Ask the Expert: Should we pay for auction items?

It is best practice not to pay for any item that you intend to auction off in order to achieve maximum profitability.

However, if you have a crowd that has the resources to pay top dollar for once-in-a-lifetime experiences, there are companies that offer high-end packages, such as a ride with the Blue Angels or a prime seat at a NASCAR event – but at a price! You’ll need to be prepared to set a high reserve value to cover your investment and ensure you receive enough profit to make it worth while.

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