Profit from your attic: Your storage may contain thousands of dollars that are just waiting to be used

You might be surprised to learn that selling your valuables at auction can bring in a lot of money

We examine how auctions operate and offer some advice on how to increase your earnings.

A trip to the auction house is worthwhile even if you don't own a Michelangelo or an antique that dates back hundreds of years.

It is possible to earn a substantial profit by selling some of your possessions at the auction house, even if you do not possess valuable artifacts.

A first edition copy of the first Harry Potter book, for instance, was found among the possessions of a deceased man who was about to have them thrown away; it sold at auction for over £21,000 in February.

You can sell more than just books at auction.

Vinyl records, stamps, watches, and other commonplace items that have turned into collectibles are increasingly being sold at auction houses. You might be in for a significant financial boost if you have the appropriate things.

What's the point of bidding?

Because of the experience that the right auction house can offer, auctions are a fantastic way to sell your rare items. It is in both your and their best interests to value your items faithfully, since houses receive a commission from each sale.

In addition to helping you sell your goods, an auction gives you access to a pool of potential buyers who are frequently knowledgeable enough about the kind of item you are selling to recognize its actual worth.

Simultaneously, because of the nature of bidding, your item is approaching its maximum value as individuals vie for its purchase. This implies that you might receive far more than you anticipated.

Today, a lot of auctions happen both online and in person at the same time, so you can reach a global audience of possible buyers.

Can you sell anything at an auction?

In general, you can sell almost anything of value at an auction because they function as marketplaces just like any other.

But only when your selected item is worth a substantial sum of money does the additional work involved in selecting an auction usually prove worthwhile.

Nevertheless, the kind of item you can sell at an auction is not limited. They typically sell art, sculptures, furniture, and rare jewelry, but they are also selling other things more and more these days.

Wessex Auction Rooms, for instance, reports that the demand for records from the 1990s has increased recently.

Since vinyl was the most popular music format prior to CDs and streaming, it's likely that you have a collection of vinyl records in your attic. Some of these records may be worth much more than you originally paid for them.

Additionally, you might have some rare books on your shelves. Even though some of the most costly books ever sold at auction are hundreds of years old, many books that are relatively recent are now selling for high prices.

At Forum Auctions, The Tiger who Came to Tea, published in 1968, brought £3,500.

Additionally, collectible toys are becoming more and more popular and are selling for far more at auction than their retail price.

Social media influencer Logan Paul paid this amount for a unique Pokemon card featuring the brand's mascot, Pikachu. Some rare Pokemon cards have sold for over £5 million.

What happens during an auction?

The goal of an auction is to sell things in a way that, in theory, maximizes their value among the room's potential buyers.

This is accomplished by letting buyers place progressively higher bids for the item before selling it to the highest bidder. The cost of your item rises with each bid until no one wants to pay more.

In traditional auctions, the auctioneer, who stands at the front, calls out prices and acknowledges when buyers accept them. The auctioneer will then raise the price after the bid has been accepted and assess whether there is any interest in selling at that time.

Traditionally, the auctioneer announces the end of the auction by pounding a hammer after the highest price has been reached.

This strategy's drawback is that, although the auction process should theoretically fetch the highest price for your item, it is only open to the bidders present in the room. Your item may sell for less than you would like if the buyers are uninterested in it.

However, since many auctions have shifted entirely or in part online in the modern era, this issue has been somewhat mitigated. People who are interested in your items can bid from anywhere in the world in this manner.

How can I make money at an auction?

You should start by determining whether your old items are truly valuable if you have determined that selling them through an auction house will maximize your profit.

"Desirability and condition are the two main factors that sellers should evaluate," says Max Hesler, book specialist at Forum Auctions.

Hesler explains that even though a book may be rare, its rarity ultimately has little weight if the author or subject is not of interest to collectors.

This reasoning holds true for a lot of the things you might want to bid on.

Make sure your items are valid.

Even though it might be hard to acknowledge, things that you may consider rare may actually be fairly common, and occasionally old valuables do not increase in value as much as you believe. For this reason, it is crucial to confirm that the possessions you possess are truly valuable.

You should first conduct some internet research to confirm that the item you are selling possesses the characteristics of rarity.

Check the book's edition, publication date, and any printing errors that might increase its value if you're selling it.

First edition Harry Potter books, for instance, are rare because the back cover of the book will have a missing o in Philospher's Stone.

Comparably, rare copies of The Beatles White Album with low serial numbers and the original Apple logo can sell for up to £10,000.

Select a reputable auction company.

After deciding that your item is probably valuable, the next step is to look into various auction houses and select one that meets your requirements.

Selecting an auction house that is suitably specialized in the kind of item you are attempting to sell will maximize your profits.

When you buy a rare book from an auction house that specializes in them, for instance, you have a much higher chance of getting a good price because they have much better market knowledge and their customers are probably more knowledgeable about the rare book market.

Additionally, it is crucial to ensure that the auction house you select has a solid reputation. Examine the auction house's past sales history and the caliber of their listings.

Ask for a valuation.

Making an appointment for a valuation is the next step after selecting the auction house.

This is the point at which choosing the correct house becomes clear because their professionals will have much more experience with the kind of product you are selling. They can give you the best advice and valuation because of their expertise.

An employee of the auction house of your choice will examine your item during the valuation session, taking note of its condition and searching for indications of rarity.

Although these meetings are typically held in person, a lot of auction houses now permit them to be held online and via messaging apps like WhatsApp.

It's best to confirm that the auction house you select offers free valuations, though this is frequently the case.

Bring your item to the auction.

You can start the auction procedure as soon as you and the inspector are satisfied with the item's valuation.

In order for auction houses to profit from the sale of your item, they usually charge a percentage fee. Fees typically range from 15% to 20% of the sale price, and additional costs might apply.

When your item is up for auction, Hesler at Forum Auctions advises that you "should always make sure to check the fees and terms carefully before consigning" to avoid unpleasant surprises.

To make sure you're getting a good deal and making the most money, you can compare an auction house's fees with those of its rivals.

You will need to establish a reserve price for the lowest amount you are willing to accept and accept the terms and conditions of the auction house.

EBay and auctions.

People from all over the world can now bid on and purchase a wide variety of goods on eBay, which has greatly expanded the auction market since its founding in 1995.

Even though listing your rare item on eBay might seem alluring, there are still some reasons to think about using a traditional auction house.

EBay lacks in-house specialists who can appraise and maintain your item, to start. The onus is on you instead, so you will need to value and list your item on your own.

This carries the risk of undervaluing your item, which could affect both you and potential bidders.

You can rest easy knowing that a respectable auction house is handling your rare goods and is working to maximize both your and their profits.

That being said, you shouldn't completely avoid eBay. eBay is a fantastic substitute for conventional auction houses if you are sure of your item's value and want a large audience to view it.

When it comes to selling your old valuables that aren't quite rare enough to justify a trip to the auction house, online auction sites might be a good alternative because they let you list anything you want.

Nevertheless, if you choose this path, be sure to take every precaution to avoid falling victim to scammers.