BARGAIN PRICES AT INDUSTRIAL AUCTION

MBABANE – Bargain prices were the order of the day at the officeware, houseware, gardening and industrial equipment auction convened on Friday.

Even seasoned bidders who have now made a habit to make a quick buck from re-selling items purchased at auctions, confided in the Business Desk that they would make a killing from the money to be generated after selling the wares acquired at the auction.

A classical example of the prices which were far way below the market price, was the industrial three phase electric regulator which retails for around E150 000 which was bought for only E1 500.
“This will be a sweet biscuit, when I get to sell it,” said the lucky bidder, who was uncontested as he bought the good as new electric regulator.

Low

Other items which were bought at ridiculously low prices at the auction included a coffee table, which went under the hammer for only E50. A mahogany office desk valued at over E10 000 was also sold its reserve price of E1 200.

“If only all the auctions were this cheap, we would be rich from re-selling auctioned items,” quipped one of the nearly 50 bidders, who were at the warehouse located at Sidwashini Industrial site corner of Mshini Road and Kulunga Street.

It should however be mentioned that regardless of the low prices, which saw almost all items being sold by Auctioneer Melusi Qwabe, a rectangular shaped and developed warehouse with double storey offices did not attract any bids.
It had also been placed on the market for a reserve price of E12 million.

Interested

“The warehouse is still ready to attract bids from interested buyers,” explained Qwabe after the auction which lasted for about two and a half hours from 11am.
When asked what determined the low prices of goods which were on offer at the auction, Qwabe explained that offers from the public during auctions are what determine the price. He mentioned that the whole point of auctioning is to make sure that the goods being bidded for are bought.

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