What exactly happens at government auctions?

Ever wondered what happens at a government auction? Well the difference between the usual auctions and a government auction is that the people who come for the latter are only interested in getting a good bargain. These auctions are sans the glitz and glamour. No phone banks or online bidding. One such auction is the U.S. Treasury Public auction that is organised by Rick Levin & Associates and VSE Corporation. Here at their warehouse in Riverside, California, registered bidders sit on metal folding chairs and make their bid.

The items up for auction are those that have been seized or forfeited by the government agencies. The money from these auctions go to the respective agencies through the Treasury Asset Forfeiture Fund. The merchandise here ranges from furniture to jewellery. Many items were for sale in bulk as well. This auction was pretty quick with participants knowing exactly what to buy and for how much.

They got a preview of the goods a few days before the actual auction took place. Most of the goods here are valuable only based on the price you can fetch by selling them. But there are also goods on which you can get great prices like Rolex watches that are in abundance here. The key here is to do a lot of research before coming for the auction.

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