Live or online, auctions are a great way to discover bargains or a rare find you wouldn’t otherwise come across.
They’re hardly a new concept; auctions have been around since before the 17th century and are applied for trades in various context, most commonly to sell antiques, paintings, collectables, livestock and jewellery.
Auctions are ultimately designed to “excite prospective buyers and turn spectators into bidders.” Some suggest that auctioneers know exactly what they’re selling, and the whole point of the auction format is to ratchet up the price.
The advancement of technology has allowed for online auctions to be held via the internet, in front of an even greater and more diverse audience. But virtual auctions are not completely problem free. While the odd counterfeit item might turn up at a live auction, the Internet has provided forgers a vast market for vending their fake replicas.
So, how can you tell if an auction item is authentic?
Use a reputable auction house
As you check out items, check out the auction site, too. One simple thing you can do to minimise the risk of ending up with a counterfeit product is by making sure it’s a reputable auction house. This might require some research but it will pay off in the end.
Spend some time studying the auction house; can you pay with secure methods? Will they protect your personal information? How do they resolve disputes? You also want to pay extra attention to their reviews.
To see what other people say about their experiences on the site, type the site name and the word “complaints” or “reviews” in your preferred search engine.
Do your due diligence about the piece
It’s up to you as a consumer to do the due diligence when bidding on online items: If prices seem too good to be true, they probably are.
It’s also a good idea to stick mainly to sellers with mostly positive buyer reviews. Look closely at photos, item descriptions and other aspects of the listing to detect any discrepancies. For example:
- Are there photos of the product that’s up for bid, or just generic photos of a similar item?
- If the item is described as “refurbished,” “vintage,” or “used” it probably isn’t in top condition.
- If a “brand name” item is shown with a surprisingly low price, it is likely to be counterfeit, or damaged.
Does it come with certificates of authenticity?
You can always ask the seller for a Certificate of Authenticity (COA), most high-value goods come with one. However, it would be wrong to assume a certificate of authenticity is proof that an item is real. If a seller is willing to misrepresent a bogus item as being real, then they’d be likely to also throw in an authentic looking certificate verifying the value.
We recommend you get your purchased item checked by a reputable authenticator even if provided with a COA.
The world’s first authentication device – Entrupy
Diamond Auctions is dedicated to bringing you affordable, high-quality luxury, new and pre-owned Designer brands, Luxury Handbags, Diamond Rings, Jewellery, Watches, Collectibles and Fine Arts, and we work hard to ensure trust as part of all our transactions.
We do not solely rely on our qualified experts to validate your item; we also test it against the world’s first and only technology authentication device called Entrupy.
This luxury authentication solution enables us to authenticate luxury goods using artificial intelligence and advanced computer vision techniques. It uses machine learning algorithms on microscopic images of physical objects to identify counterfeit characteristics not easily discernible to the human eye.
At Diamond Auctions, we are proud to stand behind every item we sell. To find out more about our products or authentication process, call us (07) 5531 1422 or email [email protected]