spare time, start making notes about the hot items that you see. These notes will come in handy later.

eBay works just like any other business. You have to determine what people want to buy before you can hope to be successful. There are very specific items that sell really well on eBay - you just have to figure out what those items are. There are many resources for finding out this information. Start with the lessons that eBay offers to their sellers. Strongly consider attending the eBay University as well. This is the next step in the process. After you have had the eBay buyer experience, it is time to learn how to be an eBay seller.

Read all of the information eBay provides for you at the site. The information is free and you will learn a great deal from it. Take full advantage of this - before you start setting up your first auction or your eBay store! By reading through all of the resources, you will avoid making numerous mistakes that so many before you have made. This is another step towards building a successful eBay business. Once you've made it through the learning process, you should know everything you need to know to get started with a money making eBay business of your very own.


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Christies Auction News

Christie's latest watch auction 'a big success' - Earthtimes

Geneva - In spite of the global financial crisis, auction house Christie's managed to beat expectations at its most recent watch sale in Geneva, a Christie's official said Tuesday. "The auction was a big success," said Carine Decroi. She said the ...

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Chinese fine brush paintings show resilience at auction even as ... - International Herald Tribune

SINGAPORE : The Chinese contemporary art market is clearly not immune to the world's financial woes. Last month, Sotheby's first evening auction of Modern & Contemporary Asian Art in Hong Kong fell flat, with about 40 percent of the lots unsold ...

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Metallica drummer owned painting fetches $13.5m at Christie''s - Top News India

London, Nov 14 : A painting of a boxer by Jean-Michel Basquiat, which was owned by Metallica drummer Lars Ulrich, has fetched 13.5 million dollars at an auction. On the other hand, a Francis Bacon painting failed to sell, fuelling fears over the ...

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Indian works to comment on social issues in Christie’s sale - Thaindian.com

New Delhi, Nov 17 (IANS) Leading auction house Christie’s will offer an exclusive selection of works by contemporary artists like Subodh Gupta, Jitish Kallat, T.V. Santosh and Thukral and Tagra in its autumn sale in Hong Kong Nov 30-Dec 1.Most of ...

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Richard Fuld's Art Collection Disappoints at Christie's - New York Observer

Arshile Gorky, Study in Agony I. In late September, shortly after Lehman Brothers filed for bankruptcy, "terminated" Lehman CEO Richard Fuld Jr. and his wife Kathy Fuld put up a small collection of postwar drawings for auction at Christie's ...

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